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Rapaport TradeWire August 29, 2019
Aug 29, 2019 11:15 AM
By Rapaport
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| August 29, 2019 | | RAPAPORT MARKET COMMENT |  | | Suppliers preparing for Hong Kong show amid uncertainties about buyer attendance. Weak Chinese sentiment due to trade war and yuan depreciation (-4% in Aug. to CNY 7.1/$1). Tourist spending declines, with Tiffany & Co. 2Q sales -3% to $1B, earnings -6% to $136M. Chow Sang Sang 1H retail revenue +1% to $1.1B, profit +2% to $78M after strong start to 2019, but double-digit slowdown when Hong Kong protests began in June. Inventory levels declining due to reduced manufacturing, despite sluggish polished trading. Rough market very quiet after $280M De Beers sight. Trans Hex CEO Llewellyn Delport resigns as mid-scale miners struggle to stay afloat in current weak market. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.08% | -0.68% | -22.02% | | 0.50 ct | 0.24% | -0.96% | -10.48% | | 1.00 ct | 0.58% | 0.00% | -6.02% | | 3.00 ct | -0.25% | -1.42% | -17.80% |  | | 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: Fancy-color dealers holding sizable inventory of large yellow diamonds... |  |  | Belgium: Decline in rough-dealer activity after small De Beers and Alrosa August sales... | | |  | Israel: Not easy to source best-quality SIs, which are in demand... | | |  | India: Some US, Chinese and Israeli buyers looking for bargains from cash-strapped Indian suppliers... | | |  | Hong Kong: Show organizers trying to calm exhibitor concerns about upcoming fair, which begins September 16... | | |  | | | Vintage Sees a Resurgence at Retail |  | | WITH Lara Ewen | Estate jewelry has gained popularity among millennial consumers seeking unique, handmade looks. |  | | | WEEKLY NEWS | | industry | | | | GJEPC Mulls Separate Lab-Grown Membership | | Category would help Indian organization keep tabs on the sector. |  | | | Officials Calm Hong Kong Show Concerns | | Travel alerts have been lowered and insurance companies are on board, Informa notes. | | | | | US Diamond Trade Slumps in First Half | | Polished imports fall 24% for the period. | | | | | Celebrities Fund New Custom-Jewelry Platform | | Pietra connects consumers with over 100 designers. | | | | | Cartier Bracelet to Lead Sotheby’s Geneva Sale | | Piece is valued at $2 million to $3 million. | | | | | retail | | | | Tiffany Sales Fall as Tourist Spending Slows | | Global revenue slips 3% in second quarter. | | | | | Chow Sang Sang to Grow China Network | | Hong Kong-based retailer plans to open 60 new stores on the mainland this year. | | | | | Folli Follie Seeks Buyer for Links of London | | Owner of UK-based jeweler has suffered financial troubles. | | | | | mining | | | | De Beers Sales Continue to Fall | | August proceeds down 44% as sightholders reject goods. | | | | | Letšeng Mine Yields 114ct. Yellow | | Stone is Gem Diamonds’ third of that color over 100 carats this year. | | | | | Possible Stock Delisting Adds to Stornoway Woes | | Toronto exchange gives miner until December 20 to comply with requirements. | | | | | Angola Pleased with Diamond Roadshow | | More than 230 companies have expressed interest in acquiring mining rights in the country. | | | | | Trans Hex Struggles Continue as CEO Quits | | Llewellyn Delport has led the business since 2004. | | | | | general | | | | Alrosa to Hold Second True Colors Auction | | Miner will present over 200 diamonds at the Hong Kong Jewellery & Gem Fair. | | | | | Graff Reveals Polished Lesotho Pink | | Jeweler cut stone from 13.33-carat rough originating at Gem Diamonds’ Letšeng mine. | | | | | Kathryn Kimmel to Retire from GIA | | The senior vice president and chief marketing officer founded the organization’s career fair. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Retail shares fell ahead of the September 1 implementation date for new tariffs on Chinese goods. Macy’s (-5%), Signet (-6%), Chow Tai Fook (-6%) and Chow Sang Sang (-3.5%) all dropped. J.C. Penney (+6%) bucked the trend. Weakness in the diamond market hit mining shares, with Firestone (-11%), Petra (-9%), Lucapa (-6%) and Lucara (-4.5%) all falling. Stornoway (-25%) plunged after the company reported it was unable to find a buyer, and faced delisting from the Toronto Stock Exchange. | | | | | 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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