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Rapaport TradeWire March 22, 2018
Mar 22, 2018 12:07 PM
By Rapaport
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| March 22, 2018 | | RAPAPORT MARKET COMMENT |  | | Market quiet after positive first quarter. Indian manufacturers facing liquidity squeeze as banks tighten credit after $2B Nirav Modi-Gitanjali fraud. Dealers still optimistic, with good US and China orders. Large independent jewelers doing better than majors as Signet and Tiffany announce turnaround strategies. Tiffany 4Q sales +9% to $1.3B, disappointing profit -61% to $62M. Smaller and shorter Basel show lacks big-stone buzz, with many diamond companies not attending. Swiss watch recovery continues as Feb. exports +13% to $1.8B. Rough market stable. Alrosa 2017 revenue -12% to $4.7B, profit -41% to $1.4B. India Feb. polished exports +1% to $2.4B, rough imports +11% to $1.7B.
| | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.04% | 0.44% | 5.99% | | 0.50 ct | -0.11% | 0.62% | -10.51% | | 1.00 ct | 0.04% | -0.40% | -1.68% | | 3.00 ct | 0.19% | 0.15% | 1.00% |  | | 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: Bridal strong ahead of summer wedding season... |  |  | Belgium: Quiet market, with fewer foreign buyers in Antwerp... | | |  | Israel: Dealers slipping into vacation mode ahead of seven-day Passover holiday (March 31 to April 6)... | | |  | India: Factories increasing production to fill polished shortages... | | |  | Hong Kong: Dealers unfazed by lull after positive Chinese New Year season... | | |  | | | Fraud, Corruption & the Red Carpet |  | | WITH The Rapaport Diamond Podcast | In the wake of the alleged $2 billion Nirav Modi fraud in India, the Rapaport Diamond Podcast takes a closer look at industry corruption. Donald Palmieri of the Gem Certification Assurance Lab (GCAL) shares his insights on the subject, and Rapaport Editor in Chief Sonia Esther Soltani fills us in on the glittery, glamorous 90th Academy Awards. |  | | | WEEKLY NEWS | | industry | | | | Royal Blue Diamond Surfaces After 300 Years | | Sotheby’s will auction the 6-carat Farnese Blue in Geneva this May. |  | | | GIA Spots Lab-Grown Ruby Layer on Natural Stones | | “Overgrowth” techniques are still around, and developing. | | | | | Hong Kong and US Boost Swiss Watch Trade | | February exports to both key markets hit six-year high. | | | | | India’s Polished Exports Edge Up | | Shipments grow 0.5% to $2.43 billion in February. | | | | | Alrosa Scanner Takes Stab at Synthetics | | New machine also detects treated stones and simulants. | | | | | retail | | | | Tiffany Sales Climb as US, Asia Recover | | CEO outlines plans for sustainable growth. | | | | | Forevermark Targets Key European Markets | | De Beers brand prepares to enter Germany, France and Italy. | | | | | China Sees Increase in Retail Revenue | | Gold, silver and jewelry up 3% in January and February. | | | | | US Jewelry Crimes Rise to 1,394 in 2017 | | Average cyber theft came to $1.2 million. | | | | | mining | | | | De Beers Eyes Stake in Canada Diamond Project | | Miner signs non-binding agreement with Mountain Province to incorporate Kennady assets into Gahcho Kué. | | | | | Revenue and Profit Decline for Alrosa | | Strong Russian ruble dents miner’s results. | | | | | High-Value Stones Fuel Mountain Province Prices | | Sale of Gahcho Kué rough yields $142 per carat. | | | | | general | | | | MID Continues Reign as Leading Israeli Exporter | | Two new companies cracked this year’s top 10. | | | | | DDC Signs Deal with Chinese Bourse | | Agreement will help collaboration between New York and Shanghai exchanges. | | | | | JBT Appoints New Chairman | | Michael Kaplan takes over from Todd Wolleman. | | | | | Phillips to Open First Gallery in Asia | | Showroom strengthens the auction house’s focus on Far East market. | | | | | IGI Launches Synthetics Screening Center | | Facility in Mumbai jewelry zone aims to ensure stones are natural. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Shares in Signet Jewelers (+4.4%) recovered slightly, after disappointing results and news of impending store closures resulted in a stock sell-off last week. Tiffany (-3.9%) slid after reporting a drop in profit and lower-than-expected comparable-store sales. In Europe, Swatch Group (+4.3%) had a strong week amid optimism for the Swiss-watch sector ahead of the Baselworld show. Miners slipped, with Lucara Diamond (-4.9%), Stornoway Diamond (-1.7%), Anglo American (-3.9%), Gem Diamonds (-3.8%) and Rio Tinto (-3.7%) all losing value. Gitanjali Gems (-22%) continued its decline following fraud allegations. | | | | | 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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