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Rapaport TradeWire March 29, 2018
Mar 29, 2018 10:51 AM
By Rapaport
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| March 29, 2018 | | RAPAPORT MARKET COMMENT |  | | Market slowing ahead of Passover and Easter. Recovery in watch industry lifts mood at Basel show, but event fails to raise diamond-dealer sentiment due to low attendance. Indian fraud cases increase concerns about credit. High rough prices reducing manufacturing profit, with polished factories working below full capacity. Asian demand up, with Chow Sang Sang 2017 sales +3% to $2.1B, profit +18% to $112M. New Alrosa guidelines urge rough clients to publicize stones’ Russian provenance. There will be no new Rapaport Price List on April 6 due to the Jewish holiday of Passover. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.03% | 0.33% | 5.65% | | 0.50 ct | -0.01% | 0.79% | -10.54% | | 1.00 ct | 0.05% | 0.05% | -1.32% | | 3.00 ct | 0.32% | -0.10% | 2.55% |  | | The RapNet Diamond Index (RAPIâ„¢) is the average asking price in hundred $/ct. of the 10 percent best priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet - Rapaport Diamond Trading Network. | | | | Market Reports | | |  | United States: Wholesale trading slow, with dealers finding it expensive to replace goods... |  |  | Belgium: Hike in India import tax raises concerns for Belgian traders... | | |  | Israel: Sentiment weak after disappointing Basel show... | | |  | India: Buyers seeking nicely cut goods with low color and clarity... | | |  | Hong Kong: Strengthening yuan currency has lifted Chinese spending power, resulting in better consumer sentiment and increased tourism to the municipality... | | |  | | | There’s Life in Baselworld Yet |  | | WITH Anthony DeMarco | The 2018 event, which ended Tuesday, saw a year-on-year decline from 1,300 exhibitors to approximately 650, and was shortened from eight days to six. Reactions to the shorter, sparser watch and jewelry show were mixed. |  | | | WEEKLY NEWS | | industry | | | | Christie’s to Sell 8ct. Pink Diamond Ring | | The jewel has an estimated price of $4 million to $6 million. |  | | | Alrosa Urges Promotion of Stones’ Russian Origin | | New responsible-business guidelines promote transparent supply chain. | | | | | Sotheby’s Auction Celebrates Fred Leighton | | Late jeweler’s personal collection to go under the hammer. | | | | | retail | | | | China Sentiment Boosts Chow Sang Sang Sales | | Stronger local currency drove increase in consumer spending. | | | | | mining | | | | Mountain Province Sales Hit $134M in First Year | | Miner records profit from Gahcho KuĂ© operations. | | | | | Renard Price Drop Leads to Stornoway Loss | | Diamond breakage and weak market dent value of Canada asset. | | | | | Firestone Diamonds Posts First Revenue | | Liqhobong project yields $28 million in half-year sales. | | | | | Ex-Stornoway Exec Becomes Lucara CFO | | Zara Boldt will also be corporate secretary. | | | | | general | | | | Israel Bourse E-Seller Inks Chinese Trade Deal | | Get Diamonds agreement enables sales directly to Asian jewelry market. | | | | | JBT Makes President’s Post Official | | Richard Weisenfeld has been interim head since February. | | | | | Jewelers of America Names Finance Chief | | Trade organization promotes Annie Doresca to CFO. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Asian retail stocks fell after the US announced tariffs on imports from China. Hong Kong retailers Chow Tai Fook (-5.2%) and Luk Fook (-1.8%) slipped, while Chow Sang Sang (-8%) dropped despite reporting promising results. US retail shares also suffered, with J.C. Penney and Signet both down 4.9%. Gitanjali Gems (-18%) continued to decline following fraud allegations. Mining shares also maintained their downward trend, with decreases for Alrosa (-3.7%), Lucara Diamond (-2.3%), Mountain Province (-2.7%), Anglo American (-4.4%) and Rio Tinto (-2.4%). Stornoway Diamond (-5.2%) fell in value after posting an annual loss. | | | | | Contact Us |  |       | | © Copyright 2018 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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