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Rapaport TradeWire March 8, 2018
Mar 8, 2018 11:20 AM
By Rapaport
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| March 8, 2018 | | RAPAPORT MARKET COMMENT |  | | Diamond market positive despite slower-than-expected Hong Kong show. China outlook optimistic, with some uncertainty over unlimited Xi Jinping rule. Government relaxing anti-corruption measures, and consumers more confident about displaying wealth. Chinese female self-purchases rising. Hong Kong jewelry and watch sales +10% to $1B in Jan. Diamond buyers adapting to higher polished-price levels, with 1 ct. RAPI +0.7% in Feb. Manufacturers’ profit margins tighter, with higher rough prices at $555M De Beers sight. Alrosa sells $541M in Feb. Rough trading steady; boxes selling at around 5% premiums. Belgium Feb. polished exports -6% to $1.3B, rough imports -5% to $866M. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.02% | 1.02% | 6.26% | | 0.50 ct | 0.34% | 1.24% | -11.44% | | 1.00 ct | -0.13% | -0.05% | -1.45% | | 3.00 ct | -0.65% | -0.39% | 1.64% |  | | 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: Jewelers focused on engagement and bridal collections... |  |  | Belgium: Rough market strong, with relatively large volume of Alrosa goods available... | | |  | Israel: Stable market, with robust dealer trading at Hong Kong show... | | |  | India: Banks more cautious in lending to the trade following Nirav Modi-Gitanjali Gems fraud case... | | |  | Hong Kong: Jewelers still assessing Chinese New Year sales and are expected to restock in coming months... | | |  | | | What We Know About Nirav Modi’s US Companies |  | | WITH Joshua Freedman | US-based Firestar Diamond and its affiliates have filed for Chapter 11 after allegations of fraud against their ultimate owner, Nirav Modi, thrust them into a crisis. Rapaport News lays out the companies’ complex ownership and business structures, based on a court declaration by their president and sole director, Mihir Bhansali. |  | | | WEEKLY NEWS | | industry | | | | Diamond Trading Robust in February | | Polished prices continued to rise, with RAPI for 1 carat up 0.7%. |  | | | Low Hong Kong Turnout Dampens Optimism | | Many clients were still on vacation, as show occurred shortly after Chinese New Year. | | | | | Rough Prices Firm at $555M De Beers Sight | | Boxes selling at 5% premiums on the secondary market. | | | | | DPA Eyes Chinese Millennial Market | | “Real is Rare, Real is a Diamond” campaign spreads around the world. | | | | | retail | | | | Jewelry Drives Macy’s Sales Increase | | Department was one of the chain’s strongest in the fourth quarter. | | | | | Hong Kong’s Luxury Results Jump in January | | Jewelry and watches rise despite unfavorable timing of Chinese New Year. | | | | | J.C. Penney Sees Strong Jewelry Demand | | Division is key to retailer’s strategy, says CEO. | | | | | mining | | | | Steinmetz’s Mining Firm Enters Administration | | Advisory firm BDO takes control of BSG Resources Limited. | | | | | Alrosa Sales Surge on Strong China Demand | | February proceeds were 35% higher than the previous year. | | | | | Rio Tinto Slashes Argyle Outlook | | Operational challenges and lower price forecast dent prospects for Australia mine. | | | | | Gem Diamonds Makes Another Big Discovery | | 152-carat stone is the sixth find over 100 carats this year. | | | | | Man Charged with Stealing Diamonds at Diavik Mine | | Police arrest suspect over “internal” theft at Rio Tinto subsidiary. | | | | | general | | | | MID Among Investors in New Payment App | | Mazalit raises $1.9 million to advance and pilot its technology. | | | | | Zimbabwe Group to Lead KP Civil Society | | ZELA takes over from Impact, which quit the organization in December. | | | | | Belgium Polished Trade Drops in February | | Exports fall 6% year on year. | | | | | Antwerp Groups Join Forces with Carat+ | | Organizers hope the new partnership will help increase buyer attendance at show. | | | | | Sotheby’s Appoints Two Asia Jewelry Execs | | Promotions reflect auction house’s renewed focus on the division. | | | | | Rapaport Releases Upgraded Auction Report | | New design presents Christie’s and Sotheby’s sales data in more user-friendly format. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | J.C. Penney (-15%) saw its stock price slip after reporting lower-than-expected sales, as well as staff cuts. By contrast, Macy’s (+5.4%) benefited from strong fourth-quarter results. Mining stocks mainly had a bad week, with Lucara Diamond (-6.3%), Stornoway Diamond (-4.8%), Anglo American (-4.2%) and Rio Tinto (-5.5%) all suffering declines. Miner Gem Diamonds (+10%) experienced a rise after finding a 152-carat stone. Gitanjali Gems (-22%) continued to drop following fraud allegations against its managing director, Mehul Choksi. | | | | | 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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