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Rapaport TradeWire Apr. 16, 2010

Apr 15, 2010 6:00 PM   By Rapaport
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  Rapaport TradeWire  
Rapaport TradeWire
RAPAPORT NEWS SERVICE | APRIL 16, 2010   www.rapaport.com | news@rapaport.com
 
 
Retail Mining General EconWatch Stats India Jobs

 
RapUp April 16, 2010

Financial markets continue bull-run helping the Dow reach pre-Lehman Bro.’s crash level at 11,145 (April 15). Diamond trading centers quiet with Indian sellers growing flexible on polished prices. Continued concern for high rough prices. DTC extends supplier of choice contracts by one year to March 2012. ALROSA to sell $300m in April. Rio Tinto 1Q diamond production -36% to 3.497m cts. Lazare Kaplan 3Q sales -32% to $28.9m. LVMH 1Q jewelry and watch sales +32% to $277m. Michael Hill 3Q sales +10% to $68.4m. U.S. Feb. polished imports +64% to $1.26b, polished exports +44% to $964m.

RapNet Data: April 16, 2010
 
Diamonds 608,855
Value $4,107,244,847
Carats 696,403
Average Discount -29.68%
RapNet Asking Price

Get Current Price List | Subscribe to Rapaport | Join RapNet

 
ANNOUNCEMENTS
April
19-29
Mon-Thu
Rapaport
Rapaport Tender Auctions
New York

Melee Tender - April 19-23
Over 25,000 cts of polished round and fancy diamonds ranging in size from -2.5 sieve plate to 1ct +. Qualities vary from commercial to very fine including some breakout assortments. Excellent buying opportunity for diamond and jewelry manufacturers.
 
Single Stone Tender - April 26-29
Over 150 Certified and non-certified diamonds ranging in sizes 0.50ct through 5ct +. Excellent buying opportunities for retailers, wholesalers, and diamond manufacturers.

By Appointment Only

Contact: Jackie Tan
Email: tenders@diamonds.net
Phone: 1-212-354-9800 ext. 8534
April
24-26
Sat-Mon
Rapaport at The Smart Jewelry Show

Navy Pier
Chicago, Illinois

Rapaport Representative - John Colletta
tel: +1-702-893-9400
email: john.colletta@diamonds.net

  QUOTE OF THE WEEK:
  By extending the current ITO one year, we are providing both sightholders and non-sightholders with the time they need to focus on recovery. We welcome the interest shown by companies that wished to apply to become sightholders .... and hope that they understand the necessity of our decision not to run an assessment in 2010. We look forward to engaging with them during the application process for the 2012-2015 contract period, which will take place next year.

Varda Shine | DTC CEO

RETAIL  
 
U.S. Department Store Sales Up 2%

U.S. department store sales rose by 2.4 percent to $16.1 billion in March 2010 compared with one year ago. Intertrade retail sales were up by 8.2 percent in March, while retail sales across all consumer product sectors jumped 7.6 percent to $363.2 billion for the month. The U.S. government reported that total sales during the January through March 2010 period increased by 5.5 percent compared with the same quarter of 2009.

“It is evident consumers were feeling much better about the economy and their finances last month,” said Rosalind Wells, the National Retail Federation's chief economist. “Pent-up demand combined with an early Easter and warm spring weather significantly boosted consumers’ moods and retail sales.”


 
Rapaport Weekly Broadcast

Jewelry inflation in the U.S. rose by 2 percent in March 2010. Weekly retail sales at U.S. chains continued to post single-digit increases, while Michael Hill International and LVHM reported much stronger results in the wake of poor quarterly sales in 2009. The Diamond Trading Company (DTC) decided not to jump into the supplier of choice vetting process this year due to the state of the economy. DTC extended its current supplier of choice contracts for one year and will restart the application process for the new contract period in the second quarter of 2011. DTC has lost some sightholders since the current contract period began in April 2008. WATCH


 
Lazare Kaplan's 3Q Sales Slide

Lazare Kaplan anticipates net sales of approximately $28.9 million for its third fiscal quarter of 2010, down from $42.2 million one year ago. For the first three fiscal quarters, which ended on February 28, 2010, Lazare Kaplan estimated that its sales totaled $126.1 million, down from  $161.7 million for the comparative period of the prior fiscal year.

The company estimated these figures when it notified the Securities and Exchange Commission (SEC) that it would be late in registering these results due to material uncertainty concerning the "collectability and recovery of certain assets" and "potential obligations under certain lines of credit." Lazare Kaplan has been unable to finalize its financial statements for fiscal 2009 and subsequent periods.


 
Hearts on Fire Goes Mobile

The Hearts on Fire brand went mobile for its upcoming national print advertisement campaign. The company partnered with Michigan-based Tappinn to create an innovative method advertising: A selection of Hearts on Fire print ads will feature engagement rings, along with quick-response mobile barcodes.  Consumers can then access a mobile Hearts on Fire website, where they can view designs and share them instantly via social media sites. 


 
Court Rules in Bidz.com's Favor

The Federal Trade Commission (FTC) will not take action against Bidz.com's email marketing practices now that a California court has ruled against its allegations that the online jeweler engaged in unfair business practices.
 
Bidz.com claimed the FTC investigated compliance issues under the provisions of the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 and explained that the investigation boiled down to its failure to honor opt-out requests sent via email.


GENERAL  
 
DMIA to Host GIA Panel

The Diamond Manufacturers & Importers Association (DMIA) in New York will hold an important general membership meeting on April 28, 2010. At the meeting, the DMIA will host a panel of experts from the Gemological Institute of America (GIA), who will address a broad range of issues that are vital to dealers, including sophisticated techniques for the reporting and identification of lost and stolen diamonds. The DMIA will also announce a significant airline discount program for its members.


 
Diamond Dealer Robbed of Up to $1M

Four armed robbers attacked a diamond dealer at the Dallas Galleria mall and made off with $500,000 to up to $1 million. The suspects were reportedly wearing ski masks and black clothing. One threatened the dealer with a handgun. The dealer did attempt to fight the robbers, but got stabbed in the process and was taken to hospital. Dallas police believe the suspects were part of a well-organized gang that targets traveling dealers.


 
Sotheby's Geneva to Auction 52.82-Ct. Diamond

Sotheby’s Geneva will hold its spring 2010 sale of Magnificent Jewels and Noble Jewels at the Beau-Rivage Hotel on May 11, 2010. At the heart of this sale will be an emerald-cut diamond weighing 52.82 carats, as well as a pear-shaped, fancy vivid blue diamond weighing 5.02 carats, both of which are set as rings.  

The extremely rare 52.82-carat diamond was determined to be a type IIa, D, flawless with excellent polish and symmetry by the Gemological Institute of America (GIA). Sotheby's estimated that the ring would  fetch over $7 million.

The 5.02-carat blue diamond is set in the form of a toi et moi ring (pictured), which was designed and created by Alexandre Reza. The blue stone is mounted alongside an exceptional 5.42-carat diamond with the same shape. Its estimated sale price ranges from $4 million to $7 million.


STATS  
 
U.S. Diamond Imports and Exports

  Feb.   YTD  
  $Mil Chng. $Mil Chng.
Polished imports $1,257 64% $2,524 66%
Polished exports $964 44% $1,875 48%
Net imports $293 205% $649 157%
         
Rough imports $29 383% $76 280%
Rough exports $16 167% $32 52%
Net imports $13   $44  
         
Net Diam Acct. $306 219% $693 174%


 
Rio Tinto: Production Update

1Q10 Carats in thousands Change from 2009
Argyle 2,531 -43%
Diavik (1) 938 -12%
Murowa (2) 29 -6%
Total 3,497 -36%

(1) Rio Tinto holds a 60 percent share in Diavik.
(2) Rio Tinto holds a 78 percent share in Murowa.


MINING  
 
ALROSA Anticipates Sales of $300M

ALROSA anticipates that its rough and polished diamond sales will total approximately $300 million for April, especially given the current "high demand" for special-sized rough diamonds or those exceeding 10.8 carats. The company posted this prediction on its website after holding a management meeting to discuss sales and marketing for ALROSA's Catoca partnership with Angola.

The Russian miner also dropped plans to launch initial public offerings (IPOs) for its subsidiaries in lieu of finding a strategic partner for Severalmaz. The investor will be offered a stake of up to 49 percent and the search for a partner will be handled by Morgan Stanley. ALROSA's asking price for the Severalmaz stake could range anywhere between $343 million to $686 million. The miner's other subsidiaries include Alrosa-Nyurba and Alrosa-Africa.


 
Jewelers Opposed to Pebble Represent Sales of $6B

Zale jumped aboard the growing list of retailers opposed to mining precious metals out of Alaska's Bristol Bay at the proposed Pebble Mine. The Bristol Bay Regional Seafood Development Association cited a "landslide of new jeweler support" for efforts to protect the fishing industry. Bristol Bay's salmon fishery, the world's largest remaining wild sockeye salmon fishery, would be jeopardized by waste produced from the Pebble Mine, according to Earthworks. Anglo American and  Northern Dynasty are partners in the mining project and their spokesperson called the opposition a publicity stunt, given that the project is still years away from construction.

The jewelers opposed to the Pebble Mine through Earthworks' No Dirty Gold campaign include Tiffany, Ben Bridge, Helzberg, Leber, Caro Jewellery, Brilliant Earth, Blakes Fine Jewelry, Goldsmiths, Beaverbrooks, Mappin & Webb, Watches of Switzerland, Fifi Bijoux, April Doubleday, JewelMak, Commemorative Brands, Hacker Jewelers, Herff Jones, Birks & Mayors, McTeigue & McClelland, Jostens, Blair Lauren Brown, Toby Pomeroy, Reflective Images, Michaels Jewelers, Open Source Minerals, CRED, Real Jewels, Fair Trade in Gems and Jewelry, Alberto Parada, Ingle & Rhode, Security Jewelers and Zale.


 
IGE Resources to Hold Shareholders Day

IGE Resources AB, which recently acquired diamond operations from Pangea DiamondFields, is holding a shareholder day on May 7, 2010 in Oslo, Norway at gate one of Shippingklubben, Haakon VIIs. At that time, IGE will present its first-quarter results and provide presentations on its exploration markets, strategy and operations. The company's portfolio includes diamond, nickel and gold exploration. 


ECONWATCH  
 
For the week ending Apr. 15, 2010:

  Apr. 15 Apr. 8 Chng.  
$1 = Euro 0.737 0.749 -0.012  
$1 = Rupee 44.43 44.38 0.0  
$1 = Israel Shekel 3.70 3.70 0.00  
$1 = Rand 7.37 7.27 0.10  
$1 = Canadian Dollar 0.99 1.01 -0.02  
         
Precious Metals        
Gold $1,159.70 $1,150.20 $9.50  
Platinum $1,719.00 $1,711.00 $8.00  
         
Stock Indexes       Chng.
BSE 17,639.26 17,714.40 -75.14 -0.4%
Dow Jones 11,144.57 10,927.07 217.50 2.0%
FTSE 5,825.01 5,712.70 112.31 2.0%
Hang Seng 22,157.82 21,867.04 290.78 1.3%
S&P 500 1,211.67 1,186.43 25.24 2.1%
Yahoo! Jewelry 1,169.22 1,134.91 34.31 3.0%
         
USA        
Birks & Mayors $0.98 $0.78 $0.20 25.6%
Blue Nile $58.56 $57.08 $1.48 2.6%
Charles & Colvard $1.65 $1.82 -$0.17 -9.3%
DGSE Companies $2.50 $2.40 $0.10 4.2%
Fuqi Intl. $11.78 $11.94 -$0.16 -1.3%
JCPenney $31.45 $30.97 $0.48 1.5%
Kohl's $57.68 $56.58 $1.10 1.9%
LJ Intl. $2.81 $2.73 $0.08 2.9%
Macy's $23.76 $22.63 $1.13 5.0%
Man Sang $2.26 $2.19 $0.07 3.2%
Movado Group $13.42 $13.34 $0.08 0.6%
Nordstrom $43.46 $41.44 $2.02 4.9%
Saks $9.63 $9.16 $0.47 5.1%
Signet $34.10 $32.88 $1.22 3.7%
Sotheby's $36.69 $33.50 $3.19 9.5%
Tiffany $50.90 $49.42 $1.48 3.0%
Walmart $54.13 $55.40 -$1.27 -2.3%
Zale $3.32 $3.82 -$0.50 -13.1%
         
EUROPE        
Bulgari €6.33 €6.16 €0.17 2.8%
Bijou Brigitte €135.20 €134.80 €0.40 0.3%
Damiani €0.95 €0.94 €0.01 1.1%
LVMH €90.52 €84.95 €5.57 6.6%
PPR €106.50 €100.15 €6.35 6.3%
Richemont CHF 41.77 CHF 40.53 CHF 1.24 3.1%
Swatch Group CHF 331.90 CHF 327.90 CHF 4.00 1.2%
Theo Fennell (pence) 36.97 36.97 0.00 0.0%
         
INDIA (rupee)        
Classic Diamond 22.35 21.95 0.40 1.8%
Gitanjali Gems 119.85 120.65 -0.80 -0.7%
Goldiam Intl. 48.80 46.70 2.10 4.5%
Rajesh Exports 123.90 118.55 5.35 4.5%
Ren. Jewellery 78.50 77.95 0.55 0.7%
Su-Raj Diamonds 51.30 49.70 1.60 3.2%
Titan 1,967.10 1,883.95 83.15 4.4%
Zodiac JRD 30.00 23.80 6.20 26.1%
Suashish Diamonds 285.10 282.10 3.00 1.1%
         
NEW ZEALAND        
Michael Hill NZD 0.73 NZD 0.70 NZD 0.03 4.3%
         
MINING STOCKS        
CANADA        
Harry Winston CAD 10.13 CAD 10.84 -CAD 0.71 -6.5%
Lucara Diamond CAD 1.01 CAD 1.02 -CAD 0.01 -1.0%
Mountain Province CAD 2.12 CAD 2.14 -CAD 0.02 -0.9%
Peregrine Diamonds CAD 2.27 CAD 2.06 CAD 0.21 10.2%
Rockwell Diamonds CAD 0.07 CAD 0.08 CAD 0.00 -6.7%
Shore Gold CAD 0.99 CAD 1.00 -CAD 0.01 -1.0%
Stornoway Diamond CAD 0.66 CAD 0.66 CAD 0.00 0.0%
True North Gems CAD 0.09 CAD 0.09 CAD 0.00 0.0%
UK (pence)        
African Diamonds 41.00 40.65 0.4 0.9%
Anglo American 2,970.00 2,906.50 63.5 2.2%
BHP Billiton 2,266.50 2,252.50 14.0 0.6%
Firestone Diamonds 39.00 32.00 7.0 21.9%
Gem Diamonds 289.90 284.10 5.8 2.0%
Gemfields 5.25 5.20 0.0 1.0%
Mwana Africa 10.43 9.50 0.9 9.8%
Namakwa Diamonds 35.00 33.70 1.3 3.9%
Petra Diamonds 82.75 75.50 7.3 9.6%
Rio Tinto plc 3,953.00 3,957.50 -4.5 -0.1%
Stellar Diamonds 14.20 14.01 0.2 1.4%


INDIA MARKET REPORT  
 
Polished and rough trading activity

POLISHED: Reduced demand, the weaker greenback and resistance from buyers to pay higher asking prices all make for sluggish conditions. There is chatter about a U.S. firm's financial difficulties to the tune of $70 million.
Round
-1 point: Good demand: +$100 whites.
-2 point: Fair Demand: -$350 whites & $250-$350 OWTTLC
2-7 point: Good demand: +$100 whites.
Fair Demand: $250-$350 OWTTLC
8-18 point: Good demand: +$500 whites.
Fair Demand: -$400 whites
20 points: Fair demand: +$600 whites.
25 points: Good demand: -$350 & +$700 whites.
33 points: Good demand: +$900 whites.
Fair demand: $300 - $500 whites.
50 points: Good demand: $500-$700 & +$1000 whites.
75 points: Good demand: +$2000 & $700-$900 whites.
1 carat+: Very good demand: +$1000 whites.
Good demand: -$1000 whites.
Princess
-3 point: Fair demand: $200-$250 whites.
+3 point: Fair demand: $250-$300 whites.
+9-18 point: Fair demand: $250-$350 whites.
20 point: Fair demand: $700-$750 whites.
25 point: Fair demand: $800-$850 whites.
50 point: Good demand: $1600-$1,800 whites.
Fair demand: $400-$700 whites.
75 point: Fair demand: $800-$1,200 whites.
1 carat+: Good demand: +$2,500 whites.
Fair demand: $1000-$2000 whites
Marquise
-6 point: Good demand: $400-$500 whites.
Fair demand: $250-$350 whites.
+7-18 point: Good demand: $600-$700 & +14 pts $800-$850 whites.
Fair demand: $250-$400 whites.
20 point: Fair demand: $250-$400 & $900-$1,000 whites.
25 point: Fair demand: $250-$400 & $1,100-$1,200 whites.
33 point: Fair demand: $250-$400 & $1,300-$1,500 whites.
50 point: Fair demand: $1,600-$1,800 whites.
75 point: Fair demand: $2,600-$2,800 whites.
1 carat+: Good demand: $300-$600 & +$1,000 whites.
Tapers & Baguettes
Good demand: $600-$800 +5mm whites. $250-$325
2mm-2.5mm whites; $350-$400, 2.5mm-3mm whites;
             $400-$450 3mm-4mm, $500-$600 4mm –
             5mm & $175-$250 +2mm-3mm whites.
ROUGH: The weaker dollar and tighter liquidity is holding trading activity down in the local rough market.
1-5 point: Very Good demand: $80- $120 makeables; $90-$190 crystals.
$40-$70 makeables.
Fair demand: $7-$20 & $45-$90 OW TTLB & TTLC.
6-20 point: Very Good demand: $140-210 crystals; $90-$170 makeables.
Good demand: $60-$110 fancy shapes.
Good demand: $40-$60 clivage.
Fair demand: $50-$90 OW TTLC & TTLB rounds.
21-50 point: Very Good demand: $180-260 makeables; $100-$190 & $210-$280 crystals.
Good demand: $80-$190 fancy shapes;
Good demand: $95-$200 rounds; $45- $85 clivage.
Fair demand $20-$40 OW TTLC & TTLB.
0.51-1.00 carat: Very Good demand: $150-$310 makeables;
$110-$240 & $270-$450 crystals.
Good demand: $70-$110 makeables.
Good demand $90-$200 fancy shapes; $50-$100 clivage.
Fair demand $60-$90 OW TTLC & TTLB.
1.01-2.00 carat: Very Good demand: $220-$570 rounds; $275-$725 crystals.
Good demand: $85-$115 clivage; $180-$360 all fancy shapes.
Fair demand: $140-$180 OW TTLC & TTLB.
2.01-3.00 carat: Very Good demand: $250-$1,000 makeables; $350-$1,300 crystals;
$400-$800 fancy shapes; $210-$300 clivage.
Fair demand: $100-$325 flats & TTLC & TTLB
$350-$800 OW.
5.00 carat+:  Good demand: $1,000+ makeables, crystals & all fancy shapes till L color.
Mixed Lot: Good demand: $2-$40.


JOBS  
 
Work for Rapaport India

GIA Diamond Graduate for Mumbai office with a minimum of one year experience in the industry. Good English skills for verbal and written communications. Please send qualifications to: manisha.mehta@rapaport.com
 


 
Work for Rapaport New York

Rapaport New York is seeking a reliable, outgoing, career oriented professional with a positive attitude. Requirements include: 3+ years industry experience, bachelors degree, proficient in Microsoft Office. Sales experience a must, management experience a plus. Please send resumes to: careers@diamonds.net





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Tags: African Diamonds, Alrosa, Anglo American, Angola, Argyle, Auctions, BHP Billiton, Bidz.com, Brilliant Earth, Bulgari, Catoca, Compliance, Consumers, Diavik, DTC, Economy, Fair Trade, Firestone, Gem Diamonds, GIA, Government, Harry Winston, India, Israel, Jewelry, Lazare kaplan, Lucara Diamond, LVMH, Michael Hill, Movado, Pangea DiamondFields, Petra Diamonds, Production, Richemont, Rio Tinto, Rockwell, Sightholders, Signet, Sotheby's, Stellar Diamonds, Tenders, Theo Fennell, Tiffany, Titan, Zale
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