Rapaport TradeWire January 25, 2024

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RAPAPORT ® TRADEWIRE ®
January 25, 2024
 
Rapaport Market Comment - January 25, 2024

Round prices stable. Fancies remain slow. US dealers show little appetite for rounds, with Indians firm on prices. Lack of supply supporting market, with shortages in select categories. De Beers rough-price drop has not affected polished prices. China weak ahead of Lunar New Year. Luk Fook 3Q sales +46% YOY amid strong gold demand; mainland diamond sales -25%. Diamantaires moving Hong Kong salespeople back to India. GJEPC seeks decrease in India's import duty on polished diamonds to 2.5% from 5% to ease flow of goods from Botswana factories. Steady traffic at Vicenzaoro show; demonstrators protest presence of Israeli exhibitors. JVC elects Rebecca Foerster board chairman.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.34% 0.40% -7.31%
0.50 ct 0.19% 3.14% -24.41%
1.00 ct 0.10% 0.65% -20.00%
3.00 ct -0.28% -0.01% -11.02%
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Market Reports
United States: Some demand for round, 0.30 to 0.50 ct., D-G, VS2, RapSpec A3+ diamonds…    United States: Some demand for round, 0.30 to 0.50 ct., D-G, VS2, RapSpec A3+ diamonds…
Belgium: Difficult to replenish inventory due to lack of supply…    Belgium: Difficult to replenish inventory due to lack of supply…
Israel: Israelis unwilling to buy rounds at Indian sellers' firm prices…    Israel: Israelis unwilling to buy rounds at Indian sellers' firm prices…
India: Traders seeking cash payment rather than selling on terms…    India: Traders seeking cash payment rather than selling on terms…
Hong Kong: Suppliers starting holiday vacations early…    Hong Kong: Suppliers starting holiday vacations early…
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Podcast: Handling the Hope Diamond

Dr. Jeffrey Post, long-standing curator at the Smithsonian, shares his stories about some of the world's most famous gemstones.

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Rapaport Magazine Spotlights the Vibrant Colored-Gem Market

As the industry heads to Tucson, Arizona, our latest magazine takes a deep dive into the hottest issues in the gemstone sector

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US Retail Restocking Is Going Slowly – but Don't Despair
By Joshua Freedman

Jewelers and dealers are waiting for final holiday results before replenishing inventories.

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Small plane transporting employees crashed shortly after takeoff.
Rio Tinto Workers Killed en Route to Diavik Diamond Mine
Small plane transporting employees crashed shortly after takeoff.
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Holiday period saw UK shoppers opt for other categories instead, retailer notes.
Watches of Switzerland Slashes Full-Year Forecast as Demand Slows
Holiday period saw UK shoppers opt for other categories instead, retailer notes.
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Revenue from products containing the yellow metal up 80% year on year in third quarter.
Rising Gold Prices and Tourism Drive Luk Fook Jewelry Sales
Revenue from products containing the yellow metal up 80% year on year in third quarter.
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Lower rate would help establish country as trading hub, GJEPC says.
India Trade Seeks Tax Reduction on Polished Diamonds, Gold
Lower rate would help establish country as trading hub, GJEPC says.
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Jeweler also benefited from renovated stores and increased online engagement.
Luxury Timepieces Spur Strong Sales at Birks
Jeweler also benefited from renovated stores and increased online engagement.
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Average price down 20% for 2023.
Small Stones Dent Mountain Province Sales
Average price down 20% for 2023.
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An Ancient Greek Temple Filled with 2,700-Year-Old Jewelry, and This Week's Other News
Members of the editorial team pick their favorite pieces from the internet.
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Acquisition of Bevilles chain kept company in the black during first half.
Michael Hill Closes Stores, Lays Off Workers Despite Sales Growth
Acquisition of Bevilles chain kept company in the black during first half.
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Rebecca Foerster will serve as chairman of the board until 2026.
Former Alrosa Executive Takes Helm at JVC
Rebecca Foerster will serve as chairman of the board until 2026.
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Kathy Corey, former owner of Day's Jewelers, will serve two-year term as organization's president.
Diamonds Do Good Reveals New Board
Kathy Corey, former owner of Day's Jewelers, will serve two-year term as organization's president.
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