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Rapaport TradeWire April 28, 2022
Apr 28, 2022 10:13 AM
By Rapaport
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April 28, 2022
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RAPAPORT MARKET COMMENT
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News: Market sentiment mixed. US retail and high-end jewelry sales strong and supporting the trade. China slow. Dealer caution stemming from inflation concerns, China Covid-19 lockdowns, and Russia-Ukraine war. Expectations that Russian sanctions will lead to shortages, especially in smaller goods. UK imposes 35% import duty on Russian diamonds. De Beers 1Q production +25% to 8.9M cts., sales volume -41% to 7.9M cts.; signs exploration deal in Angola. Gem Diamonds 1Q revenue +19% to $52M, Letšeng average price +12% to $1,831/ct. Kering “other” sales, including jewelry and watches, +35% to $1.1B. Sotheby’s HK sells step-cut, 15.10 ct., fancy vivid blue De Beers diamond for $57.5M ($3.8M/ct.).
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RAPNET DIAMOND INDEX (RAPI™)
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| Weekly | Monthly | Y2Y |
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0.30 ct
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-0.19%
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-3.91%
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0.47%
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0.50 ct
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-0.12%
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-3.44%
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10.12%
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1.00 ct
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-0.55%
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-4.14%
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24.06%
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3.00 ct
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-0.86%
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-3.16%
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28.29%
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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.
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Market Reports
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United States: Dealers struggling to replace sold inventory amid shortages and price uncertainty...
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Belgium: Business happening, but not booming...
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Israel: Steady demand for 1 to 1.50 ct., G-J, VS-SI goods...
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India: Liquidity tight due to sluggish demand and some payment delays...
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Hong Kong: Retail jewelry sluggish despite stimulus consumption vouchers...
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Podcast: How to make meaningful connections in the industry
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WITH MELISSA WOLFGANG AMENC
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Kicking of a new season of Jewelry Connoisseur podcasts, gemstone and jewelry dealer Melissa Wolfgang Amenc from Geneva-based Golay Fils & Stahl stresses the importance of hard work, learning from mistakes, and attending trade shows.
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Why Diamond Miners Are Moving Downstream
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WITH LEAH MEIROVICH
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In return for a share of the profits, some producers are signing exclusive supply deals with large polishing firms and jewelers. But where does that leave the midstream players that still need rough?
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Webinar: Diamonds in the Metaverse
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WITH RAPAPORT AND SARINE TECHNOLOGIES
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How are Web3 and NFTs redesigning the way consumers experience luxury goods? This webinar will explore the opportunities these new technologies offer the diamond and jewelry industry, and untangle some myths and misconceptions.
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WEEKLY NEWS
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Sotheby’s Rakes In $57.5M for De Beers Blue
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Stone far surpasses $48M high estimate.
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De Beers Signs Exploration Contracts in Angola
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Miner expects to begin operations this year.
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UK Slaps 35% Tariffs on Russian Diamonds
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Latest measures also apply to pearls, colored gemstones and jewelry.
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‘8X’ Cut Grade Expanding to Fancy Shapes
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GCAL to offer service for ovals and princesses.
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Mother’s Day Jewelry Spending to Break Record
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Outlay on the category expected to reach $7 billion, according to NRF.
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Kering Sees ‘Exceptional’ Jewelry Sales
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North America and Western Europe drove growth in first quarter.
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Fawaz Gruosi Leaves Role at Eponymous Brand
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Exit follows failure to reach licensing agreement with Creative Luxury Holding, Rapaport News understands.
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De Beers Output Rises in Strong Market
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Miner gives more cautious outlook after buoyant first-quarter demand.
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Petra Looks to Offload South Africa Mine
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Company believes another owner could extend Koffiefontein beyond scheduled 2025 closure.
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High Rough Prices Boost Gem Diamonds Revenue
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Sales up 19% year on year in first quarter.
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Stargems Buys Diamond Mines in South Africa
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Company acquires deposits from business run by Richemont chairman Johann Rupert.
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Lucapa Sales Drop as Polished Profits Dry Up
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Lack of large stones also dented revenue in first quarter.
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Burgundy Finds Large Cluster of Colored Diamonds
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91% of those retrieved in Canada’s Naujaat project are orange, miner says.
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India Trade Grows Amid Higher Average Price
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Polished exports up 3% in March despite lower volumes.
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US Demand Fuels Growth in Swiss Watch Exports
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Orders from the American market rose 32% in March.
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Bonhams Hires Jewelry Chief in Hong Kong
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Stewart Young will be head of the category for Asia.
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