Rapaport TradeWire October 5, 2023

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RAPAPORT ® TRADEWIRE ®
October 5, 2023
 
Rapaport Market Comment - October 5, 2023

India domestic diamond market very strong, but international sales very weak. De Beers frees sightholders from contracts for rest of year but does not cancel sights. De Beers September sight $200M, -61% YOY; YTD sales $3.4B, -31% YOY. Rapaport predicts total 2023 De Beers sales of $3.8B, -34% from 2022. De Beers-Botswana deal moves forward with "heads of terms" document. Rapaport warns trade not to approve WDC G7 protocol, as this will eliminate small- to medium-sized companies and reduce free-market competition. Okavango cancels November spot auction due to weak market. HB reinstates Oded Mansori in apparent attempt to save Botswana deal. Industry mourns former JCK editor Hedda Schupak. Country comments will return next week following the Jewish holidays.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.45% -2.91% -5.77%
0.50 ct -2.18% -5.77% -31.43%
1.00 ct -1.84% -5.40% -26.25%
3.00 ct -0.72% -3.07% -15.41%
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Bumpy Ride Ahead Amid Synthetic-Diamond Shake-Up
By Avi Krawitz
Martin Rapaport warns the industry to brace for fundamental changes.
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The Weekly Gems: News and Videos from Around the Web

This week's list of top stories features unusual gold discoveries and a novel take on high jewelry.

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An Inside Look at Engagement-Ring Trends
By Rachael Taylor
Talking shop: Jewelers share their most popular designs, client requests and price points for the bridal category.
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Revenue in latest cycle falls 61% year on year.
De Beers Halts Online Rough Auctions as Sales Slide
Revenue in latest cycle falls 61% year on year.
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Partners were able to settle differences, according to company.
Mansori Back at Belgian Manufacturer HB
Partners were able to settle differences, according to company.
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Miner has signed agreement on specific terms with government.
De Beers Moves Forward on Botswana Diamond Deal
Miner has signed agreement on specific terms with government.
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Revenue for third quarter up 11% year on year so far, says owner Burgundy Diamond Mines.
Rough Sales for Ekati Mine Rise Despite Market Slowdown
Revenue for third quarter up 11% year on year so far, says owner Burgundy Diamond Mines.
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Revenue for category up 57% year on year in August.
Rising Tourism Spurs Hong Kong Luxury Sales
Revenue for category up 57% year on year in August.
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Former operations head took over as interim CEO following Stephen Wetherall's departure.
Lucapa Names Nick Selby Managing Director
Former operations head took over as interim CEO following Stephen Wetherall's departure.
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Chief financial officer and vice president of technical services both resign.
Lucara Sees Management Upheaval Following CEO Departure
Chief financial officer and vice president of technical services both resign.
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System creates verifiable link between rough's origins and resulting polished stones.
Sarine Launches Melee-Diamond Tracking Program
System creates verifiable link between rough's origins and resulting polished stones.
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Former JCK editor remained active in jewelry media after retirement.
Veteran Industry Journalist Hedda Schupak Dies at 62
Former JCK editor remained active in jewelry media after retirement.
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This was highest total for the company's London branch since 2010.
Sotheby's Autumn Fine Jewels Auction Achieves $7.5 Million
This was highest total for the company's London branch since 2010.
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Top item is Harry Winston diamond ring with high estimate of $900,000.
Bonhams to Auction Jewelry of Journalist Barbara Walters
Top item is Harry Winston diamond ring with high estimate of $900,000.
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