Rapaport TradeWire August 24, 2023

August 24, 2023

Rapaport Market Comment - August 24, 2023 Liquidity improving due to strong sales in India at lower prices. Dealers grabbing bargains and hoping market won't fall much further. US retail uncertain, with fancies selling better than rounds. Macy's reports faster-than-expected rise in credit card defaults. Hong Kong dealers confident Chinese jewelers will buy at Sept. 18-24 show, since demand has built up. India July polished exports -39% to $1.2B, rough imports -44% to $1.1B. Israel July polished exports -31% to $204M, rough imports -46% to $106M. Letšeng 1H sales -28% to $72M, average price -21% to $1,373/ct. Wildfires threaten workforce at Canadian mines. Lucara finds 692ct. rough at Karowe. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.96% -3.16% -1.60% 0.50 ct -2.75% -6.19% -26.55% 1.00 ct -0.83% -3.23% -23.81% 3.00 ct -0.37% -2.04% -14.74%

Market Reports   United States: Some retailers buying for stock, though memo remains most common method of acquiring goods…   Belgium: Companies that deal in commercial goods have gloomy outlook due to impact of synthetics on natural demand…   Israel: Dealers traveling to India are getting great bargains (metziahs) from sellers keen to close deals…   India: Fancies doing better than rounds, but market for ovals weakening as higher production increases supply…   Hong Kong: Market focusing on September show…

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Diamonds in the Safe: The Industry's Oversupply Challenge By Avi Krawitz Manufacturers, dealers and jewelers overbought during positive periods, ignoring the lessons of previous up-and-down cycles. Read More

Race to the Bottom? Retailers' Lab-Grown Doubts By Joyce Kauf Even with increasing sales, store owners remain wary of buying synthetic diamonds for stock. Read More

The Weekly Gems: News and Videos from Around the Web Featuring a six-year-old jewelry entrepreneur and a look at museum thefts. Check It Out

Video: Martin Rapaport Talks About Fraud in the Diamond Industry Dealers must know what they are selling, says Rapaport chairman. See More Lucara Unearths 692ct. Rough at Karowe Discovery follows that of 1,080-carat diamond earlier this month. See More Wildfires Threaten Canada Mine Employees Operations at Gahcho Kué, Ekati and Diavik continue unhindered. See More India's Titan Company Buys Out CaratLane for $557M Jewelry giant ups stake in online retailer to 98%. See More Far East Slowdown Hits Swiss Watch Exports Shipments to China and Singapore declined in July. See More UK Gemology Group Warns of Jewelry Scam Consumers received unsolicited parcels containing fake Gem-A certificates. See More Former De Beers Chairman Julian Ogilvie Thompson Dies South African was also CEO of miner's parent company, Anglo American. See More Tacori Appoints Roeya Vaughan as New CEO Experienced executive is first nonfamily figure to lead Los Angeles-based jeweler. See More

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