Rapaport TradeWire October 12, 2023

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RAPAPORT ® TRADEWIRE ®
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.

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

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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

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