Rapaport TradeWire November 23, 2023

November 23, 2023

Rapaport Market Comment - November 23, 2023 Dealers gaining confidence as Thanksgiving kicks off holiday retail season. NRF predicts record 182M shoppers over long weekend. Polished prices stable. Inventories of rounds down. Steady trade demand for round, 1 to 3 ct., F-I, SI1-SI2 diamonds. Rapaport issues consumer alert warning that some retailers overcharging for synthetic diamonds. Indian manufacturers closed for extended Diwali break. India's import freeze impacting rough producers, with Stornoway entering insolvency and Lucapa reviewing exploration costs at Merlin. Sarine 3Q revenue -28% to $10M, loss of $1M vs. profit of $2M in 2022. China weak amid ongoing economic slump. Read More

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.01% -0.03% -4.56% 0.50 ct -0.04% 1.13% -28.39% 1.00 ct 0.06% 0.72% -22.56% 3.00 ct -0.13% 0.27% -12.35%

Market Reports   United States: Steady demand for round, 0.70 to 4 ct., F-I, SI1-SI2 diamonds…   Belgium: Polished demand slow but showing some improvement in commercial goods as holiday season approaches…   Israel: Dealers trying to reduce inventories and preparing for end of financial year after difficult 2023…   India: Sellers reducing prices of undesirable stones but raising prices of nice goods; buyers showing resistance to higher prices…   Hong Kong: Fourth-quarter festive season driving demand, but mostly in lower-priced goods and other gems such as pearls…

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Podcast Episode 100: Looking Back at Our Favorites To celebrate this milestone, Rapaport's journalists sat down to discuss their most memorable episodes since the podcast launched almost six years ago. Listen Here

Time to Tackle the Diamond Industry's Pre-Pandemic Challenges By Avi Krawitz Economic headwinds, Chinese caution and the threat of lab-grown are the trade's current concerns. But the recurring difficulties that existed before Covid-19 have not gone away. Read More

Okavango Chief on Lab-Grown, De Beers, and the Market Slump By Avi Krawitz Manufacturers should have bought more carefully, says Mmetla Masire, managing director of Botswana's state-owned rough trader. Read More

Unique Designs Sues Signet over Product Recall Wholesaler takes issue with retail giant's handling of customer refunds. See More Record 182M People Set to Shop on Thanksgiving Weekend Nearly two-thirds of NRF survey participants say deals are too good to pass up. See More African Producers' Group Criticizes Efforts to Discuss Russia at KP "Aggressive minority" trying to "politicize" organization, trade association claims. See More Consumer Alert: Synthetic Diamond Prices Crashing Consumers think they are getting a good deal, but they are not. See More Stornoway for Sale Again Following Significant Losses Weak prices and India's import halt push miner into insolvency. See More Manufacturing Slowdown Hits Sarine Results Company incurs loss in third quarter as equipment sales drop. See More US Demand and New Acquisitions Drive Watches of Switzerland Sales Company purchased 19 Ernest Jones showrooms from Signet in October. See More India's Asian Star Sees Drop in Sales, Profit Decline at Mumbai-based diamond manufacturer reflects global market slowdown. See More Jewelers Donate Pieces for Israel Fundraising Auction More than 210 items will go under hammer at Precious Aid sale. See More The Weekly Gems: News and Videos from Around the Web Lab-grown diamonds, colored-stone prices and royal jewels feature in this week's roundup. See More Lucapa Reconsiders Merlin Plans Amid Weak Market Company puts mine feasibility study on pause in favor of smaller-scale, lower-cost alternative. See More Hong Kong Revival Keeps Swiss Watch Exports Afloat Global shipments saw growth slow in October. See More 5ct. Diamond Could Fetch $550K at Auction Fancy-intense-orangy-pink stone will lead December 5 John Moran sale. See More

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