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Rapaport TradeWire October 24, 2019
Oct 24, 2019 11:24 AM
By Rapaport
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| October 24, 2019 | | RAPAPORT MARKET COMMENT |  | | Indian companies filling final orders ahead of Diwali. Manufacturing slowing before the festival with factories closing until late November. Steady demand for select categories but traders struggling to sell unwanted items. Markets quiet in Israel, Antwerp and New York following Jewish holiday period. De Beers inventory up in 3Q due to weak rough demand and despite production decline -14% to 7.4M cts. Miner predicts elevated stock levels will last until 2020. Alrosa 3Q sales -37% to $611M, output +15% to 12.1M cts. Jewelry business closures +27% to 286 in 3Q, JBT reports. Signet launches synthetic diamonds at Kay and Jared. The Rapaport Group wishes all our friends a happy Diwali. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.45% | 0.79% | -18.26% | | 0.50 ct | 0.59% | 0.01% | -9.22% | | 1.00 ct | -0.23% | 0.05% | -5.71% | | 3.00 ct | -0.24% | 0.62% | -18.80% |  | | 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. | | | | Call to Action |  | | WITH Martin Rapaport | The greatest opportunity facing the diamond, gem and jewelry industry is the purchase and resale of estate jewelry. The first Rapaport Estate Jewelry Auction takes place November 3 to 7. www.jewelry.rapaport.com |  | | | WEEKLY NEWS | | industry | | | | Jewelry Businesses Closing at Higher Rate | | A total of 286 companies leave market in third quarter. |  | | | Christie’s, De Beers Partner on London Exhibition | | Educational display will feature 24-carat Cullinan Dream. | | | | | Sarine Anticipates Return to Profitability | | Sales of mapping equipment for small stones have risen. | | | | | retail | | | | Signet Increases Lab-Grown Footprint | | Jeweler testing synthetic diamonds at Kay and Jared stores. | | | | | Deloitte Predicts Uplift in Holiday Sales | | E-commerce revenues will grow by up to 18%, consulting firm says. | | | | | Titan Revenue Drops as Gold Price Surges | | C K Venkataraman succeeds Bhaskar Bhat as managing director. | | | | | US Market Buoys Swiss Watch Exports | | Global shipments up 10% in September. | | | | | mining | | | | De Beers Slashes Output Amid Diamond Glut | | Inventory to remain inflated until next year, miner says. | | | | | Alrosa Sales Down as Cutters Reduce Stock | | Average price falls due to larger proportion of small stones. | | | | | Weak Prices Dent Petra Revenue | | Quarterly sales slide 23% to $61.6 million. | | | | | Lower Grades Hit Mountain Province Production | | Bad weather prevented mining of higher-quality ore. | | | | | Trans Hex to Liquidate Struggling Mining Unit | | Talks to sell West Coast Resources have fallen through. | | | | | general | | | | Belgium Diamond Shipments Drop | | Polished exports fall 25% in September. | | | | | GIA to Roll Out Gem Guide Across Africa | | Project to educate artisanal miners follows successful pilot in Tanzania. | | | | | Phillips to Sell Rare Pink Diamond Collection | | Stones from Rio Tinto’s Argyle mine will lead the Hong Kong Jewels and Jadeite auction. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Hong Kong retail stocks continued to rebound amid optimism about US-China trade talks. Chow Sang Sang (+7%), Chow Tai Fook (+5%) and Luk Fook (+2%) all rose. European stocks, including Kering (-1%), LVMH (-1%) and Richemont (-1%), dipped slightly as the imminent Brexit deadline approached, while Pandora (+24%) bucked the trend following its upgrade by Carnegie Investment Bank. Mining companies once again struggled in the weak rough market. Alrosa (-4%), Mountain Province (-4%) and Petra (-9%) all fell after reporting disappointing results, with Lucapa (-7%) and Gem Diamonds (-6%) also losing ground. |  | | | Contact Us |  |       | | © Copyright 2019 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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