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Rapaport TradeWire April 23, 2020

Apr 23, 2020 11:36 AM   By Rapaport
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Rapnet 600X160 Covid
Rapaport TradeWire
April 23, 2020
RAPAPORT MARKET COMMENT
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Sentiment weak due to slump in demand since early March. Some orders from China and Hong Kong, but US and European markets remain in lockdown. Dealers frustrated by inability to resume trading. Indian industry groups call for one-month suspension of rough imports beginning May 15 in effort to ease liquidity and deplete existing polished inventory. Mid-tier miners under pressure with weak prospects to generate cash required for debt payments. Dominion files for insolvency protection. De Beers 1Q sales volume +19% to 8.9M cts.; lowers 2020 production guidance to 25-27M cts. as Debswana mines on care and maintenance in April. JBT anticipates spike in closures after US jewelry trade shrinks 4% to 24,280 businesses in 1Q. JCK Las Vegas and Luxury 2020 shows canceled. Yoram Dvash elected acting WFDB president as Ernie Blom steps down. Rapaport Flash Sale Jewelry Auction – Tuesday, May 5 and Wednesday, May 6.

5 Nov 2019 Gemolithos Tw Banner
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -0.09% 0.47% -5.70%
0.50 ct -0.09% 0.14% -9.10%
1.00 ct -0.05% -1.59% -13.06%
3.00 ct -2.21% 0.27% -11.63%
RAPI Yearly Graph
Trade Wire 600X160 April 2018
Market Reports
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United States: Businesses under stress as retail stores and diamond trading centers remain closed...
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Belgium: Polished shipments slump in March with exports to US down 47% to $152 million, but demand from Hong Kong showing signs of recovery...
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Israel: Government partially relaxes restrictions on movement but still limiting business activities and advising people to stay at home...
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India: Rupee slumps to record low of $76.88/$1, putting additional pressure on domestic demand...
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Hong Kong: Gradual resumption of activity but trading slow due to shutdowns in other diamond centers...
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13 Nov 2019 Gia Id 100 Machine Tw Banner
Heavy Debt Looms over Mining Shutdown
WITH Leah Meirovich

Several rough producers carry financial burdens that will make it hard for them to resume operations once the COVID-19 crisis is over.

High-End Heritage
WITH Jewelry Connoisseur by Rapaport

As more of the major maisons begin offering collections of their own vintage jewels, antique dealers and auctioneers are facing competition, writes Marie Chabrol.

UPS AND DOWNS
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Rich Still Buying Pricey Jewelry Online
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Experts Say Small-Business Owners Have Survival Options
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Diamonds Need Some New Best Friends
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Indian Gold Demand Could Hit Three-Decade Low
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Tw Banner 23 April 2020 Flash Sale
WEEKLY NEWS
industry
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India Trade Urged to Freeze Rough Imports
One-month suspension would prevent oversupply and send positive message to banks, industry groups say.
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De Beers Makes Dramatic Cut to Production Plan
Miner on track for lowest full-year output since 2009.
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JCK Las Vegas Canceled for 2020
Next edition to take place in June 2021.
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JBT Chief Predicts Rise in Bankruptcies
Some jewelers are surviving by acting as financial firms, says the ratings agency’s president, Erich Jacobs.
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LVMH Pulls Out of Baselworld
Group withdraws its Bulgari, TAG Heuer, Hublot and Zenith brands from 2021 show.
retail
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Luk Fook Hit by COVID-19 Closures
Figures down across China and Hong Kong in quarter ending March 31.
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Pandemic Knocks Kering Jewelry Revenue
Luxury group registers “significant impact” on sales.
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Bulgari Endures First-Quarter Decline
Jewelry and watch revenue down 24% at owner LVMH.
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Titan Jewelry Sales Fall Amid India Lockdown
Stores have been shut since March 22.
mining
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Dominion Files for Insolvency Protection
Canadian court order enables miner to restructure.
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De Beers Pauses Botswana Mining
Activities have been on hold since April 2, company confirms.
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AGD Unearths 50ct. Diamond at Grib
Stone is the second-largest find this year for the Russian miner.
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Rio Tinto Stands By Production Forecast
Company still expects output of 12 million to 14 million carats for 2020.
general
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WFDB Head Ernie Blom Steps Down
Yoram Dvash takes over as acting president following election at virtual executive-committee meeting.
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Shairu, Everledger Team Up to Track CO2 Emissions
Joint project offers mechanism to offset carbon footprint of diamond manufacturing.
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Jewelry Trade Shrinks 4% in First Quarter
Exits from the sector more than double, according to JBT data.
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Diamond Dealer Manny Gordon Dies at 79
Respected industry member succumbed to coronavirus.
Tradewire Banner April Single Stone
FINANCE
Diamond Industry Stock Report
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US retail stocks fell this week amid continued shutdowns and reports that some large department-store chains could face bankruptcy. Macy’s (-13%), Signet (-3%) and Tiffany (-1%) all slipped. Shares in Hong Kong jewelers went up as the local market emerged from lockdowns and consumer demand strengthened. Chow Tai Fook (+4%), Luk Fook (+2%) and Chow Sang Sang (+2%) all rose. Mining was a mixed bag, with Mountain Province (+34%), Alrosa (+6%) and Rio Tinto (+3%) gaining after reporting positive results. Lucapa (-10%) and Petra (-6%) decreased following announcements that some of their mines would stay closed until further notice.

Rapnet Trade Wire
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Tradewire Box April Single Stone
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