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Rapaport TradeWire July 18, 2019
Jul 18, 2019 11:18 AM
By Rapaport
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| July 18, 2019 | | RAPAPORT MARKET COMMENT |  | | Diamond market weak due to summer slowdown and sluggish dealer demand. Manufacturers frustrated by tight profit margins and hoping for rough price reduction at De Beers July sight. Cutters maintaining low polished production due to profit and liquidity squeeze. ABN Amro restricts rough-sector lending out of concern for lack of profitability. Chow Tai Fook FY1Q same-store sales +11% in China, -11% in Hong Kong as political protests and strong dollar impact tourist luxury spending. De Beers 1H production -11% to 15.6M cts., sales volume -12% to 16.5M cts., average price -7% to $151/ct. Belgium June polished exports -20% to $836M, rough imports -21% to $681M. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.63% | -3.71% | -21.80% | | 0.50 ct | -0.85% | -2.83% | -9.17% | | 1.00 ct | -0.72% | -1.56% | -6.08% | | 3.00 ct | -0.31% | -3.36% | -17.24% |  | | 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: Suppliers considering lower offers to maintain cash flow and inventory turnover... |  |  | Belgium: Weak sentiment stemming from declines in other centers... | | |  | Israel: Focus on rough ahead of next week’s sight, as July is traditionally a strong month for De Beers and Alrosa sales... | | |  | India: Fewer transactions than this time last year, despite strong foreign-dealer presence in Mumbai... | | |  | Hong Kong: Wholesale and retail markets very slow due to ongoing political protests... | | |  | | | WEEKLY NEWS | | industry | | | | ABN Amro Restricts Rough-Sector Lending | | Bank cites lack of profitability in manufacturing and trading sectors. |  | | | Alrosa Falls Victim to Changing Retail Practices | | Dealers are buying less rough, as their jeweler clients want smaller inventories, miner says. | | | | | GIA Cuts Prices 10% Amid Market Slowdown | | Institute notes decline in diamond submissions. | | | | | India Differentiates Synthetics Imports | | New classification code will help industry track lab-grown shipments. | | | | | Belgium’s Rough Trade Hits Decade Low | | Exports decline in first half. | | | | | retail | | | | Judge Calls Out Signet over Suit Dispute | | Investor claim will proceed as a class action. | | | | | China Lifts Richemont Jewelry Revenue | | Company notes 10% growth at Cartier and Van Cleef & Arpels. | | | | | Chow Tai Fook China Sales Rise | | First-quarter retail revenue up 24%. | | | | | mining | | | | Diamond Glut Prompts De Beers to Slash Production | | Sales volume drops in second quarter amid weak midstream demand. | | | | | Rio Tinto Output Falls in 1H | | Diamond recoveries slump 10%. | | | | | Alrosa Partners with Zimbabwe Mining Company | | Russian firm will work with ZCDC on new exploration projects in the African country. | | | | | Gem Diamonds Unearths 140ct. Rough | | Stone is the second white one over 100 carats this year. | | | | | general | | | | Israel, Shanghai Bourses Strengthen Cooperation | | Sixteen Israeli companies participate in inaugural buyer meet in the Chinese city. | | | | | Rio Tinto Unveils Roster of Pink Diamonds | | Argyle tender comes ahead of mine’s closure in 2020. | | | | | WJA Awards over $65K to 49 Recipients | | Funds go toward winners’ education and advancing their professional careers. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | US retail stocks increased amid a strong outlook for the economy and solid consumer sentiment. Signet (+2.3%), Macy’s (+1.6%) and Walmart (+1.4%) all gained. Swatch Group (+12%) rallied after giving a confident forecast for the second half of the year. Mining companies had a positive week, with shares in Lucapa Diamond (+13%) up following a jump in quarterly revenue. Stornoway Diamond (+25%) and Firestone Diamonds (+3.8%) also rose. | | | | | 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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