Rapaport TradeWire September 28, 2023

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RAPAPORT ® TRADEWIRE ®
September 28, 2023
 
Rapaport Market Comment - September 28, 2023
TRADE WARNING: DIAMOND PRICES UNDER EXTREME PRESSURE AND FALLING AS INDIAN TRADE CALLS FOR VOLUNTARY HALT OF ROUGH IMPORTS. Market waiting for De Beers' reaction. Surat manufacturers slashing production and planning extended Diwali break. China slow, with concerns about mainland economy after real-estate giant Evergrande misses bond payment. Synthetics gaining popularity in China as shoppers shift to lower price points. Lucara terminates HB supply deal. Diamond-jewelry demand flat at $86.5B in 2022, De Beers estimates. AWDC president David Gotlib resigns. Rapaport "Warning to the Trade" webinar now online via rapaport.com/warningtothetrade.
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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.69% -4.28% -5.65%
0.50 ct -1.07% -6.08% -30.49%
1.00 ct -0.85% -5.12% -25.49%
3.00 ct -0.51% -2.68% -14.98%
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Market Reports
United States: Memo driving the market, as jewelers don't want to acquire stock. Nice goods in short supply…    United States: Memo driving the market, as jewelers don't want to acquire stock. Nice goods in short supply…
Belgium: Dealers losing money and concerned about costs…    Belgium: Dealers losing money and concerned about costs…
Israel: Activity expected to return after Oct. 8, with hope for fourth-quarter improvement…    Israel: Activity expected to return after Oct. 8, with hope for fourth-quarter improvement…
India: Domestic market steady ahead of Diwali and busy wedding season…    India: Domestic market steady ahead of Diwali and busy wedding season…
Hong Kong: Chinese buyers were absent from Jewellery & Gem World show, or attended only to check prices…    Hong Kong: Chinese buyers were absent from Jewellery & Gem World show, or attended only to check prices…
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Podcast: From Engagement Gap to Wedding Boom?

The Rapaport team delves into the latest bridal developments with jewelry journalist Rachael Taylor and James Allen chief marketing officer Shannon Delany-Ron.

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Why Retail Jewelers Aren't Buying
By Avi Krawitz

A changed approach to diamond inventory is causing a slowdown in polished trading.

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The Weekly Gems: News and Videos from Around the Web
This latest roundup spotlights an exclusive, diamond-encrusted credit card and a recreation of the Imperial State Crown.
 
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Voluntary freeze to go into effect on October 15.
India to Pause Rough-Diamond Imports for Two Months
Voluntary freeze to go into effect on October 15.
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Miner cites
Lucara Terminates Rough-Supply Agreement with HB
Miner cites "material breach of financial commitments" by Belgian manufacturer.
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Weak economy, falling prices, and competition from lab-grown impacted confidence.
Hong Kong Show Meets Low Expectations
Weak economy, falling prices, and competition from lab-grown impacted confidence.
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Consumer demand is lagging behind 2021 and 2022 levels, miner says in Diamond Insight Report.
De Beers Expects Oversupply to Continue for Now
Consumer demand is lagging behind 2021 and 2022 levels, miner says in Diamond Insight Report.
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Top item at October 6 Magnificent Jewels sale expected to bring in up to $5.1 million.
74ct. Yellow Diamond to Lead Sotheby's Hong Kong
Top item at October 6 Magnificent Jewels sale expected to bring in up to $5.1 million.
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Signed jewels and period pieces dominate London auction.
Chaumet Diamond Necklace Fetches $372K at Bonhams
Signed jewels and period pieces dominate London auction.
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25-carat yellow-diamond ring by Bulgari achieves $2.8 million.
Christie's Scores $7M at Shanghai Luxury Sale
25-carat yellow-diamond ring by Bulgari achieves $2.8 million.
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Platinum, sapphire and diamond ring by Ruser fetches $127,500.
Jewels Smash Estimates at Bonhams California Auction
Platinum, sapphire and diamond ring by Ruser fetches $127,500.
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