Rapaport TradeWire March 14, 2024

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RAPAPORT ® TRADEWIRE ®
March 14, 2024
 
Rapaport Market Comment - March 14, 2024

Market quiet amid seasonal slowdown in US and China. Round prices steady, with RapSpec A3+, 0.30 to 1 ct. SIs improving and IF-VVS qualities slower. Prices of fancies falling. Indian dealers cautious about offering credit. Shipment delays at Antwerp customs due to G7 sanctions, with 146 Belgian companies signing complaint to AWDC. De Beers Feb. rough sales -13% YOY to $430M, year to date -15% to $804M. The Knot says 46% of engagement-ring center stones in 2023 were synthetic diamonds, up from 12% in 2019. Chow Sang Sang 2023 revenue +21% to more than $3.2B as Hong Kong and China end Covid-19 restrictions. Men and women flaunt natural diamonds on Oscars red carpet.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.20% -1.47% -11.57%
0.50 ct 0.47% -0.38% -23.04%
1.00 ct -0.14% -1.57% -19.70%
3.00 ct -0.23% -2.19% -11.45%
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Market Reports
United States: Importers reporting smooth introduction of sanctions on Russian diamonds, with customs requiring self-declaration…    United States: Importers reporting smooth introduction of sanctions on Russian diamonds, with customs requiring self-declaration…
Belgium: Steady demand for 1 to 2 ct., D-G, VVS-VS and nice SI diamonds…    Belgium: Steady demand for 1 to 2 ct., D-G, VVS-VS and nice SI diamonds…
Israel: Indian sellers seeking high prices for nice SIs and oversizes, but Israeli buyers unsure whether to purchase…    Israel: Indian sellers seeking high prices for nice SIs and oversizes, but Israeli buyers unsure whether to purchase…
India: Domestic demand weakening as end of wedding season approaches…    India: Domestic demand weakening as end of wedding season approaches…
Hong Kong: Jewelry manufacturers buying gold and gemstones rather than diamonds…    Hong Kong: Jewelry manufacturers buying gold and gemstones rather than diamonds…
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Statement by Martin Rapaport: The Synthetic Party Is Over
By Martin Rapaport

By selling synthetics at rapidly dropping prices, leading companies in the trade are devaluing natural diamonds.

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GEMTalks Zooms In on Diamond Origin

The second episode of Rapaport's GEMTalks series will feature a timely discussion on diamond origin with special guest Dr. James Shigley of the Gemological Institute of America (GIA).

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Podcast: Collecting Vintage Watches

Geoff Hess, Sotheby's head of watches for the Americas, talks about the latest timepiece trends and connoisseurs' most coveted models.

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146 Belgian companies sign complaint amid
Sanctions Causing Shipment Delays in Antwerp, Traders Say
146 Belgian companies sign complaint amid "severe disruption."
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A broader US ban on Russian diamonds went into effect on March 1, but uncertainty remains about key details.
Four Questions the US Must Answer on Diamond Sanctions
A broader US ban on Russian diamonds went into effect on March 1, but uncertainty remains about key details.
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US retailers slow to restock, while demand for diamond jewelry grows in India.
De Beers Sales Improve, but Still Down at February Sight
US retailers slow to restock, while demand for diamond jewelry grows in India.
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Emmerson Mnangagwa also accused of serious human-rights abuses and other corrupt activities.
US Sanctions Zimbabwe President for Diamond Smuggling
Emmerson Mnangagwa also accused of serious human-rights abuses and other corrupt activities.
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One-third are over 2 carats, up 10% from 2019.
Lab-Grown Demand Boosts Average Engagement Ring Size
One-third are over 2 carats, up 10% from 2019.
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Average value per carat down 24% in 2023.
Weak Prices Send Gem Diamonds' Profit Plunging
Average value per carat down 24% in 2023.
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Rise is result of border reopening between Hong Kong and China.
Chow Sang Sang Expects Profit Jump
Rise is result of border reopening between Hong Kong and China.
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Category up 15% to 20% in 2023.
Jewelry Segment Sees Rebound in Recovering China Luxury Market
Category up 15% to 20% in 2023.
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Six of top 10 pieces fail to find buyers, while an Asprey necklace with $3 million high estimate is nowhere to be seen.
Sotheby's Single-Owner Sale Proves Not So Iconic
Six of top 10 pieces fail to find buyers, while an Asprey necklace with $3 million high estimate is nowhere to be seen.
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Lab awards grant of $93,000 to deploy technology and train small-scale mining community in its use.
GIA Provides Further Funding to Support Mercury-Free Initiative
Lab awards grant of $93,000 to deploy technology and train small-scale mining community in its use.
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Members of the editorial team pick their favorite pieces from the internet.
The Jewels in Hip-Hop's Gem-Encrusted Crown, and This Week's Other News
Members of the editorial team pick their favorite pieces from the internet.
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