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Rapaport TradeWire March 1, 2018
Mar 5, 2018 9:59 AM
By Rapaport
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March 1, 2018 | RAPAPORT MARKET COMMENT | | Positive sentiment after Chinese New Year. Hong Kong show starts off slow, with Chinese buyers still on vacation. Steady dealer demand and firm prices for 0.30 to 1 ct., G-J, VS-SI, RapSpec A2+ diamonds. Indian consumers and banks cautious as fallout from alleged $1.8B Nirav Modi-Gitanjali fraud widens, with new reports of unpaid $810M Gitanjali loan. A.Jaffe, Firestar Diamond and Fantasy file for bankruptcy protection. India Jan. polished exports +29% to $2.1B, rough imports +14% to $1.4B. Belgium Jan. polished exports +29% to $813M, rough imports +14% to $1.1B. Eira Thomas appointed CEO of Lucara Diamond Corp. Nishit (Bali) Parikh elected AWDC president. | | RAPNET DIAMOND INDEX (RAPI™) | | | Weekly | Monthly | Y2Y | 0.30 ct | 0.00% | 4.71% | 6.50% | 0.50 ct | -0.33% | 2.08% | -11.87% | 1.00 ct | -0.22% | 1.16% | -1.23% | 3.00 ct | -0.13% | -1.83% | 3.20% | | 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: Retail market seasonally slow as jewelers concentrate on bridal ahead of summer wedding season... | | | Belgium: Dealers optimistic, with focus on filling US and European orders... | | | Israel: Good demand at large-stone rough auctions... | | | India: Cautious mood following major bank fraud claim against Nirav Modi and Gitanjali Gems... | | | Hong Kong: Strong jewelry retail sales during Chinese New Year, according to government data... | | | | WEEKLY NEWS | industry | | Modi Latest: Three Jewelers File for Chapter 11 | Firestar and Fantasy hope to find buyers within a week. | | | Gitanjali Chief Tells Staff to Find New Jobs | Asset seizures have made it impossible to pay salaries, Mehul Choksi claims. | | | Diamond Firms Press Ahead with Blockchain | Dharmanandan and Hari Krishna have adopted the technology to improve traceability. | | | US Polished Market Declines in 2017 | Imports and exports fall, but price per carat grows. | | | retail | | Buffett’s Conglomerate Sees Slight Retail Drop | Division includes Borsheims, Helzberg Diamonds and Ben Bridge Jeweler. | | | mining | | Zimbabwe to Hold First Diamond Sale in a Year | Auctions had paused during a restructuring period. | | | Lucara Names Eira Thomas as CEO | Miner also acquires digital sales platform. | | | general | | Rapaport Partners with Carat+ 2018 | Antwerp show is billed as world’s premier diamond event. | | | Belgium Sees Rise in Polished Trade | Rough imports also climb. | | | Parikh Returns to AWDC President Role | Diarough CEO last held the position from 2010 to 2012. | | | India’s Polished Exports Jump in January | Shipments up 29% to $2.08 billion. | | | De Beers’ IIDGR to Offer Courses in Chinese | Programs available for current or future diamond professionals. | | | | FINANCE | Diamond Industry Stock Report | | Lucara Diamond stock rose 8.6% in the six days ending Wednesday as the company announced a new CEO and the acquisition of a digital sales platform. Miners had a mixed week otherwise: Stornoway Diamond (+17%) gained, while Petra Diamonds (-6.6%) and Firestone Diamonds (-8.5%) lost ground. US retail had a positive week, with both J.C. Penney (+9.4%) and Macy’s (+11%) benefiting from promising quarterly results. | | | 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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