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Rapaport TradeWire August 30, 2018
Aug 30, 2018 11:00 AM
By Rapaport
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| August 30, 2018 | | RAPAPORT MARKET COMMENT |  | | Market preparing for Hong Kong show, with concerns that trade tensions and yuan devaluation will impact buying. Chow Sang Sang warns China trade war could reduce future earnings, after 1H sales +19% to $1.2B, profit +54% to $77M. Record-low rupee (INR 70.75/$1) creating concern in India. Cutters shifting away from melee due to lower demand in India and China amid currency declines. Steady demand for rough that yields under-the-carat GIA dossiers as cutters prepare for holiday season. Alrosa 2Q sales +2% to $1.1B, profit +1% to $379M. US market optimistic. Tiffany & Co. 2Q sales +12% to $1.1B, profit +26% to $145M. Signet 2Q sales +2% to $1.4B, loss of $31M vs. profit of $85M. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.21% | -1.16% | 6.83% | | 0.50 ct | 0.10% | -0.10% | 1.98% | | 1.00 ct | -0.20% | -0.27% | 1.07% | | 3.00 ct | -0.20% | 0.43% | 0.95% |  | | 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: New York wholesale market relatively slow for smaller dealers... |  |  | Belgium: Rough trading steady ahead of next week’s De Beers sight... | | |  | Israel: Stable demand from watch industry for top-quality melee... | | |  | India: Manufacturing expected to remain steady until November Diwali break... | | |  | Hong Kong: Rising interest in fancy-color diamonds ahead of September show... | | |  | | | WEEKLY NEWS | | industry | | | | US Firms Aided $4B Modi Fraud, Probe Finds | | CEO and CFO allegedly assisted in transactions necessary for scheme to succeed. |  | | | Tiffany Plans New Engagement-Ring Design | | Plus, other takeaways from its post-results conference call. | | | | | 30-Carat Fancy Pink Set for Antwerp Sale | | Namakwa Diamonds found the Rose of KAO at its Lesotho mine in June. | | | | | retail | | | | Tiffany’s Sales Shine in Second Quarter | | Worldwide revenue up 12%, while profit soars 26%. | | | | | Product Overhaul Drives Signet Growth | | Retailer lifts full-year forecast; CFO to leave. | | | | | Pandora Strengthens Presence in Asia | | Jeweler acquires its store network in Taiwan from Carrera Corporation. | | | | | Chow Sang Sang Fears Impact of Trade War | | Hong Kong-based retailer cautious even as sales rise 19% in first half. | | | | | Michael Hill Profit Slumps on US Exit | | Store-closure costs lead to 90% drop. | | | | | mining | | | | Higher Prices Lift Alrosa Revenue | | Second-quarter profit up 1%. | | | | | Brooking Recovery Boosts Lucapa Shares | | Miner finds 1,100 diamonds at exploration project. | | | | | Ellendale Mine’s Yellows May Rise Again | | Western Australian government calling for companies interested in operating the asset. | | | | | Vast Resources Explores Potential Marange Asset | | Company plans to operate at Zimbabwe site jointly with local group. | | | | | Alrosa to Strengthen Position in China | | Miner aims to increase long-term client partnerships and sell directly to retailers. | | | | | general | | | | US Polished Trade Grows in First Half | | Exports up 5% during period. | | | | | Sarine Opens Japan Service Center | | Location will offer the company’s profile reports. | | | | | Kimberley Rough Goes on Sale in Antwerp | | Production was previously only available for buying in South Africa. | | | | | Bonhams to Sell Olympian’s $3M Jewels | | Auction will feature pieces from swimmer Katherine Domyan’s estate. | | | | | TrueFacet Gets Brands’ Backing for Pre-Owned | | Platform partners with seven retailers including Fendi and Fabergé. | | | | | Trade Group Appoints New Chairman | | Marco Miserendino will lead Canadian Jewellers Association board. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | US retail stocks had a disappointing week, with Signet (-15%) heading the declines at press time. However, the jeweler looked set to recover after impressive results prompted strong pre-market trading Thursday. Tiffany (-3.3%) also fell despite reporting a jump in sales. In Asia, Chow Sang Sang (+14%) gained following robust first-half figures. Australian retailer Michael Hill (-7%) lost ground as earnings slipped. Lucapa Diamond (+9%) led mining stocks after a promising discovery at its Brooking exploration project, while Alrosa (+8%) benefited from a jump in revenue and profit. Weakness in the Indian economy continued to weigh on PC Jeweller (-7%) and Titan (-3.7%). | | | | | 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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