Rapaport TradeWire March 28, 2024

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RAPAPORT ® TRADEWIRE ®
March 28, 2024
 
Rapaport Market Comment - March 28, 2024

Market stable. India trade seasonally quiet ahead of financial year's end. Round, ten-per-carat, D-F, VVS goods slowing in Indian market. Diamonds with black center or fluorescence moving at low prices. Gokhran reportedly agrees to buy rough from Alrosa. Sanctions-related Antwerp blockages easing, but dealers still concerned about delays. Belgian police arrest four men in probe of Russian diamond imports. Forevermark to stop supplying loose diamonds and will shift focus to India. Chow Sang Sang 2023 revenue $3.2B (+22%), profit $129M (+124%) amid HK recovery; China diamond sales weak. National Retail Federation predicts 2024 US retail sales +2.5% to +3.5%, down from 3.6% in 2023. Kendra Scott launches synthetic-diamond fashion jewelry priced at $500 to $2,950.

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RAPNET DIAMOND INDEX (RAPI™)
  Weekly Monthly Y2Y
0.30 ct -0.40% -0.89% -12.61%
0.50 ct -0.03% 1.02% -22.29%
1.00 ct -0.47% -0.50% -18.99%
3.00 ct 0.36% -0.93% -11.53%
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Market Reports
United States: Prices of commercial melee stable; merchandise in short supply…    United States: Prices of commercial melee stable; merchandise in short supply…
Belgium: Local trade facing ongoing compliance challenges vis-à-vis Russian-diamond sanctions…    Belgium: Local trade facing ongoing compliance challenges vis-à-vis Russian-diamond sanctions…
Israel: Sentiment weak, with deep uncertainty about the current and future market situation…    Israel: Sentiment weak, with deep uncertainty about the current and future market situation…
India: Forevermark decision to refocus on India reflects country's growing consumer market for diamonds…    India: Forevermark decision to refocus on India reflects country's growing consumer market for diamonds…
Hong Kong: Chinese demand for diamonds sluggish, as consumers prefer to invest in gold…    Hong Kong: Chinese demand for diamonds sluggish, as consumers prefer to invest in gold…
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Science Can't Determine Diamond Origin, Says Top GIA Fellow

The likelihood of ever being able to identify a diamond's origin from its physical characteristics is low, according to Dr. James Shigley, distinguished research fellow at the Gemological Institute of America (GIA).

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Why Jewelry Retail Is Struggling to Reverse Its Two-Decade Decline
By Anthony DeMarco

The aging of the industry, the difficulties of owning a store these days and the lack of new blood are contributing to a systemic decline of independent retail jewelry stores.

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Turning Meteorite into Cufflinks, and This Week's Other News

What is the Rapaport team reading? Our editors and reporters sat down to pick content from around the web that's helped expand their knowledge of the diamond and jewelry industry this week.

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The advent of G7 Russian sanctions is driving the need to identify and certify the mined source of diamonds — a move that's as much a commercial necessity as a legal requirement.
Diamond Source Certification
The advent of G7 Russian sanctions is driving the need to identify and certify the mined source of diamonds — a move that's as much a commercial necessity as a legal requirement.
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Gokhran has already bought miner's first production of the year, according to Interfax.
Russia's Finance Ministry Agrees to Purchase Alrosa Rough
Gokhran has already bought miner's first production of the year, according to Interfax.
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Business will begin testing the strategy in India.
Forevermark to Refocus as Jewelry Brand, Drop De Beers Name
Business will begin testing the strategy in India.
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A rare 7.01-carat, fancy-vivid-yellowish-orange diamond ring will lead sale.
Colored Diamonds and Jadeite to Shine at Sotheby's Hong Kong
A rare 7.01-carat, fancy-vivid-yellowish-orange diamond ring will lead sale.
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Increased demand for gold products also led to rise in revenue.
Hong Kong Reopening Drives Strong Sales at Chow Sang Sang
Increased demand for gold products also led to rise in revenue.
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Company sees second-highest annual revenue for rubies and emeralds.
Gemfields Incurs Loss Despite Strong Gem Sales
Company sees second-highest annual revenue for rubies and emeralds.
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Managing director of Botswana's rough-marketing company will join council's board of directors.
Okavango Becomes First Non-Mining Member of NDC
Managing director of Botswana's rough-marketing company will join council's board of directors.
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A Kashmir sapphire and diamond ring was the top seller, fetching $856,800.
Christie's Jewels Online Sale Rakes In Nearly $14M
A Kashmir sapphire and diamond ring was the top seller, fetching $856,800.
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Bernadette Mack will fill the newly created position, which is part of a company expansion.
Mercury Free Mining Brings On Managing Director
Bernadette Mack will fill the newly created position, which is part of a company expansion.
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Piece is estimated to fetch up to $2.3 million at Hong Kong sale.
Poly Auction to Showcase Pink-Diamond Ring
Piece is estimated to fetch up to $2.3 million at Hong Kong sale.
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