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Rapaport TradeWire June 15, 2017

Jun 15, 2017 6:02 PM   By Rapaport
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Rapaport TradeWire
June 15, 2017
RAPAPORT MARKET COMMENT
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Polished market stable with selective, price-sensitive buyers at Las Vegas shows. Opportunity for US independents to gain market share, as major retailers are under pressure. Pockets of good demand, with shortage of better-quality SIs. Rough market strong during De Beers sight. Dealers hoping June Hong Kong show will lift quiet Far East trading. Chow Tai Fook FY 2017 sales -9% to $6.6B, profit +6% to $404M. Alrosa May revenue +33% to $472M. Dominion 1Q sales +18% to $211M, net loss -47% to $7.8M. Belgium May polished exports +1% to $1.1B, rough imports -18% to $1.1B. Patrick Evans steps down as Mountain Province CEO. Jason Goldberger to replace Harvey Kanter as Blue Nile CEO.

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RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -0.21% -0.50% 2.37%
0.50 ct -0.53% -1.80% -13.10%
1.00 ct -0.30% -0.50% -7.95%
3.00 ct 0.40% -0.58% 0.57%
RAPI Yearly Graph
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Market Reports
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United States: Positive sentiment after Las Vegas shows. Jewelry wholesalers expecting good follow-up from show meetings...
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Israel: Dealers disappointed in slow JCK show. Antwerp trading more upbeat. Good demand for 0.40 to 0.50 ct., G-J, VS-SI and for 2 ct., D-G, VS-SI, 3X diamonds...
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Belgium: Suppliers focused on dealer trading and online sales, as relationships with new US clients remained limited at JCK show...
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India: Disappointment after JCK show failed to stimulate positive trading momentum. Lower retail attendance meant fewer orders and uncertainty for second half of 2017...
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Hong Kong: Polished trading slow during traditionally quiet summer period. Dealers preparing for upcoming Hong Kong Jewellery & Gem Fair...
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Insights
WITH Avi Krawitz
5 Takeaways from Las Vegas
Beyond the trading prospects for buyers and suppliers, the various trade shows that took place in Las Vegas last week provided a snapshot of the diamond and jewelry market. Here’s our insight into the underlying trends that emerged at the shows.
UPS AND DOWNS
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6 Top Jewelry Moments from the Tonys
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Standout Designers from Couture Show
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Gitanjali Gems Unit Gets Approval for IPO
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Drop in US Retail Sales Signals Uneven Spending
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Koh-i-Noor Stories Lose Their Shine
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Retail Store Closures Up 286% This Year
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WEEKLY NEWS
industry
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De Beers to Shut Dubai Auction Base
Business has shifted focus to Mumbai.
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India Relaxes Tax on Jewelry-Making
Government lowers manufacturing levy from 18% to 5% following GJEPC petitions.
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De Beers to Start Third-Party Polished Sales
Almost 50 diamonds on offer at inaugural auction of other companies’ ‘exceptional’ stones.
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Antwerp Sees Improved Polished Trade
Higher exports to Hong Kong and Israel outweigh US dip.
retail
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Engagement-Ring Prices Stable at $3.4K
Overall wedding spending falls as couples seek alternatives to traditional options.
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Chow Tai Fook Restores Elusive Sales Growth
First half-year increase since 2014 reflects improvement in Chinese economy.
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Target Exec to Become Blue Nile CEO
Jason Goldberger replaces Harvey Kanter, who will stay on as chairman.
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De Beers Inks Japan Retail Grading Deal
IIDGR will issue reports for diamonds at 68 I-PRIMO stores.
mining
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Gemfields Receives Chinese Takeover Bid
Fosun Gold says deal would help gemstone miner access Eastern market.
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Dominion Gains from Higher-Value Ekati Production
Sales jump 18% as miner focuses on more lucrative area of Canada asset.
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Alrosa Sales Rebound to $472M in May
Revenue still down 5% for the year to date.
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Mountain Province Names New Chief
David Whittle will replace departing CEO Patrick Evans.
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Letšeng Bears Two Diamonds over 100cts.
Larger one is yellow, type I stone, while other is D-color, type IIa.
general
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Alrosa in Talks to Raise Dubai Rough Sales
DMCC chairman Ahmed Bin Sulayem meets with miner’s president Sergey Ivanov.
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Harry Winston Ring Leads Christie’s London Sale
10.23-carat Colombian gemstone ring smashes estimate.
Rapaport Auctions Tw 600X160 22 May 2017
FINANCE
Diamond Industry Stock Report
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De Beers owner Anglo American (-6.1%) lost value as the South African government outlined new rules to increase black ownership of mines that could force the company to sell some iron-ore assets. Other mining stocks also fell this week for different reasons, including Firestone Diamonds (-7.7%), Petra Diamonds (-7.4%) and Rio Tinto (-3.3%). US retail stocks mainly had a positive week, led by Nordstrom (+17%) following its announcement of a potential takeover by members of the chain’s namesake family.

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