Rapaport TradeWire March 21, 2024

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RAPAPORT ® TRADEWIRE ®
March 21, 2024
 
Rapaport Market Comment - March 21, 2024

Market slow but stable. Polished production rising, with India Feb. rough imports at 11-month high of $1.6B (-6% YOY), polished exports $1.7B (-28% YOY). Rapaport sends letter to OFAC requesting exemptions for polished diamonds in the US and all polished diamonds in existence before March 1, 2024. There should not be sanctions for polished diamonds that do not result in additional funding to Russia. Botswana warns that G7 sanctions might harm its diamond industry. US Federal Reserve holds interest rates at 5.25% to 5.5% after 3.2% inflation in Feb. Signet shares -12% in one day amid soft 1Q guidance; fiscal 4Q sales $2.5B (-6% YOY), profit $626M (+126%). Brilliant Earth 4Q sales $124M (+4% YOY).

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.11% -0.73% -12.46%
0.50 ct 0.23% 0.85% -22.62%
1.00 ct 0.15% -0.48% -18.83%
3.00 ct -0.54% -1.86% -11.73%
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Market Reports
United States: Jewelers cautious about buying for inventory…    United States: Jewelers cautious about buying for inventory…
Belgium: Concerns remain about impact of G7 sanctions on supply chain…    Belgium: Concerns remain about impact of G7 sanctions on supply chain…
Israel: Sentiment weak amid sluggish demand from US and China…    Israel: Sentiment weak amid sluggish demand from US and China…
India: Small diamonds cooling as Indian wedding season ends…    India: Small diamonds cooling as Indian wedding season ends…
Hong Kong: Chinese shoppers moving away from diamonds toward lower-cost materials…    Hong Kong: Chinese shoppers moving away from diamonds toward lower-cost materials…
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Synthetic Diamonds in the Spotlight
By Avi Krawitz

The synthetic-diamond segment is entering a new phase of development in the jewelry industry, focusing on fashion and branding.

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How Flawed Diamonds Got Their Mojo Back
By Joshua Freedman

Round SIs were among the biggest victims of last year's crash. Here are four reasons the trend is reversing.

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Podcast: Can Celebrities Sell Diamond Jewelry?

Journalist and author Rachael Taylor discusses how red-carpet events and well-chosen brand ambassadors can impact revenues.

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Fresh off the success of its deal with De Beers, the government is concerned the new measures will be a step back for its diamond industry.
G7 Sanctions Will Harm Botswana's Diamond Development, Officials Say
Fresh off the success of its deal with De Beers, the government is concerned the new measures will be a step back for its diamond industry.
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Jeweler expects number of US engagements to be down by low to mid-single digits in first quarter.
Signet Revenue Slides Amid Lower-Value Sales
Jeweler expects number of US engagements to be down by low to mid-single digits in first quarter.
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Spending will reach between $5.23 trillion and $5.28 trillion, federation forecasts.
NRF Predicts Slowdown in US Retail Sales in 2024
Spending will reach between $5.23 trillion and $5.28 trillion, federation forecasts.
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17% increase in number of orders drove sales.
Brilliant Earth Reports Record Revenue for 2023
17% increase in number of orders drove sales.
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Deficit driven by lack of demand for diamond jewelry in mainland China.
Hong Kong Jeweler TSL Warns of Major Loss for Full Year
Deficit driven by lack of demand for diamond jewelry in mainland China.
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Last year saw highly promotional environment in natural and synthetics, according to CEO Gina Drosos.
Signet Says Shoppers Getting Wiser on Falling Lab-Grown Prices
Last year saw highly promotional environment in natural and synthetics, according to CEO Gina Drosos.
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Members of the editorial team pick their favorite pieces from the internet.
De Beers Mulls Job Cuts, and This Week's Other News
Members of the editorial team pick their favorite pieces from the internet.
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Gain is due to higher spending on services, while outlay on goods has softened, NRF says.
US Retail Sales Show Slight Improvement in February
Gain is due to higher spending on services, while outlay on goods has softened, NRF says.
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Group includes the largest collection of René Boivin pieces ever to come to auction.
Sotheby's to Offer over 250 Jewels from Iconic Designers
Group includes the largest collection of René Boivin pieces ever to come to auction.
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New material is equal to eight years of production, according to Lucapa.
Lulo Mine's Rough-Diamond Resources Surge
New material is equal to eight years of production, according to Lucapa.
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