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Rapaport TradeWire August 8, 2019
Aug 8, 2019 9:48 AM
By Rapaport
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| August 8, 2019 | | RAPAPORT MARKET COMMENT |  | | Diamond trade slow due to seasonal lull and market uncertainty. US jewelry sales compensating for weakness elsewhere, but retailers holding less inventory. New US tariffs on China imports to impact jewelers more than diamantaires. Trade war affecting confidence as stock-market wealth declines, with Dow -3% (August 1 to 7). Political protests creating concern for important Hong Kong show. Yuan’s devaluation to CNY 7/$1 and rupee’s slide to over INR 70/$1 raise costs of local China and India diamond buying. Tiffany expands into India, with Delhi store to open in 2H. Titan Company 1Q sales +16% to $737M, profit +11% to $51M. Jewelers of America elects Holly Wesche as new chair. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.38% | -2.36% | -22.40% | | 0.50 ct | -0.62% | -2.50% | -10.31% | | 1.00 ct | -0.31% | -1.32% | -6.49% | | 3.00 ct | -0.28% | -1.04% | -16.77% |  | | 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: Jewelry sales mixed, with focus on bridal and selling to self-purchasing women... |  |  | Belgium: Market very quiet, with bourses officially closed and most dealers on vacation until August 19... | | |  | Israel: Dealers reducing inventory and credit lines amid trade war and diamond-market liquidity concerns... | | |  | India: Little buzz for IIJS Mumbai show amid reduced emphasis on diamond trading, as well as caution in jewelry sector due to high gold price... | | |  | Hong Kong: Some concern that political instability will affect attendance at important September show... | | |  | | | Let’s Set Our Sights on the Auctions |  | | WITH Avi Krawitz | The trade must embrace rough-purchasing models in which demand determines the prices, as the current contract system has repeatedly proven unprofitable. |  | | | WEEKLY NEWS | | industry | | | | Diamond Trading Quiet Amid Tight Profits | | Polished prices soften in July. |  | | | DPA Grades Scanners for Synthetic Melee | | Assure program tests 12 detectors with sample of small stones. | | | | | HSBC to Pay $330M in Antwerp Fraud Settlement | | Swiss private bank was accused of helping members of the diamond trade evade tax. | | | | | Pinks Show Strongest Price Growth | | Blue- and yellow-diamond markets slowed in the second quarter, says Fancy Color Research Foundation. | | | | | retail | | | | Tiffany to Launch in India This Year | | Jeweler will work with Reliance Brands to open locations in Delhi and Mumbai. | | | | | Millie Bobby Brown to Represent Pandora | | Two-time Emmy-nominated actress is also a UNICEF Goodwill Ambassador. | | | | | Trade Fears Weigh on Hong Kong Retail | | Purchases of jewelry and watches fall 17% in June. | | | | | Bridal Sales Bolster Titan Growth | | Revenue increase still missed expectations due to weak consumer demand. | | | | | mining | | | | Grib Mine Produces Three Massive Stones | | Recoveries include a 222.09-carat diamond. | | | | | Currency Gains Boost Mountain Province Profit | | Stronger Canadian dollar helps miner reduce debts. | | | | | Lucapa Recovers 64ct. Rough at Mothae | | Stone is Lesotho mine’s highest-quality diamond to date. | | | | | Tango Exits Coal to Focus on Diamonds | | Miner will also change its name to Southstone Minerals. | | | | | general | | | | Tiffany Tells Its Story in China Exhibition | | “Vision & Virtuosity” will open in Shanghai in September. | | | | | Jewelers of America Elects New Chair | | Holly Wesche succeeds John Henne. | | | | | AGTA Announces Spectrum Award Winners | | This 119.65-carat aquamarine nabbed the Innovative Faceting prize. | | | | | Stuller Names Head of Bridal | | Alix Gonsoulin was previously director of diamond-and-gemstone fashion. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Stocks plummeted this week amid an escalation of the US-China trade war and the devaluation of the Chinese yuan. Global retail shares fell, with J.C. Penney (-20%), Signet (-15%), Chow Tai Fook (-9%), Luk Fook (-10%) and Richemont (-6%) all losing ground. Among the miners, Firestone Diamonds (-20%), Rio Tinto (-10%) and Petra Diamonds (-9%) all slid. Mountain Province (+7%) weathered the storm during a week in which it reported strong quarterly profits. | | | | | 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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