Rapaport TradeWire February 29, 2024

February 29, 2024

Rapaport Market Comment - February 29, 2024 Hong Kong shows open to slow traffic. Low expectations for diamond sales amid weak Chinese demand. Global market cautious. US retail seasonally quiet. Strong demand for ex-plan goods at De Beers sight following Jan. price cut; Feb. prices stable. Alrosa 2023 revenue +9% to $3.5B, profit -15% to $933M. Sarine 2023 sales -27% to $43M, loss of $2.8M vs. $8.8M profit in 2022. WFDB and other trade bodies warn that G7 requirement to ship diamonds through single Antwerp node will harm industry. De Beers backs African producers' right to certify own goods. US sanctions of Russian-source diamonds begin March 1. Rapaport holds emergency sanctions webinar and requests trade support for Rapaport US Diamond Protocol. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.15% -0.23% -10.54% 0.50 ct 0.00% 0.67% -23.60% 1.00 ct -0.37% -0.55% -19.73% 3.00 ct -0.64% -0.94% -10.90%

Market Reports   United States: Declines in synthetics prices creating some hope for natural-diamond trade, as retailers don't want to hold synthetic inventory…   Belgium: Industry preparing for G7 sanctions on Russian diamonds…   Israel: Reports of slow business and little optimism at Hong Kong show…   India: Trading sluggish due to limited overseas demand…   Hong Kong: Sentiment weak, as Chinese buyers have not returned to normal activity since Lunar New Year festival…

View Full Report

Detecting Lab-Grown Diamonds That Deceive By Jennifer Heebner Synthetic stones masquerading as naturals are arriving in labs. How prevalent is this, and how can the rest of the trade protect itself if fraudsters are trying to dupe the experts? Insiders weigh in. Read More

Podcast: A Lesson in Jewelry History Author, historian and curator Beatriz Chadour-Sampson offers a tour of the Victoria & Albert Museum's outstanding collection, which is the basis of the institution's new online courses. Listen Here

Elizabeth Taylor as a Timeless Diamond Influencer, and This Week's Other News Members of the editorial team pick their favorite pieces from the internet.   Read More

Industry Groups Voice Concerns over G7's Russian Sanctions Plan WFDB, WDC, GJEPC and IDMA believe the suggested process will cause "irreparable harm" to rest of trade. See More Alrosa Sales Rise Despite Sanctions Profit fell in 2023; miner withholds information on location of customers. See More US's New List of Russian Sanctions Includes Diamond Exporter State-owned Almazyuvelirexport is among nearly 300 entities targeted in current round. See More Indian Manufacturing Slump Hits Sarine Results Company reports loss for full year as revenue drops 27%. See More Mountain Province Raises Full-Year Forecast Improvements in plant processing and ore grades lift miner's guidance for Gahcho Kué. See More Bevilles Acquisition Gives Michael Hill's Revenue a Boost Sales up 4% in fiscal first half thanks to new locations. See More Synthetic Versus Lab-Grown: France Plays the Name Game Government's recent decision on terminology reignites long-standing debate in the country. See More Italian Exhibition Group Names Matteo Farsura Head of Jewelry New division lead was previously manager of Vicenzaoro. See More Former Anglo American Chief Joins Diamond Standard Advisory Board Mark Cutifani's experience will help company apply technology to unlock other natural resources as investible assets. See More

CONTACT US

© Copyright 2024 by Rapaport USA Inc. All Rights Reserved. Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks.

Rapaport USA 133 East Warm Springs Road Suite 100 Las Vegas Nevada 89119 USA You received this email because you are subscribed to Rapaport TradeWire® from Rapaport USA. Update your email preferences to choose the types of emails you receive. Unsubscribe from all future emails