Rapaport TradeWire August 17, 2023

August 17, 2023

Rapaport Market Comment - August 17, 2023 Polished prices in decline. De Beers lets sightholders defer 1 ct. and larger rough to early 2024, as manufacturers have enough goods for the holidays. Shift to fancy shapes is raising production and inventories of cushions. Secondary rough market quiet during sight week. Alrosa 1H sales flat at $1.9B despite sanctions, profit -35% to $563M. Dealers in Belgium and Israel returning from vacation with low expectations for 2H. US inflation rises to 3.2% in July vs. 3% in June. Synthetics ruining demand for 1 to 2 ct. Wealthy buying beautiful fancy shapes and high jewelry with top-quality natural melee. Hong Kong preparing for September show amid soft Chinese sales. William Lamb to replace Eira Thomas as Lucara CEO. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -1.08% -2.69% -1.01% 0.50 ct -1.23% -5.24% -25.14% 1.00 ct -1.03% -3.34% -23.72% 3.00 ct -0.60% -1.65% -14.66%

Market Reports   United States: Synthetics creating deep concerns about replacement of natural diamonds, especially in round, 1 to 2 ct., G-J, SI1-I1 goods…   Belgium: Traders gradually returning to offices…   Israel: Companies budgeting for further price drops but concerned that declines might exceed their projections…   India: Manufacturers shifting to fancies in search of better sales; focus is on shorter shapes, as they require similar rough to rounds…   Hong Kong: Local market supporting trade as mainland demand remains soft…

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Podcast: What's Really Going On in Retail? Changes in buying habits — rather than inflation — are the main cause of the current weakness in retail spending, US-based consultant David Marcotte tells the Rapaport Diamond Podcast. Listen Here

Flawed Diamonds Are Seeing a Complex Downturn By Joshua Freedman Weak demand has left manufacturers with growing inventories of unsalable SI goods. Read More

The Weekly Gems: News and Videos from Around the Web A look at some of the stories we've been enjoying here at Rapaport.   Read More

De Beers Loosens Buying Rules as Inventories Accumulate Miner allowing sightholders to defer certain rough purchases to early 2024. See More Alrosa Sees Steady Sales in First Results for over a Year Russian miner withholds key information about location of buyers. See More US Retail Sales Remain Resilient in July Revenue up 0.7% from June amid summer promotions. See More Lucara Brings Back Ex-CEO Lamb to Replace Thomas Departing chief is one of miner's original founders. See More Sarine Profit Nosedives as Global Slump Hits Sales Machine purchases dropped in first half as diamond manufacturing decreased. See More Pandora Raises Full-Year Forecast Amid Strong Sales Update follows 5% revenue growth on organic basis in second quarter. See More UK Slowdown Dents Sales at Watches of Switzerland Revenue down 2% year on year in first fiscal quarter. See More

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