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Rapaport TradeWire August 24, 2017
Aug 24, 2017 11:41 AM
By Rapaport
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| August 24, 2017 | | RAPAPORT MARKET COMMENT |  | | Diamond markets seasonally quiet, with polished inventory rising after slow summer. Dealers hoping Hong Kong show will increase polished trading as Chinese retail jewelry sales improve. Rough demand expected to soften at next week’s De Beers sight, with lower prices for boxes on the secondary market. Signet Jewelers seeks to boost sales with deal to buy e-commerce retailer James Allen for $328M. Signet 2Q revenue +2% to $1.4B, profit +14% to $93M. Tiffany 2Q sales +3% to $960M, profit +9% to $115M. India July polished exports flat at $1.6B, rough imports -6% to $1.3B. US June polished imports -3% to $1.7B. Israel 1H polished exports -3% to $2.5B, rough imports -6% to $1.5B. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.23% | -1.29% | 1.61% | | 0.50 ct | -0.32% | -2.11% | -18.49% | | 1.00 ct | -0.07% | -0.69% | -6.86% | | 3.00 ct | 0.01% | -0.19% | 2.48% |  | | 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: Dealers cautious due to high inventory levels and sluggish demand... |  |  | Belgium: Trading expected to remain slow until Hong Kong Jewellery and Gem Fair. Liquidity concerns widen... | | |  | Israel: Rising expectations for Hong Kong show, with large Israeli delegation attending... | | |  | India: Sluggish demand for 0.70 ct. and 0.90 ct. diamonds... | | |  | Hong Kong: Trading disrupted by typhoon season, but sentiment improving ahead of Hong Kong show. Dealers holding large inventory... | | |  | | | WEEKLY NEWS | | industry | | | | De Beers’ Two-Month Diamond Budget Isn’t Forever | | The decades-old formula for what to spend on an engagement ring is flawed, says Mint Diamonds. |  | | | US Polished Trade Slows in June | | Month is usually quiet for imports but busy for exports as goods return following Vegas shows. | | | | | Sotheby’s Frank Everett U-Turns on Graff Move | | Jewelry sales executive returns to auction house in expanded role. | | | | | India Polished Exports Flat During Summer Lull | | Rough imports decline, but manufacturing expected to be stable until Diwali. | | | | | retail | | | | Signet to Buy James Allen for $328M | | Jeweler’s second-quarter sales up 1.9%, profit jumps 14%. | | | | | Tiffany’s Diamond Wholesale Business Boosts Sales | | Second-quarter sales up 3%, but Americas and parts of Asia weak. | | | | | Judge Tells Costco to Pay Tiffany $19M | | Off-price retailer showed ‘cavalier attitude’ toward its use of iconic name, ruling says. | | | | | Michael Hill’s US Sales Fall | | Group revenue and profit increase. | | | | | mining | | | | Botswana Rough Exports Drop | | Trade data reflects De Beers’ first-half sales decline. | | | | | Alrosa Names Sberbank VP as Sales Head | | Evgeny Agureev will prepare rough producer for its upcoming three-year sales-contract period. | | | | | Catoca Sees Revenue Rise in 2016 | | Rough prices fall for operator of Angola’s largest diamond mine. | | | | | Stornoway Names Permanent CFO | | Orin Baranowsky had been interim finance chief since April. | | | | | general | | | | Bonhams to Auction 4.03ct. Blue Diamond | | Pear-shaped stone draws estimate of up to $1.9 million. | | | | | Hong Kong Jump Boosts Swiss Watch Exports | | Figures mark third consecutive month of growth for the timepiece trade. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Gem Diamonds (+6.4%) led mining stocks after it received a bid for its Ghaghoo mine. US retail stocks were mixed, headed by Birks Group (+9.8%) following its sale of Mayor’s Jewelers. Signet’s stock rose sharply in pre-market trading Thursday after it announced its acquisition of James Allen and an improvement in sales.
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