Rapaport TradeWire February 29, 2024

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RAPAPORT ® TRADEWIRE ®
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.

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

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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.

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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.

 

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