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Rapaport TradeWire October 19, 2017
Oct 22, 2017 4:16 AM
By Rapaport
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| October 19, 2017 | | RAPAPORT MARKET COMMENT |  | | Trading quiet due to Jewish and Indian holidays. Industry hoping stock-market wealth will boost holiday luxury spending, as Dow hits new high above 23,000. Jewelers’ holiday orders reflect lower retail inventory requirements. Bankers at Dubai conference warn of rising lending costs, inflated polished supply and excess funding. Rough trading slow with reduced premiums, as Indian factories close for Diwali. De Beers October sale -25% to $370M. Chow Tai Fook 2Q China sales +15%. Ahmed bin Sulayem to replace Peter Meeus as Dubai Diamond Exchange chairman. Rapaport Group to auction 709ct. Peace Diamond in New York on December 4. Rapaport wishes all our friends a happy, enlightening Diwali. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.04% | -1.11% | -0.55% | | 0.50 ct | -0.27% | -2.79% | -20.89% | | 1.00 ct | -0.07% | -0.90% | -5.96% | | 3.00 ct | -0.85% | -0.71% | 4.72% |  | | 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: Larger companies receiving steady orders, but smaller wholesalers and dealers struggling to match last year’s sales... |  |  | Belgium: Polished and rough trading relatively quiet with Indian dealers on Diwali vacation... | | |  | Israel: Sentiment weak due to low profitability and rising inventory levels... | | |  | India: Market shut down for Diwali festival that began Oct. 19... | | |  | Hong Kong: Retailers encouraged by Oct 1. Golden Week sales and ongoing wedding season... | | |  | | | WEEKLY NEWS | | industry | | | | Rapaport to Auction Peace Diamond in December | | Viewings of 709-carat stone to take place in Israel, Belgium and US ahead of New York auction. |  | | | De Grisogono Diamond Set to Sell for Over $30M | | So-called Creation 1 can be set in a bracelet or a necklace. | | | | | Dubai Factory to Cut 813ct. Constellation | | The city’s first polishing unit will focus on high-value stones. | | | | | Sarine Warns Polished Oversupply Will Hit Sales | | Equipment supplier expects operating loss and drop in revenue. | | | | | UAE Bank Targets Antwerp Diamond Clients | | National Bank of Fujairah looks to fill gap created by European lenders that left the industry. | | | | | retail | | | | Chow Tai Fook Enjoys Continued Gains | | Gem-set jewelry sales in Hong Kong show first improvement in more than a year. | | | | | Ex-Tiffany Boss Joins Blue Nile Board | | Frédéric Cumenal left the luxury jeweler in February. | | | | | Jewelry Rental Company Raises $5M | | Flont lets consumers wear pieces for a fee, and buy items they want to keep. | | | | | E-commerce Site Aggregates Small Jewelers’ Stocks | | Bright Society enables retailers to sell online directly to consumers. | | | | | mining | | | | De Beers’ $370M Sight Reflects Slow Rough Market | | Buying weakens due to holidays in India and Israel. | | | | | Alrosa Sales Drop Due to Early Diwali | | Miner still confident of fourth-quarter revival. | | | | | Petra Diamonds Warns of Lending Breach | | Miner tells banks it might fail to meet certain earnings ratios. | | | | | Stornoway Sees Robust Output at Renard Mine | | Average price increases at Canadian asset. | | | | | general | | | | Dubai Trade Warns Against Diamond Tax | | Government planning 5% levy on rough and polished. | | | | | Jeweler Displays $100M of Colored Diamonds | | Collection includes rare violet stone from Argyle mine. | | | | | Peter Meeus to Leave Dubai Exchange | | Ahmed bin Sulayem to take over as DDE chairman. | | | | | UK Jewelry Trade Group NAJ Appoints New CEO | | Simon Forrester currently runs the British Pest Control Association. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | While the Dow Jones Industrial Average has increased 3.7% since the last TradeWire three weeks ago, US jewelry and retail stocks have been mixed. Sotheby’s (+11%), Tiffany (+5.1%) and Walmart (+8.7%) recorded gains, while JCPenney (-11.5%), Nordstrom (-11.4%) and Macy’s (-9%) declined. In the Far East, Singapore-listed Sarine (-21%) fell after warning of drops in revenue and profit. Anglo American (+8.5%) led mining stocks after tycoon Anil Agarwal raised his stake in the company to 20%. | | | | | Contact Us |  |       | | © Copyright 2017 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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