Rapaport TradeWire February 1, 2024

February 1, 2024

Rapaport Market Comment - February 1, 2024 Indian export market slow. Good demand for round, 0.30 ct., D-G, VS2-SI1 diamonds, with some price increases. US jewelers focusing on Valentine's Day; NRF predicts record $6.4B jewelry spending. Luxury retailers report strong 2023 jewelry and watch sales: Swatch Group (Harry Winston, Omega) +6% to $8.7B, LVMH (Tiffany, Bulgari) +3% to $11.8B. De Beers Jan. sales -19% YOY to $370M but higher than Dec.'s $137M as miner reduces rough prices and India resumes imports. Uncertainty over implementation of G7 Russia sanctions. Kiran Gems reopens Mumbai office following move to Surat bourse. Recording of Martin Rapaport webinar available at rapaport.com/webinar. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct 0.00% 0.03% -7.14% 0.50 ct 0.06% 2.44% -23.91% 1.00 ct 0.00% 0.77% -19.27% 3.00 ct 0.04% 0.11% -10.95%

Market Reports   United States: Economy uncertain as Federal Reserve holds interest rates, noting inflation has eased but remains high…   Belgium: Smaller stones selling better and in short supply…   Israel: Most activity is in larger diamonds, but dealers concerned about impact of G7 sanctions on this section of the market…   India: Manufacturers struggling to profit from rough, forcing some to fill factories with synthetics…   Hong Kong: Gold outperforming diamonds as consumers have tighter budgets and seek investments in safe havens…

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Diamond Industry Gears Up for Tighter Controls By Avi Krawitz The G7's apparent determination to enforce traceability mechanisms has left industry bodies with many questions and concerns. Read More

Why China's Diamond Market Is in Dire Straits By Joshua Freedman Suppliers and jewelers are shutting early for the New Year holiday, and Indian companies are bringing their workers back from Hong Kong. Economic woes and social changes have pushed the mainland into a deep demand crisis. Read More

Martin Rapaport Webinar – 2024: The Way Forward Another chance to watch last week's broadcast, which addressed the challenges facing the diamond industry as the year begins. Watch Here

Podcast: India's Historical Jewelry Designer and painter Reena Ahluwalia discusses the most extraordinary jewels and diamonds from the country where these precious stones were originally discovered. Listen Here

A Lab-Grown Diamond Ring Made of M&Ms, and This Week's Other News Members of the editorial team pick their favorite pieces from the internet. Read More

Sponsored Content: How AGTA Is Putting Ethical Standards into Practice In this second half of a two-part series, we learn more about the American Gem Trade Association's work and its profound impact on the sector. Read More

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