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Rapaport TradeWire June 25, 2020

Jun 25, 2020 10:32 AM   By Rapaport
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Rapnet 600X160 Covid
Rapaport TradeWire
June 25, 2020
RAPAPORT MARKET COMMENT
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Market uncertainty continues as Covid-19 cases rise again. Polished trading limited, but increase in online searches indicates efforts to fill specific orders. Major jewelers investing in e-commerce to stimulate multichannel sales and ease inventory requirements. Chow Tai Fook sees recovery in mainland China and plans 2020 expansion in lower-tier cities. Manufacturers operating at reduced capacity and facing liquidity strain at current demand levels. Rough easier to source at tenders than contract sales as De Beers and Alrosa maintain higher prices. Sotheby’s Geneva auction totals $13M, with marquise, 7 ct., fancy-intense-pink diamond ring selling for $2.8M ($405,714/ct.).

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RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -0.22% -1.76% -3.85%
0.50 ct 0.52% 0.14% -7.18%
1.00 ct 0.81% 2.28% -9.11%
3.00 ct -0.46% -3.51% -11.58%
RAPI Yearly Graph
Trade Wire 600X160 April 2018
Market Reports
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United States: Jewelers require melee for bridal collections and note rising interest in lower-priced engagement rings...
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Belgium: Deep concern over economic impact of coronavirus, with reports of more than 1,000 industry jobs lost in Antwerp...
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Israel: Buyers very selective and filling orders rather than purchasing for inventory...
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India: Businesses lobbying government to allow extended period for loan repayments...
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Hong Kong: Trading slowly picking up as China retail continues to improve...
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Where Do We Go from Here?
WITH Avi Krawitz

The June Rapaport Research Report presents the diamond industry’s potential for recovery from the viewpoint of five executives operating in different sectors of the supply chain.

Eira Thomas Confident Lucara Can Navigate Crisis
WITH The Rapaport Diamond Podcast

In the fourth episode of Rapaport’s Recovery Webinar Series, Eira Thomas, CEO of Lucara Diamond Corp., says she believes her company has the balance sheet, sales platform and product mix to help it through the slowdown.

Filling the Generation Gap
WITH Deborah Yonick

Teens are looking for ways to mark milestones now that proms, graduations and other seminal events have been canceled. Jewelers should be stepping up to meet that demand.

UPS AND DOWNS
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Lightbox Offering Higher-Carat Product
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Beaverbrooks Sales Soar in First Week After Lockdown
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The Masters of the Diamond World Are Losing Control
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Store Visits in US, Canada Almost Half of 2019 Levels
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WEEKLY NEWS
industry
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No Buyer for 3ct. Blue Diamond at Sotheby’s
Ring carried high estimate of $6.3 million at Geneva Magnificent Jewels and Noble Jewels sale.
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Hong Kong August Shows Canceled
Quarantine rules have made the fairs inaccessible to overseas participants.
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Covid-19 Obliterates US Polished Shipments
April imports plummet 94% to lowest level on record.
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Angola Plans $77M Diamond Center
New hub will house cutting factories and a training facility.
retail
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TSL Sees Loss in Tough Year for Hong Kong
Trade war, protests and coronavirus hit jeweler’s business.
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Signet Brings In Chief Digital Officer
Rebecca Wooters was previously an executive at Citi’s Global Consumer Bank.
mining
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Virus Cases Force Shutdown at Alrosa Mine
International underground deposit to close for up to two weeks.
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Mountain Province Cuts 2020 Production Forecast
Miner adjusts output to between 6.3 million and 6.4 million carats due to coronavirus.
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Letšeng Yields 163ct. Yellow
Stone is third over 100 carats Gem Diamonds has recovered this year.
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BlueRock Counts Cost of Coronavirus
Miner estimates $690,000 impact as sales fall and expenses rise.
general
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India Trade Slumps Amid Global Shutdown
Polished exports dive 79% year on year in May.
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How One Diamantaire Is Picking Up the Pieces
Israel-based Atzmon Breitbart comes clean on why he’s riding out the Covid-19 crisis behind the wheel of a garbage truck.
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Plumb Club Adds to Its Leadership Teams
Group elects Kristie Nicolosi as a director and Corinna Bhasin as secretary.
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Decline in Swiss Watch Exports Continues
Shipments fall 68% to $688.4 million in May.
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Slowdown in Belgian Shipments Eases
May and June still show sharp drop in trading, but not as steep as April.
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FINANCE
Diamond Industry Stock Report
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Retail stocks lost steam amid renewed fears that a surge in coronavirus cases could halt the reopening of the US economy. Signet (-12%), Kering (-7%), Macy’s (-6%), and Pandora (-3%) all declined. Miners also saw a rough patch, as shares in Petra (-12%), Lucapa (-7%) and Mountain Province (-6%) slipped. Gem Diamonds (+10%) rose after reporting solid demand at its June tender.

Rapnet Trade Wire
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11 Jul 2018 Rap Ac Digital 300X300Px Static
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