Rapaport TradeWire August 3, 2023

August 3, 2023

Rapaport Market Comment - August 3, 2023 Market slow. India trade in crisis as price declines continue. 1 ct. RAPI -2.7% in July, 0.50 ct. -4.8%. Summer vacation in Belgium and Israel. American dealers have better salable inventory than Indian manufacturers, as they buy more selectively. US jewelry sector shrank 2.4% to 23,424 companies in 2Q, JBT reports. Concerns about synthetics remain. Mainland China sluggish. Hong Kong improving, with June sales of jewelry, watches, clocks and valuable gifts +64% to $713M. Optimism for Indian jewelry demand as Mumbai IIJS show opens. RJC updates terms to allow member expulsions. Armed robbers reportedly steal about $13M in jewelry from Piaget Paris store. Read More

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.70% -1.70% -1.27% 0.50 ct -1.06% -4.85% -24.43% 1.00 ct -0.87% -2.51% -23.83% 3.00 ct -0.56% -1.52% -15.05%

Market Reports   United States: Retailers taking memo goods to avoid buying for stock…   Belgium: Industry on vacation until August 21….   Israel: Buyers only purchasing for specific needs and want to pay low prices…   India: Low-value diamonds sustaining market, but drop in sales of small rough indicates segment is slowing…   Hong Kong: Competition from lab-grown diamonds starting to affect business in Hong Kong…

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RJC Can Now Expel Members That Bring It into Disrepute Legal terms have changed since the Russia crisis, executive director Melanie Grant tells the Rapaport Diamond Podcast. Listen Here

Rapaport Magazine Highlights Hottest-Selling Holiday Jewelry Savvy retailers are stocking up for the approaching gift season, and the latest issue offers a peek at their shopping lists. We also chat with Feriel Zerouki, the new president of the World Diamond Council (WDC), about her ambitious plans for the trade body. Read More

Advertorial: The Next Step for GIA Diamond Reports The most trusted diamond report, available in print or on the GIA App. Read More

Press Release: Diamond Prices Plummet in Difficult Market Factors include weak retail demand and strong competition from synthetics. See More Lab-Grown Prices Are Holding Up at Retail, Says De Beers Wholesale valuations are dropping fast, chief financial officer Sarah Kuijlaars explains. See More 555ct. Diamond Bought with Illicit Funds, SEC Says Hex token creator Richard Heart sold unregistered securities to raise $1 billion from investors, according to allegations. See More US Jewelry Trade Shrinking at Faster Rate Number of business closures rose 8% year on year in second quarter. See More Jewelry a Standout for Kering in First Half Boucheron, Pomellato and Qeelin all delivered double-digit growth, company says. See More Hong Kong Luxury Sales Get Boost from Tourism Return Revenue from jewelry, watches, clocks and valuable gifts up 64% in June. See More Brilliant Earth to Offer 'Carbon-Capture' Synthetic Diamonds Retailer releases two collections that rely on 100% renewable energy. See More A Guide to Succeeding in the Diamond Industry Kevin Vantyghem, a second-generation dealer and vice president of Vantyghem Diamonds, shares his top tips on how to make it in the trade. See More Meya Diamond Mine Owner Sells Majority Stake Sterling Global will take 70% share for $25 million. See More Firestone Sales Slide in Sluggish Rough Market Revenue for April to June down 39% from last quarter. See More

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