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Russia’s Finance Ministry Agrees to Purchase Alrosa Rough
Gokhran has already bought miner’s first production of the year, according to Interfax.
Diamonds Smash Estimates at Sotheby’s Paris Auction
6.79-carat Hemmerle ring sells for $328,890, well over upper price tag.
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Hot Topic: Lab-Grown Diamonds
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Market Comment - Mar. 21, 2024
Market slow but stable. Polished production rising, with India Feb. rough imports at 11-month high of $1.6B (-6% YOY), polished exports $1.7B (-28% YOY).
Rapaport sends letter to OFAC requesting exemptions for polished diamonds in the US and all polished diamonds in existence before March 1, 2024. There should not be sanctions for polished diamonds that do not result in additional funding to Russia.
Botswana warns that G7 sanctions might harm its diamond industry.
US Federal Reserve holds interest rates at 5.25% to 5.5% after 3.2% inflation in Feb.
Signet shares -12% in one day amid soft 1Q guidance; fiscal 4Q sales $2.5B (-6% YOY), profit $626M (+126%).
Brilliant Earth 4Q sales $124M (+4% YOY).