Rapaport TradeWire February 22, 2024

February 22, 2024

Rapaport Market Comment - February 22, 2024 Seasonal lull in US retail sales, with shortages supporting prices of rounds. Good demand for 1 and 2 ct., F-I, VS2-SI2, RapSpec A3+ goods; VVS weak. US dealers resisting India's price increases. Rapaport US Diamond Protocol gaining support ahead of Mar. 1 implementation of G7 sanctions. Stable pricing expected at next week's De Beers sight. De Beers 2023 rough sales -40% to $3.6B, with underlying loss of $314M, average price -25% to $147/ct. De Beers testing lower prices for Lightbox synthetics. Petra fiscal 1H sales -10% to $188M, loss of $11M. Lucara 2023 revenue -17% to $177M, loss of $20M; miner signs new HB deal. Chinese market preparing for Hong Kong show (Feb. 29 to Mar. 4). GIA opens Dubai lab. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.86% -0.47% -9.83% 0.50 ct -0.67% 0.81% -23.75% 1.00 ct -0.88% -0.28% -19.24% 3.00 ct -0.79% -0.12% -10.77%

Market Reports   United States: US buyers and Indian sellers preferring to walk away from deals rather than compromise on prices…   Belgium: Reduction in Indian supply supporting polished sector…   Israel: Prices up since late 2023, but dealers unsure whether to sell or wait for chance to get higher prices…   India: Cutters still keeping factories busy with synthetics…   Hong Kong: Retail activity has picked up, with gold selling better than diamonds during employee-bonus season…

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New York Diamond Dealers Upbeat Amid Tight Supply By Joshua Freedman Wholesalers are reporting firm prices due to polished shortages, despite sluggishness on the demand side. Read More

Rapaport's New Series, GemTalks, Kicks Off with Conversation on Undisclosed Synthetics The threat of lab-grown and the importance of screening will be the focus of a LinkedIn Live with International Gemological Institute (IGI) execs Avi Levy and Steve Rees. Register For This Event

Podcast: The Visionary and Timeless Harry Winston Style Jewelry expert Sharon Novak talks about the King of Diamonds' groundbreaking techniques and bold approach to stone-cutting. Listen Here

South Africa's Small-Scale Diamond Mining Dilemma Executives are left frustrated as they try to tap into the full potential of their deposits along the lucrative Orange River. See More De Beers Testing Lower Lab-Grown Prices for Lightbox Anglo American shaves $1.56 billion off miner's value following 2023 losses. See More US Retail Sales See Post-Holiday Drop-Off Extreme weather conditions also disrupted demand, as did spending on services. See More Lucara Rough-Supply Deal with HB Back On Manufacturer will purchase all diamonds over 10.8 carats and give miner a share of polished profit. See More 320ct. Rough Among Four Large Diamonds Unearthed from Karowe Lucara also recovered a 111-carat stone and two over 50 carats. See More Lucara Skids to Loss in 2023 Amid Challenging Market Decrease in revenue, impairment charge, and "significant" expense on underground transition take toll. See More Rough Prices Continue to Recover at Latest Petra Tender Like-for-like up 4% from previous sale in December. See More Falling Rough Prices Hit Petra Revenue in First Half Miner cuts full-year production outlook amid unforeseen underground mechanical issues at Finsch. See More A New Brand of Luxury Business Leaders, and This Week's Other News Members of the editorial team pick their favorite pieces from the internet. See More GIA Opens New Lab in Dubai Location will only service clients operating within emirate's free trade zones. See More

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