Rapaport TradeWire March 7, 2024

March 7, 2024

Rapaport Market Comment - March 7, 2024 US requiring self-declaration for diamond imports as ban on Russian goods expands to those manufactured in third countries. Rapaport requesting clarification from OFAC on several points as Rapaport US Diamond Protocol receives support from more than 1,500 trade members. Hong Kong 2023 polished imports -1% to $14.6B. Hong Kong shows disappointing, with slow sales and weak Chinese presence. Good overall market for round, 1 ct., D-H, SI diamonds; weaker market for VVS. 1 ct. RAPI -0.7% in Feb. Okavango March sales -79% YOY to $22.5M after company increased some reserve prices and did not offer large specials. RJC names Dave Meleski as chairman. Watch Video

RAPNET DIAMOND INDEX (RAPI™)   Weekly Monthly Y2Y 0.30 ct -0.32% -0.92% -11.04% 0.50 ct 0.03% 0.20% -23.32% 1.00 ct -0.11% -0.97% -19.76% 3.00 ct -0.65% -1.80% -11.68%

Market Reports   United States: Trade waiting to see how new sanctions on Russian diamonds will impact shipments and availability of merchandise…   Belgium: Sentiment weak following slow Hong Kong fairs…   Israel: Dealers returned from Hong Kong shows disappointed…   India: Domestic jewelry orders decreasing as wedding season nears end...   Hong Kong: Retailers seeing seasonal lull following Chinese New Year...

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Podcast: A Report from the Hong Kong Show Roi Sheinfeld, managing partner of diamond manufacturer M&B Group, came on the Rapaport Diamond Podcast this week to review the recent Hong Kong fair, which occurred amid sluggish Chinese consumer demand. Watch Video

GemTalks: How Not Screening Diamonds Is Exposing You to Risk The first episode of Rapaport's new series, GemTalks, focused on diamond verification and why it's important to check every stone given the recent wave of undisclosed lab-grown goods. Watch Video

Podcast: Carvin French's Enchanting Objets D'art André Chervin's intricate decorative objects are on public display for the first time. His daughter Carole talks us through the process of their creation. Listen Here

Russian Sanctions Emergency Webinar with Martin Rapaport Rapaport chairman holds briefing to discuss potential pitfalls of US protocol.   WATCH VIDEO Rapaport Statement: US Customs Issues Problematic Guidelines Includes "Russian Source" diamonds substantially transformed (i.e., cut) outside Russia. See More Diamond Prices See Mixed Trend in February RapNet Diamond Index fell in most categories; SI clarities strengthened. See More US to Require Self-Certification for Russian Diamond Ban UK expects a mix of declaration by the importer and documented evidence of origin. See More Holiday, Tourism Boom Buoy Hong Kong Luxury Sales Chinese New Year took place in February this year as opposed to January a year ago. See More Richline's Dave Meleski Named New RJC Chair David Bouffard has stepped down after two three-year terms. See More Lucapa Unearths Two Big Diamonds from Lulo Company recovers 162- and 116-carat stones on consecutive days. See More JSA President John Kennedy to Retire After 32 Years The group has started looking for a replacement. See More Firestone Digs Up Its Largest Diamond Ever Miner recovers 215-carat rough from Liqhobong deposit in Lesotho. See More Who Makes What in the Industry, and This Week's Other News Members of the editorial team pick their favorite pieces from the internet. See More 17ct. Diamond to Head Up Christie's New York Sale D-color, VVS2-clarity stone on Harry Winston ring boasts high estimate of $1 million. See More

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