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Rapaport TradeWire August 1, 2019

Aug 1, 2019 11:01 AM   By Rapaport
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Rapaport TradeWire
August 1, 2019
RAPAPORT MARKET COMMENT
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Rough sales plummet due to lack of profit and liquidity squeeze. Midstream pressures caused by high 2017/18 rough supply at inflated prices, combined with tighter inventory controls by retailers. Sightholders refuse goods as De Beers keeps prices stable at $250M July sight. Rio Tinto 1H diamond revenue -16% to $271M, loss of $5M. Polished prices continue to soften, with July 1 ct. RAPI -0.9%. Rough prices must come down to restore profitable trade. Miners and brands need to invest significantly more to raise diamond-jewelry demand. Israel bourse publishes second “I Love Natural Diamonds” social-media video. Jewelers of America raises $300,000 to test consumer-focused ad campaign.

Trade Wire 600X160 April 2018
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -0.54% -2.75% -22.16%
0.50 ct -0.34% -2.20% -9.67%
1.00 ct -0.48% -0.92% -6.13%
3.00 ct -0.36% -1.61% -16.44%
RAPI Yearly Graph
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Market Reports
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United States: Manufacturers of niche shapes such as rose cuts and briolettes doing well...
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Belgium: Bourses closed until August 22...
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Israel: Widening gap between none and faint fluorescence...
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India: Not much buzz for next week’s IIJS Mumbai show, with gold-jewelry suppliers concerned about high gold price...
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Hong Kong: Major jewelers focused on driving sales in mainland China...
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UPS AND DOWNS
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Petra’s Share Price Rises as It Allays Fears over Refinancing
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Surat Group Arranges Exhibition to Spur Polished Demand
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Manufacturing May Shift from China Due to Trade War
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Sightholders’ Power Waning as Industry Struggles
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WEEKLY NEWS
industry
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De Beers Lets Clients Delay Rough Purchases
New flexibility aims to reduce oversupply.
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Blom Urges KP to Define Systemic Violence
Lack of agreement is stalling war on conflict diamonds, WFDB argues.
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Diamond Slump Hits Demand at Sarine
Company expects quarterly loss of $1 million.
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Consumers Still Spending More In-Store
Customers willing to part with larger sums in a physical shop than online, Citi survey shows.
retail
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Jewelry Growth Strong for Kering in 1H
Luxury group notes solid performance at Boucheron, Qeeling and Pomellato.
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Alex and Ani Sues Bank of America for $1.1B
Lender’s gender bias drove jeweler toward bankruptcy, filing claims.
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Two Longtime Managers Exit Pandora
Laurie McDonald and John DePasquale left after years in senior US positions.
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Jewelry Firms Merge to Tap Secondhand Market
Circa and Mondiamo parent company, Adama Partners, is also co-owner of Blue Nile.
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Lab-Grown Retailer Hires Exec for US Push
Paul Ziff will be North America brand president for Lark & Berry.
mining
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De Beers Sales Sink to Lowest Level Since 2015
Sightholders take up offer to defer purchases.
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Rio Tinto Incurs Loss in Diamond Division
First-half sales decline amid weak rough prices.
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Small-Stone Slump Hits Firestone Revenue
Production at Liqhobong mine falls 1% in fiscal 2019.
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Alrosa Nets Fish-Shaped Diamond
Miner hooks discovery to its underwater-ecology efforts.
general
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GIA, AGS Launch Beatrice Shipley Scholarship
She was instrumental in helping her husband Robert found both organizations.
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Alrosa Deputy CEO Among Senior Exits
Yury Okoemov headed the miner’s diamond-cutting division.
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Dubai Upgrading Diamond-Tender Center
New facility to be unveiled in time for September conference.
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FINANCE
Diamond Industry Stock Report
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Major stocks fell this week amid ongoing economic uncertainties. Hong Kong retail dropped along with the Hang Seng Index, as the municipality was hit by a typhoon and saw protests that curbed purchases. Luk Fook (-6%), Chow Sang Sang (-3.9%) and Chow Tai Fook (-1.5%) all declined. Shares in Kering (-10%) plunged after sales at the retailer’s flagship brand Gucci were slower than expected. Anglo American (-11%) lost ground following an announcement by Volcan Investments that it would sell its 20% stake in the company. Other mining stocks also slid, including Petra Diamonds (-12%) and Mountain Province (-10%).

Rapnet Trade Wire
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