Rapaport TradeWire October 12, 2023

October 12, 2023

Rapaport Market Comment - October 12, 2023 Industry sends support to Israel following Hamas attack. Ramat Gan bourse quiet as city comes under rocket fire and country enters war. Rapaport urges boycott of Iran and other Hamas supporters. Global market crisis continues, with polished prices slumping due to weak retail sales and competition from synthetics. 1 ct. RAPI -5.2% in Sep. Manufacturers trying to reduce inventories in anticipation of weak holiday, price drops, and G7 restrictions on Russian goods. LVMH 3Q jewelry and watch revenue -5% to $2.7B as luxury sector slows. China sales low after sluggish Golden Week. Radiant, 11.28 ct., fancy-vivid-blue, VS2 diamond fetches $25.3M ($2.2M/ct.) in disappointing Sotheby's HK auction season. Read More

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -1.11% -3.02% -5.90% 0.50 ct -1.22% -5.57% -31.50% 1.00 ct -1.09% -4.98% -26.17% 3.00 ct -0.21% -2.86% -15.06%

Market Reports   United States: Jewelers buying on memo due to worries about holding inventory amid price declines…   Belgium: Sentiment and sales weak; downward price trend making buyers cautious…   Israel: Traders focused on war rather than diamonds…   India: Domestic demand steady during wedding season, supporting sales of small diamonds…   Hong Kong: Chinese economy weak, impacting luxury markets…

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Rapaport Statement in Support of Israel Chairman Martin Rapaport calls on trade to boycott Iran and other Hamas supporters, following unprovoked attack on Jewish state. Read More

The Weekly Gems: News and Videos from Around the Web Including a look at China's less-than-stellar Golden Week, and why it's important to keep jewelry archives Read More

Clients Need Real Talk from Retailers About Sustainable Jewelry By Jennifer Heebner Preaching what you practice: Today's shoppers are thinking about how their purchases fit into the social and environmental landscape — which means jewelers have to engage in some potentially tough conversations. Read More

Press Release: Diamond Market Worsens in September 1-carat RAPI down 5.2% amid slow retail sales. See More De Beers, Sarine Team Up on Diamond-Tracking Solution The two companies will combine data and resources to create customs portal for G7 countries. See More 11ct. Infinite Blue Diamond Misses Expectations Ring brings in $25.3 million at Sotheby's Hong Kong, just below $26 million low estimate. See More Record Discounts to Drive Increase in Online Holiday Spending Revenue for November and December will rise 4.8% to $221.8 billion, predicts Adobe. See More Jewelry Sales Slip at LVMH Segment down 5% year on year in third quarter. See More Pandora Raises Revenue Targets Amid Strong Performance Jeweler expects sales to reach up to $5.11 billion by 2026. See More Titan Sales Rise Amid Robust Domestic Buying Revenue from jewelry up 19% year on year in second quarter. See More Sotheby's Hong Kong Jewelry Sale Disappoints Many top lots fall short of low estimates or fail to find buyers entirely. See More Petra's Rough Prices Slip at Early Tender Like-for-like prices were 16% to 18% lower than at previous sale. See More Mountain Province Revenue Slides as Prices Fall Miner also held back stock from sale due to challenging market. See More David Prager Replaces Stephen Lussier as NDC Chair Lussier, who announced his retirement, is the last of the marketing group's original board members. See More

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