Rapaport TradeWire January 18, 2024

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. Watch Video

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%

Market Reports   United States: Many dealers reporting slower-than-usual January following mediocre holiday season…   Belgium: Weak market for SI and lower clarities…   Israel: US demand focused on round diamonds; fancies have weakened…   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…

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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

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. Read More

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. Read More

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

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