Rapaport TradeWire September 7, 2023

September 7, 2023

Rapaport Market Comment - September 7, 2023 Decline in diamond prices intensifying due to high inventories. 1 ct. RAPI -4.7% in August; 0.50 ct. -8.6% in record monthly drop. Indian suppliers offering deep discounts and willing to take losses. GJEPC pushing for miners to reduce rough sales. Weak outlook for holiday season as synthetics take market share. Low expectations for Hong Kong show amid China economic slump. Industry discusses proposal for keeping Russian diamonds out of G7. GIA lays off 20% of Carlsbad employees. Gem Diamonds 1H revenue -28% to $72M, average price -21% to $1,373/ct. Martin Rapaport Webinar "Warning to the Diamond and Jewelry Trade" on Sept. 13 at 10 a.m. EDT (register here). Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -1.22% -5.26% -4.05% 0.50 ct -2.46% -9.73% -29.61% 1.00 ct -1.60% -5.38% -25.23% 3.00 ct -0.16% -1.80% -14.44%

Market Reports   United States: Middle America's spending still weak; high end stronger. 1 to 2 ct. diamonds slow due to competition from synthetics…   Belgium: Demand for 1 to 4 ct. diamonds weak…   Israel: Activity subdued, with dealers limiting their purchases amid slow demand…   India: Polished inventories bloated despite lower production…   Hong Kong: Local engagement-ring demand supporting market, with stable interest in 1 ct., D-G, VS diamonds…

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The Weekly Gems: News and Videos from Around the Web Featuring the latest trends in gold jewelry, the US-India trade, and diamond portraits. Read More

Webinar with Martin Rapaport The situation in the market is serious. This webinar on September 13, presented by Martin Rapaport, will analyze the future of diamonds. What should a jeweler, dealer, manufacturer or miner do to prosper in the years ahead, and what will be the long-term impact of synthetics? Register Here

'Tis the Season: Holiday Trends to Put on Your List By Smitha Sadanandan Stocking stuffers: Six retailers share the must-have styles they'll be buying for their shelves. Read More

Press Release: Diamond Prices Continue to Fall 1-carat RAPI down 4.7% in August. See More GIA Lays Off 151 Employees at Carlsbad Headquarters Lab cuts location's workforce by 20% amid economic downturn. See More India Urging Miners to Be 'Responsible' About Rough Supply Weak retail sales have led to inventory imbalance. See More Christie's Nixes Final Sale of Heidi Horten Jewels Auction house will not sell last 300 pieces due to backlash over collection owner's Nazi ties. See More What the Rolex-Bucherer Deal Could Mean for the Watch Market Takeover prompts concerns that authorized dealers of the famous timepiece brand could lose out. See More "> Freddie Mercury Jewels Rock Sotheby's Auction Bangle that Queen singer wore in "Bohemian Rhapsody" video was among multiple pieces that smashed estimates. See More Union Plans Strike at De Beers' Venetia Mine Parties have been unable to agree on wage increase after four months of negotiations. See More Belgian Regional Government Invests in Diamond Traceability Solution Tech provider iTraceiT will use $273,000 to expand into India and the US. See More Hong Kong Luxury Sales Strengthen Amid Tourism Boom Jewelry, watches, clocks and valuable gifts up 20% year on year in July. See More Lack of Large Stones Leads to Loss for Gem Diamonds Slowdown in demand also impacted average price in first half, says miner. See More Swarovski Takes Lab-Grown Global with Aid of IGI Crystal maker's targets include Europe, Far East and UAE. See More

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