Rapaport TradeWire August 10, 2023

August 10, 2023

Rapaport Market Comment - August 10, 2023 Steady jewelry trading at Mumbai IIJS show lifts sentiment amid weak global demand. Positive outlook for domestic Indian market ahead of Diwali and wedding season. Local diamond sector slow, with manufacturing limited and prices falling. High end supporting US trade as middle-income spending remains low. Retailers buying on memo. Lucara finds 1,080 ct. rough at Karowe; 2Q revenue -21% to $41M, profit -60% to $5M. Brilliant Earth 2Q sales +1% to $110M, profit -67% to $1M. May US polished imports +18% to $2.6B in first YOY increase since Sept. 2022. IGI names Tehmasp Printer CEO as Roland Lorie steps down. Martin Rapaport to lead Sierra Leone trade mission from Oct. 15 to 20. Register here. Read More

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.77% -2.18% -0.37% 0.50 ct -1.53% -5.57% -24.65% 1.00 ct -0.73% -2.97% -23.41% 3.00 ct -0.30% -1.15% -14.65%

Market Reports   United States: Mid-market weaker due to inflation, rise in interest rates, and competition from synthetics…   Belgium: Market remains closed during summer vacation…   Israel: Dealers absent, as they have little business to handle…   India: Good gold sales as trade prepares for wedding season…   Hong Kong: Return of travel has reduced spending on luxury consumer goods…

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WDC President Feriel Zerouki Has a Powerful Vision for the Industry By Avi Krawitz At the helm of a new era: The De Beers exec plans to make the World Diamond Council more accessible and heighten awareness of responsible-sourcing issues. Read More

Karowe Mine Yields Massive Rough Diamond Weighing 1,080ct. Stone is Lucara's fourth over 1,000 carats from Botswana site. See More Rapaport Group to Run Sierra Leone Trade Mission Trip will take place from October 15 to 20. See More Tehmasp Printer to Replace Roland Lorie as IGI CEO Leadership change to take effect October 1. See More Brilliant Earth Boosted by Record Mother's Day Spending Revenue up 1.3% year on year in second quarter. See More Lucara Sales Drop in 'Softer' Diamond Market Second-quarter decline also reflected shift to lower-value production. See More Crowded IIJS Show Signals Strong Indian Jewelry Market Industry upbeat for Diwali and wedding season. See More

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