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RAPAPORT... SPECIAL NOTICE: The significantly higher prices in this week's Rapaport Price List do not reflect any sudden change in diamond prices but rather adjustments made to reflect the level of premiums in the trading markets. The trade is cautioned that current high price levels for top quality diamonds reflect volatile external economic forces and may not be sustainable. There is also significant risk that prices for commercial quality diamonds may decline due to unfavorable conditions in the U.S. and other consumer markets. At their current high levels diamond prices are subject to significantly greater volatility and downside risk exposure. Comments about diamond prices may be sent to prices@diamonds.net
NEWS: Dealer expectations mixed for important JCK Vegas show as U.S. retail commercial jewelry demand remains weak. Soaring oil prices ($135/barrel) and weak dollar driving up costs of imports and destroying middle class luxury wallet. Far East demand for SI1+ improving. Weaker rupee slowing India trade. Graff buys fancy vivid blue, 3.73ct Pear for $4.96 mil. ($1.3 mil./ct) at Sotheby's Geneva (total sale $57 mil. with 83%/lot.) Belgium April rough imports +64% to $944 mil. and polished exports +53% to $1.104 bil. Gold demand in 1Q08 +20% to $21 bil., but volume -16% to 701 tons. Zales 3Q sales +6% to $477 mil. with net loss of $17 mil. ShopNBC 1Q jewelry sales -9% to $69 mil. Bulgari 1Q jewelry sales flat at $147 mil., profits -5% to $36 mil. Richemont FY08 sales +10% to $8.3 bil., profits +18% to $2.5 bil. U.S. customs will require rough importers/exports to submit annual activity and inventory report by Sept. 1.
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RAPAPORT
Information
that means Business
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1. Price list increase
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I emailed you yesterday about what i thought would happen with prices and i am correct. You implied that there were no price increases in the market but that the large increases in the price list reflected the higher premiums (lower discounts) in the market. I believe that your intention was to have the discounts revert to their more normal (i.e. larger) discounts from your new higher list and not that the discounts would stay the same against your new list, meaning higher prices. What i have quickly and cursorily seen is what I predicted- everyone is raising their prices and keeping the old discounts the same. I think it would be better to let the discounts float with the true market price rather than changing the list prices.
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By:
Joshua Fishman- A. Fishman & Son
,
5/24/2008
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