Rapaport TradeWire September 21, 2023

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RAPAPORT ® TRADEWIRE ®
September 21, 2023
 
Rapaport Market Comment - September 21, 2023

Hong Kong show slow. Chinese buyers cautious in weak economy. Indian attendance low due to festivals and market slump. G7 mulls ban on Russian diamonds. US sanctions Grib. Indian trade nervous as Ukraine govt. agency names SRK as "war sponsor"; company denies claim. Alrosa cancels Sep. and Oct. sales to ease oversupply. De Beers keeps rough prices steady at Sep. sight, with secondary-market buyers bidding -20% on some boxes. Petra FY revenue -42% to $325M, loss of $102M vs. profit of $88M last year. Mastercard predicts holiday jewelry sales -0.3%. Rapaport offices will be closed on Monday, Sep. 25, for the Yom Kippur holiday. Rapaport "Trade Warning" webinar to be released next week.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.47% -4.70% -5.36%
0.50 ct -0.91% -8.51% -30.31%
1.00 ct -0.77% -5.61% -25.61%
3.00 ct -0.46% -2.58% -15.20%
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Market Reports
United States: Overall market weak amid slowdown in middle-class spending…    United States: Overall market weak amid slowdown in middle-class spending…
Belgium: 0.50 and 1 ct. diamonds especially weak due to sluggish US orders…    Belgium: 0.50 and 1 ct. diamonds especially weak due to sluggish US orders…
Israel: Buyers on the fence as market crisis continues…    Israel: Buyers on the fence as market crisis continues…
India: Prices falling as manufacturers offload goods to raise liquidity and reduce inventory risks…    India: Prices falling as manufacturers offload goods to raise liquidity and reduce inventory risks…
Hong Kong: Traffic and trading very slow at Jewellery & Gem World fair…    Hong Kong: Traffic and trading very slow at Jewellery & Gem World fair…
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<div>Initiative will place heavy burden on smaller businesses, company chairman argues in webinar.</div>
Rapaport Battles WDC over Russian-Diamond Proposal
Initiative will place heavy burden on smaller businesses, company chairman argues in webinar.
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Miner tested out different cost options during trial of Lightbox engagement rings.
De Beers to Stick with Flat Pricing Rate for Lab-Grown
Miner tested out different cost options during trial of Lightbox engagement rings.
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Miner calls for
Alrosa Halts Sales as Diamond Glut Persists
Miner calls for "reciprocal effort" to tackle imbalance of supply and demand.
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17.61-carat stone is largest internally flawless gem of its color ever to appear at auction.
Christie's Sets $50M Price Tag for Blue Diamond
17.61-carat stone is largest internally flawless gem of its color ever to appear at auction.
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Company is Belgium-based subsidiary of Russia's AGD Diamonds.
Grib Is Among Latest Targets of US Sanctions
Company is Belgium-based subsidiary of Russia's AGD Diamonds.
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Revenue from category will fall 0.3%, Mastercard predicts.
Jewelry Sales Expected to Slip This Holiday Season
Revenue from category will fall 0.3%, Mastercard predicts.
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Revenue up 0.6% year on year in August, says National Retail Federation (NRF).
US Retail Sales Get Boost from Back to School
Revenue up 0.6% year on year in August, says National Retail Federation (NRF).
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Company has enough inventory to last until 2025 and is cutting costs in the meantime, it says.
Greenland Ruby Mine Pause Only Temporary
Company has enough inventory to last until 2025 and is cutting costs in the meantime, it says.
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Miner gives downbeat outlook following weak demand in past fiscal year.
Petra Diamonds Slides to Loss in 'Subdued' Market
Miner gives downbeat outlook following weak demand in past fiscal year.
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Salon is located inside Bucherer flagship store in Zurich, Switzerland.
Sotheby's Opens Its First Luxury Retail Destination
Salon is located inside Bucherer flagship store in Zurich, Switzerland.
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