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Rapaport TradeWire June 29, 2017
Jun 30, 2017 5:19 AM
By Rapaport
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| June 29, 2017 | | RAPAPORT MARKET COMMENT |  | | Diamond markets quiet, with select demand for better-quality SIs. Hong Kong show signals improving sentiment among jewelers, but dealers cautious. Rough market stable, with limited De Beers supply supporting prices that are reducing cutters’ profit margins. Manufacturers expected to reduce polished output in 3Q as inventory levels rise. Petra Diamonds cuts production and sales outlook by 9% amid expansion program delays. Firestone raises 2017 Liqhobong production plan +20% to 360,000 cts. Luk Fook FY’17 revenue -9% to $1.6B, profit +7% to $132M. Birks Group FY’17 revenue +0.4% to $287M, profit -9% to $4.9M. Global Witness warns of online schemes to smuggle diamonds from CAR. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.50% | -1.52% | 2.52% | | 0.50 ct | -0.49% | -2.52% | -13.76% | | 1.00 ct | -0.38% | -0.73% | -7.77% | | 3.00 ct | 1.38% | 0.00% | 2.67% |  | | The RapNet Diamond Index (RAPI™) 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: Polished trading slow as dealers prepare for summer vacation. Dealers closing out memos and outstanding payments before the break... |  |  | Belgium: Sentiment weak. Buyers filling immediate needs, but not planning future supply. Rumors of large bankruptcy fueling caution... | | |  | Israel: The market is stable as Hong Kong show meets dealers’ low expectations. Steady demand for 0.30 to 1.49 ct., I-J, VS-SI, RapSpec A3+ diamonds, with shortages in some sizes... | | |  | India: Polished dealers cautious as US and Far East demand remains sluggish after Las Vegas and Hong Kong shows. Inventory levels rising as rough market remains strong and manufacturing levels at near-full capacity... | | |  | Hong Kong: Market sentiment improved during this week’s June show. Strong emphasis on new pavilion with finished jewelry that drew large crowds... | | |  | | | WEEKLY NEWS | | industry | | | | Global Witness Warns of CAR Diamond Smuggling | | KP controls not preventing illicit trade of stones from Central African Republic, says organization. |  | | | Fischler to Replace Polyakov as WDC Head | | Alrosa executive resigns after one year at the helm. | | | | | Diamond Trading Drives Botswana Growth | | Higher sales by De Beers and Okavango account for increase in GDP. | | | | | JA Delegates Meet Washington Leaders | | Advocacy visit focuses on sales-tax fairness and proposal to raise jewelry import levy. | | | | | retail | | | | Luk Fook Profit Rises with 4Q Improvement | | Revenue down 9%, profit up 7% for Hong Kong-based jeweler. | | | | | US Stores Lead Birks Sales Increase | | 9% rise in American revenue outweighs slump in Canada. | | | | | Samer Halimeh to Launch Luxury Yacht Boutiques | | Jeweler will let superyacht hosts and guests wear its diamonds while on board this summer. | | | | | Theo Fennell Founder Takes Over Own Brand | | Private-equity group Endless backs management buyout of London jeweler. | | | | | mining | | | | Pallinghurst Emerges as Sole Gemfields Bidder | | China’s Fosun Gold pulls out of running to buy gemstone miner. | | | | | Petra Warns Sales Set to Fall Short | | Miner lowers 4.4-million-carat projection by 8% to 9%. | | | | | Firestone Ups Liqhobong Production Forecast | | Miner now expects yield of 360,000 carats by end of June. | | | | | Rio Tinto Opts into Canada Diamond Project | | Miner could get 60% interest in Shore Gold venture. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Mining stocks were mixed this week as Anglo American (+7.8%), Rio Tinto (+7.5%) and Alrosa (+5.9%) gained value, while Petra Diamonds (-6.5%) fell after it reduced its sales and production forecast. Gemfields (-17%) continued to slide as a zero-premium takeover by Pallinghurst Resources looked increasingly likely. US retail stocks had a relatively strong week, led by Signet (+12%). | | | | | Contact Us |  |       | | © Copyright 2017 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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