Rapaport TradeWire December 7, 2023

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RAPAPORT ® TRADEWIRE ®
December 7, 2023
 
Rapaport Market Comment - December 7, 2023

US market doing okay, with good demand for select sizes and qualities. Prices for better-quality round, 0.50 to 1 ct., F-I, VS2 to SI2+ goods stabilizing, with shortages of oversizes. RAPI for 1 ct. +0.8% in Nov., 0.50 ct. +1.2%. Overall market may be starting to bottom out due to reduced supply, but there is danger of future oversupply as India ends voluntary ban on rough imports on Dec. 15. G7 announces strengthening of Russian sanctions, which later in 2024 will include "Russian Source" diamonds cut elsewhere. Signet notes bridal recovery after 3Q sales -12% to $1.4B. Muted New York Magnificent Jewels auctions see totals of $38.4M at Sotheby's, $38.1M at Christie's.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.07% 0.72% -4.08%
0.50 ct 0.04% 0.87% -27.72%
1.00 ct -0.21% 0.37% -21.69%
3.00 ct -0.28% -0.30% -12.24%
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Market Reports
United States: Memo dominating market, but some jewelers buying for inventory…    United States: Memo dominating market, but some jewelers buying for inventory…
Belgium: Rough market quiet with Indian import pause still in effect through December 15…    Belgium: Rough market quiet with Indian import pause still in effect through December 15…
Israel: Limited trading at bourse amid ongoing war…    Israel: Limited trading at bourse amid ongoing war…
India: Steady improvement across all diamond categories, with nice SIs selling to American market…    India: Steady improvement across all diamond categories, with nice SIs selling to American market…
Hong Kong: Strong consumer attendance at Hong Kong Jewelry Manufacturers' Association (JMA) show, but focus was on lower price points…    Hong Kong: Strong consumer attendance at Hong Kong Jewelry Manufacturers' Association (JMA) show, but focus was on lower price points…
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RAPI for 1-carat diamonds rose 0.8% in November.
Diamond Prices See Modest Increase
RAPI for 1-carat diamonds rose 0.8% in November.
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By March, measures will encompass goods processed in third countries.
G7 to Restrict Imports of Russian Diamonds Starting January 1
By March, measures will encompass goods processed in third countries.
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Drop for 2024 reflects decline in prices, sources say.
De Beers Reduces Value of Rough Allocations
Drop for 2024 reflects decline in prices, sources say.
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Industry leaders decide not to extend voluntary pause beyond December 15.
India to End Freeze on Rough Imports
Industry leaders decide not to extend voluntary pause beyond December 15.
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Bridal demand slowed during third fiscal quarter, in line with predictions.
Signet Sales Decline in Weak US Market
Bridal demand slowed during third fiscal quarter, in line with predictions.
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Auction also sees strong demand for collections from Hollywood legends Mary Tyler Moore, Barbara Sinatra and Tony Randall.
133ct. Yellow Diamond Shines at Sotheby's New York
Auction also sees strong demand for collections from Hollywood legends Mary Tyler Moore, Barbara Sinatra and Tony Randall.
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Ring with cushion-cut, 3.49-carat, internally flawless stone leads Magnificent Jewels auction.
Blue Diamond Nabs $5.5M at Christie's New York Sale
Ring with cushion-cut, 3.49-carat, internally flawless stone leads Magnificent Jewels auction.
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Miner also announces new organizational structure and executive committee.
De Beers' David Prager and Ryan Perry to Leave
Miner also announces new organizational structure and executive committee.
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Veteran executive will exit retailer on April 30, 2024.
David Bouffard to Leave Signet and RJC
Veteran executive will exit retailer on April 30, 2024.
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Collection includes diamond pieces priced at up to $175,000.
Jared Debuts Higher-Value Designer Jewelry Line
Collection includes diamond pieces priced at up to $175,000.
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Bidding was strong for 87 stones from company's Argyle and Diavik mines.
Rio Tinto Sees 'Exceptional' Colored-Diamond Tender Results
Bidding was strong for 87 stones from company's Argyle and Diavik mines.
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