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Rapaport TradeWire July 30, 2020
Jul 30, 2020 10:07 AM
By Rapaport
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| July 30, 2020 | | RAPAPORT MARKET COMMENT |  | | Sentiment weak as trading centers reinforce Covid-19 restrictions. Supply shortages supporting polished prices as cutters refrain from rough purchases. Manufacturing profit margins better than pre-pandemic, resulting from select rough buying that aligns with polished demand. Focus on online trading. D, IF investment demand improving. Miners building rough inventory as sales slump. De Beers 1H revenue -54% to $1.2B, underlying loss of $214M. Rio Tinto diamond sales -48% to $141M, loss -88% to $40M. LVMH 1H jewelry & watches revenue -38% to $1.6B, loss of $20M. GIA partners with IBM Research to adopt automated clarity grading. Diamond Development Initiative merges with NGO Resolve. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.60% | 1.67% | 2.63% | | 0.50 ct | 0.70% | 4.10% | 0.18% | | 1.00 ct | 0.57% | 1.93% | -6.32% | | 3.00 ct | -0.40% | -0.66% | -9.11% |  | | 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: Steady demand for round and oval, 1 to 2.75 ct., G-I, VS-SI diamonds for engagement rings... |  |  | Belgium: Market quiet as government introduces strict Covid-19 rules and summer vacation begins... | | |  | Israel: Dealers maintaining firm prices since they expect limited supply of new polished in the coming months... | | |  | India: Low availability of rough further limiting manufacturers’ ability to increase operations... | | |  | Hong Kong: China retail better than Hong Kong, having stabilized after initial reopening... | | |  | | | Can the Diamond Industry Deal with Covid-19? |  | | WITH Avi Krawitz | The Rapaport Group’s latest Diamond Trends Webinar assesses the state of the market during the first six months of 2020, and presents opportunities that may arise in the second half. |  | | | WEEKLY NEWS | | industry | | | | GIA Embraces Automated Clarity Grading | | Artificial-intelligence technology from IBM already in use at New York and Carlsbad laboratories. |  | | | Nine Sightholders Aim for Carbon Neutrality | | De Beers clients join program to reduce emissions in manufacturing sector. | | | | | Rio Tinto Grants Rough Buyers Flexibility | | Miner allows customers to purchase only what they need during pandemic. | | | | | Antwerp Trading Halls Shut for Second Time | | Belgium sees spike in coronavirus cases. | | | | | Israel Bourse Calls for Tax-Free Trading Zone | | Move would attract foreign companies and boost local industry, management argues. | | | | | retail | | | | LVMH Revenue Dives as Tourism Dries Up | | Jewelry brands such as Bulgari are highly reliant on travel retail. | | | | | European Slump Weighs on Kering Jewelry Brands | | Covid-19 hits Boucheron and Pomellato badly; Qeelin benefits from Asian recovery. | | | | | Luk Fook Sales Tank During Pandemic | | Revenue declines 71% in first fiscal quarter. | | | | | mining | | | | Challenges Persist as De Beers Sees Red | | Miner incurs underlying loss of $214 million in first half of 2020. | | | | | Petra Revenue Falls to Nine-Year Low | | Sales down 36% for fiscal 2020 as Covid-19 adds to company’s troubles. | | | | | Losses Deepen at Rio Tinto’s Diamond Unit | | Weak rough market and devaluation of assets lead to drop. | | | | | Pandemic Punctures Gem Diamonds Sales | | Revenue down 22% as lower volumes outweigh rise in average price. | | | | | NGOs Merge to Advance Artisanal Mining Sector | | Diamond Development Initiative will become division of Washington, DC-based Resolve. | | | | | general | | | | Baselworld Owner Creates New Trade Show | | Houruniverse will run throughout the year as a virtual fair and feature an annual live event. | | | | | 116ct. Diamond Fetches $6M at Christie’s | | Pear brilliant-cut stone was top seller at $28.1 million New York auction. | | | | | India’s Polished Exports Fall Again | | Shipments down 47% year on year in June. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | US and Hong Kong retail stocks remained fairly positive, with Luk Fook (+4.6%), Tiffany (+2.7%), Signet (+2%) and Macy’s (+0.5%) all climbing. European shares faltered as LVMH (-7%) and Kering (-2.6%) reported disappointing results. As a whole, miners performed well. Mountain Province (+5%), Alrosa (+4.7%), and Lucara (+1.7%) all rose. Petra (-14%) lost ground as it continued to consider sale options amid rising debt. | | | | | 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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