Rapaport TradeWire January 18, 2024

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RAPAPORT ® TRADEWIRE ®
January 18, 2024
 
Rapaport Market Comment - January 18, 2024

De Beers cuts rough prices by average of 13% at Jan. sight and ends deferral flexibility. De Beers rough still more expensive than open market auctions; sightholders claim De Beers rough still not profitable. Polished buyers holding off purchases to see if discounts will deepen. Dealers cautious about 2024 amid slow US restocking. Chinese diamond demand weak ahead of Lunar New Year, with consumers turning to lower-cost pearls and gemstones. US Nov. polished imports -22% YOY to $1.2B. India Dec. polished exports -32% to $862M, rough imports -14% to $1.3B. Richemont 3Q 2023 jewelry brand sales +6% to $4.3B. Martin Rapaport webinar, "2024: The Way Forward," to take place Tuesday, Jan. 23, at 11 a.m. EST. Register here.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct 0.08% 0.93% -5.88%
0.50 ct 0.81% 3.51% -24.29%
1.00 ct 0.03% 1.09% -19.75%
3.00 ct 0.27% 0.54% -10.55%
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Market Reports
United States: Many dealers reporting slower-than-usual January following mediocre holiday season…    United States: Many dealers reporting slower-than-usual January following mediocre holiday season…
Belgium: Weak market for SI and lower clarities…    Belgium: Weak market for SI and lower clarities…
Israel: US demand focused on round diamonds; fancies have weakened…    Israel: US demand focused on round diamonds; fancies have weakened…
India: Select categories in short supply following two-month import freeze…    India: Select categories in short supply following two-month import freeze…
Hong Kong: Mixed outlook for Chinese New Year, with trading activity ending earlier than normal…    Hong Kong: Mixed outlook for Chinese New Year, with trading activity ending earlier than normal…
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2024: The Way Forward, with Martin Rapaport

Webinar will address where the diamond industry is heading, what to do about synthetics and sanctions, and more.

Register Here
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De Beers Slashed Rough Prices. Will Polished Suffer?
By Joshua Freedman

Cheaper raw materials would usually translate to cheaper end products. But with sightholders still making thin or no margins, few of them see any room for a reduction in polished prices.

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Retro Jewelry Is Back at Full Volume
By Beth Bernstein

Chunky, colorful and statement-making, designs from the late 1930s to early '50s are enjoying a resurgence.

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Reductions don't go far enough, sightholders say.
De Beers Cuts Rough Prices by Average of 10% to 15%
Reductions don't go far enough, sightholders say.
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Sales reach $964.4 billion for the period, according to US Census Bureau.
US Holiday Spending Hits Record as Inflation Eases
Sales reach $964.4 billion for the period, according to US Census Bureau.
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Buccellati, Cartier, and Van Cleef & Arpels saw robust demand in China, Hong Kong and US.
Jewelry Drives Strong Growth at Richemont
Buccellati, Cartier, and Van Cleef & Arpels saw robust demand in China, Hong Kong and US.
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Revenue slipped 9% year on year in first fiscal half.
Petra Sales Fall Amid Slow Market Recovery
Revenue slipped 9% year on year in first fiscal half.
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Rough-diamond production down 50% year on year in fourth quarter.
Rio Tinto Output Dwindles as Mine Depletes
Rough-diamond production down 50% year on year in fourth quarter.
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Revenue up 46% year on year in third quarter.
Tourism Recovery Boosts Chow Tai Fook Sales
Revenue up 46% year on year in third quarter.
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192 more locations closed down last year than in 2022.
Greater Number of US Jewelry Stores Shutter in 2023
192 more locations closed down last year than in 2022.
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Members of the editorial team pick their favorite pieces from the internet.
LVMH Works with TikTok to Limit Fakes, and This Week's Other News
Members of the editorial team pick their favorite pieces from the internet.
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Project will see company move underground at several pits and attempt underwater mining.
Burgundy Eyes Ekati Expansion
Project will see company move underground at several pits and attempt underwater mining.
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