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Rapaport TradeWire October 22, 2020

Oct 22, 2020 10:13 AM   By Rapaport
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Rapaport TradeWire
October 22, 2020
RAPAPORT MARKET COMMENT
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Sentiment improving as holiday orders and shortages support polished prices. Cutters planning brief Diwali break amid rise in production. US holiday shoppers expected to keep spending in line with last year at average of $998, says NRF. Jewelers with strong digital presence doing well. Fewer 3Q bankruptcies than expected as JBT reports US industry decline of 3% to 24,258 businesses. China strong. Chow Tai Fook 2Q mainland sales +21%, Hong Kong -52%. LVMH 3Q jewelry & watch sales -14% to $1.1B. Miners’ rough inventory increasing: De Beers 3Q production -4% to 7.2M cts., sales -11% to 6.6M cts. Alrosa 3Q revenue -4% to $589M, price index -7%. Chaim Pluczenik elected AWDC president.

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RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -0.70% 1.77% 12.77%
0.50 ct -0.13% 4.69% 19.10%
1.00 ct 0.25% 1.94% 3.42%
3.00 ct 0.69% 0.74% -3.67%
RAPI Yearly Graph
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Market Reports
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United States: Pandemic has intensified split between omni-channel and offline retailers...
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Belgium: Sustained orders for 0.50 to 0.90 ct. and 1 ct., E-G, VVS-SI (3X) diamonds...
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Israel: Companies holding old inventory; fresh goods hard to source and selling fast...
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India: Domestic sales up as Indian festival period approaches, signaling start of wedding season...
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Hong Kong: Local market quieter than usual in lead-up to Chinese New Year...
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Trade Wire 600X160 April 2018
Cash, Credit and Covid-19
WITH The Rapaport Diamond Podcast

The coronavirus and the ensuing liquidity crisis have split US jewelers into haves and have-nots, explains Erich Jacobs, president of the Jewelers Board of Trade.

UPS AND DOWNS
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Rich Buying More Jewelry During Covid-19
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What September’s Retail Rebound Means for the Holidays
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Will the New York Diamond District Survive the Pandemic?
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Letšeng Diamond Output Down 20%, CEO Says
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WEEKLY NEWS
industry
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De Beers Notes Recovery Ahead of Holidays
Sales volume and production accelerate in third quarter but remain below 2019 levels.
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India Rushes to Meet US Holiday Demand
Cutting factories to take shorter Diwali break amid polished shortages.
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Jewelry Trade Continues to Shrink
US industry 3% smaller in third quarter than it was a year earlier, according to JBT data.
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Diamond Rebound to Boost Botswana Growth
Gross domestic product to rise 7.7% in 2021 as key export industry recovers, finance minister forecasts.
retail
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US Retail Sales on Recovery Path
September’s 5% year-on-year rise marks fourth month of increases.
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Consumers Ready to Spend on Gifts – Survey
Holiday sales will be similar to last year, National Retail Federation predicts.
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China Resurgence Lifts Chow Tai Fook
Total retail sales up 2.6% in second fiscal quarter as mainland demand rises.
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LVMH Jewelry and Watch Revenue Slides
Figure falls 14% in third quarter.
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Luk Fook Suffers as Tourists Snub Hong Kong
Same-store sales down 55% in three months ending September 30.
mining
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Petra Lenders Take Majority Control of Company
Banks write off sizable debts in return for 91% of shares.
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Alrosa Upbeat as Diamond Sentiment Improves
Rough sales fall year on year in third quarter, but rate of decline eases.
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Lower Grades at Argyle Hit Rio Tinto Output
Production falls 8% to 4.2 million carats in third quarter.
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Dominion in Flux as CEO Resigns
Chairman, CFO and COO will lead operations temporarily.
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Mountain Province Output Thrives in Third Quarter
Higher grades at Gahcho Kué’s 5034 pit boost recovery levels.
general
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Rio Tinto to Sell Final Argyle Specials
A 74.48-carat, fancy-yellow diamond from the Diavik mine will also feature in the tender.
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Lab Launches Synthetic-Diamond Course
Gemological Science International creates new online class as market expands and demand rises.
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Petra to Offer Collection of Blue Diamonds at Tender
Five stones range from 9.61 to 25.75 carats.
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Swiss Watch Exports Still Slow to Recover
China supporting the sector as orders from other key markets decline.
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Chaim Pluczenik Becomes AWDC President
Antwerp-based dealer succeeds Nishit Parikh at organization’s helm.
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Plumb Club Partners with Fashion Institute
Mentorship program will help design students enter jewelry industry.
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FINANCE
Diamond Industry Stock Report
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Global retail stocks rose this week following strong US consumer sales in September and continued hopes for a government stimulus package. Signet (+8%), Macy’s (+7%), LVMH (+6%), Chow Sang Sang (+4%) and Tiffany (+3%) all gained. Mining stocks floundered, with Petra (-17%) falling after lenders acquired a majority stake in the company. Lucapa (-7%) and Alrosa (-2%) also slid.

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