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Rapaport TradeWire July 23, 2020
Jul 23, 2020 11:23 AM
By Rapaport
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| July 23, 2020 | | RAPAPORT MARKET COMMENT |  | | Market uncertainty continues as global coronavirus cases surpass 15M. Rise in Covid-19 infections disrupting efforts to reopen businesses in major diamond trading and cutting centers. Many Surat manufacturing units shut until end of July. US-China tensions fueling caution. Low expectations for next week’s De Beers and Alrosa sales. Miners holding substantial rough inventory. Petra FY revenue -36% to $296M, production -23% to 2.9M cts. Rio Tinto 2Q diamond production -7% to 7.7M cts. JBT sees rise in credit downgrades as more jewelers miss payments to suppliers. J.C. Penney 1Q jewelry sales -46% to $75M. De Beers invests in online retailer Gemist. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.48% | 1.29% | 1.57% | | 0.50 ct | 1.47% | 3.74% | -0.84% | | 1.00 ct | 0.21% | 1.35% | -7.12% | | 3.00 ct | 0.49% | 0.28% | -9.00% |  | | 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 retailers laying off employees as downturn continues and business moves online... |  |  | Belgium: Traders focusing on European clients because shipments are easier... | | |  | Israel: Government including diamond industry in Covid-19 stimulus package after excluding it from previous ones... | | |  | India: Gold jewelry sales down as prices reach all-time high... | | |  | Hong Kong: Mainland dealers keeping inventory low as US-China tensions rise... | | |  | | | Pandemic Is Pushing Industry to Embrace Tech |  | | WITH The Rapaport Diamond Podcast | In the latest episode, David Block, CEO of Sarine Technologies, outlines how digital innovations are making the supply chain more efficient and helping the industry navigate the coronavirus crisis. |  | | | The Estate Dealer’s Job |  | | WITH Jewelry Connoisseur by Rapaport | Podcast guest Ronald Kawitzky, an estate dealer and owner of DK Bressler in New York, explains how the sector has evolved in the past 30 years. | | | | | WEEKLY NEWS | | retail | | | | Jewelers See Worst Quarter for Credit Downgrades | | JBT lowers 1,705 companies’ ratings between April and June. |  | | | Mom-and-Pop Stores Doing OK – for Now | | Companies that own their premises are weathering the crisis, says Jewelers of America CEO David Bonaparte. | | | | | Signet Lays Off Some Furloughed Employees | | Jeweler restructures store operations during Covid-19 shutdown. | | | | | US Retailers Encouraged by June Increase | | Sales up 1.1% year on year, according to government data. | | | | | De Beers Invests in Online Jewelry Brand | | Gemist website lets consumers create customized pieces and try them on at home for free. | | | | | Virus Hits Swatch Group’s Bottom Line | | Harry Winston owner records first half-year loss in its history. | | | | | Covid-19 Dents Michael Hill Sales | | Group revenue slumps 61% in fourth quarter ending June 30. | | | | | industry | | | | De Beers to Hold Viewings in Antwerp and Dubai | | Two largest miners maintain policies of allowing 100% deferrals at July contract sales. | | | | | Twin-Stone Ring Fetches $9M at Christie’s | | Piece is top seller at Geneva Magnificent Jewels auction. | | | | | Watch Exports to Hong Kong and US Still Weak | | Drop in orders from key consumer markets outweighs stronger Chinese demand in June. | | | | | Diamonds and Jadeite Score Big at Auction | | Necklace fetches $3 million at Poly sale in Hong Kong. | | | | | mining | | | | Alrosa to Begin Exploration in Zimbabwe | | Company will shell out $12 million over the next two years looking for diamonds in the country. | | | | | Rio Tinto Output Slides in First Half | | Production down 7% due to lower grades at Argyle and Diavik. | | | | | Petra Sells Botswana Business for $300K | | Miner retains rights to 5% of future revenues should exploration projects come to fruition. | | | | | Firestone Lays Off Workers as Liqhobong Stays Shut | | Company will keep the mine closed for at least a year. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Retail stocks were mixed, with US and European shares falling as the coronavirus spread. Macy’s (-7%), Swatch Group (-5%), Kering (-2.2%), Richemont (-2.1%) and Signet (-1.6%) all dropped. Hong Kong companies saw better results: Chow Tai Fook (+2.6%) and Luk Fook (+1.7%) both increased. Mining stocks had a predominantly good week, as Lucapa (+58%), Mountain Province (+5%) and Gem Diamonds (+3.4%) went up. Petra Diamonds (-11%) struggled amid heavy debts. | | | | | Contact Us |  |       | | © Copyright 2020 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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