Rapaport TradeWire September 14, 2023

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RAPAPORT ® TRADEWIRE ®
September 14, 2023
 
Rapaport Market Comment - September 14, 2023

NOTICE: RAPAPORT URGES TRADE TO REJECT WORLD DIAMOND COUNCIL "WDC G7 PROTOCOL," WHICH WILL DESTROY SMALL BUSINESSES. ASKS TRADE TO RESIGN FROM WDC AND JOIN EFFORTS FOR ALTERNATIVE PROPOSAL WITH US GOVERNMENT. Further Russian sanctions creating concern. De Beers abandons Lightbox engagement rings, citing lack of long-term prospects and brings back "A Diamond Is Forever" in $20M natural-diamond campaign. Polished prices fall, with deep concerns for 4Q as US inflation rose to 3.7% in August. LVMH-owned Fred launches high jewelry with blue lab-grown and white natural diamonds. Low expectations for HK show. Best wishes to all for a happy, healthy, prosperous and peaceful Jewish New Year.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -1.04% -5.29% -4.94%
0.50 ct -1.04% -8.93% -30.15%
1.00 ct -1.41% -5.76% -25.70%
3.00 ct -1.17% -2.45% -14.82%
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Market Reports
<p><strong>United States: </strong>Fancy shapes continue to outperform rounds…</p>    United States: Fancy shapes continue to outperform rounds…
<p><strong>Belgium: </strong>Buyer's market as demand and prices fall…</p>    Belgium: Buyer's market as demand and prices fall…
<p><strong>Israel: </strong>Dealers waiting until after the Jewish holidays to make deals…</p>    Israel: Dealers waiting until after the Jewish holidays to make deals…
<p><strong>India: </strong>Manufacturers keeping polished production below 50% of capacity and offering heavy discounts to clear inventory and improve liquidity…</p>    India: Manufacturers keeping polished production below 50% of capacity and offering heavy discounts to clear inventory and improve liquidity…
<p><strong>Hong Kong: </strong>Price will be key factor at Jewellery & Gem World Hong Kong show, with exhibitors expecting buyers to request significant discounts…</p>    Hong Kong: Price will be key factor at Jewellery & Gem World Hong Kong show, with exhibitors expecting buyers to request significant discounts…
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<p>Miner brings back ">
De Beers Ends Lab-Grown Engagement-Ring Test
Miner brings back "A Diamond Is Forever" tagline.
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<p>Oded Mansori is no longer managing partner; legal proceedings underway.</p>
Belgian Manufacturer HB Splits from Cofounder
Oded Mansori is no longer managing partner; legal proceedings underway.
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<p>Limited-edition collection features mixture of synthetic and natural stones.</p>
Paris-Based Jeweler Fred Launches Blue Lab-Grown Diamonds
Limited-edition collection features mixture of synthetic and natural stones.
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<p>Five defendants used businesses as front to transfer more than $600 million since 2019, says US Department of Justice.</p>
NY Diamond Dealers Charged with Moving Money Illegally
Five defendants used businesses as front to transfer more than $600 million since 2019, says US Department of Justice.
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<p>US retail sales will rise by 4% to 5%, professional-services group predicts.</p>
Deloitte Gives Upbeat Holiday Forecast
US retail sales will rise by 4% to 5%, professional-services group predicts.
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<p>Company unearths 391-carat rough at Mayat mine in Yakutia.</p>
Alrosa Finds Russia's Largest Diamond in a Decade
Company unearths 391-carat rough at Mayat mine in Yakutia.
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<p>South Africa's National Union of Mineworkers has been planning industrial action at Venetia deposit.</p>
De Beers Hopes to Avoid Strike with Five-Year Deal
South Africa's National Union of Mineworkers has been planning industrial action at Venetia deposit.
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<p>US revenue for November-December period expected to rise 1%, well below average for past decade.</p>
Holiday Sales Growth Will Be Weakest in Years, Bain Predicts
US revenue for November-December period expected to rise 1%, well below average for past decade.
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<p>Gems linked to Austrian Habsburg dynasty make first appearance in nearly a century.</p>
Over 200 Pieces of Royal Jewelry to Hit Block at Sotheby's
Gems linked to Austrian Habsburg dynasty make first appearance in nearly a century.
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<p>More than half of sold items beat their high estimates.</p>
Sotheby's New York Sale Nabs $13M
More than half of sold items beat their high estimates.
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<p>Manufacturers' association reelects DN Diamonds founder for three years.</p>
Nissim Zuaretz Gets Another Term as ISDMA President
Manufacturers' association reelects DN Diamonds founder for three years.
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