|
|
Rapaport TradeWire March 26, 2020
Mar 26, 2020 12:34 PM
By Rapaport
|
|
|
| March 26, 2020 | | RAPAPORT MARKET COMMENT |  | | Coronavirus brings unprecedented disruption to diamond industry as US retail, India manufacturing and South Africa mining shut down. $2 trillion stimulus will inject liquidity into US economy and relieve stress among small businesses. Signet Jewelers closes stores; reports 2019 sales -2% to $6.1B, profit of $106M vs. loss of $657M the previous year. Share price rallies post-earnings but down -55% since Jan. 1, market cap at $384M. GIA closes US, Belgium and India labs. India provides concessions for diamond companies as Surat and Mumbai on 21-day lockdown. Ekati, Finsch, Cullinan, Letšeng mines placed on care and maintenance. De Beers enables 100% deferrals at March 30 sight. The next issue of the Rapaport Price List will be published on May 1. The March 20 Price List is the official list until then. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -4.15% | -6.60% | -7.73% | | 0.50 ct | -4.68% | -6.72% | -10.57% | | 1.00 ct | -4.50% | -7.03% | -13.26% | | 3.00 ct | 8.67% | 6.50% | -8.99% |  | | 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: No activity on 47th Street with Diamond Dealers Club closed... |  |  | Belgium: Rough tenders still taking place but market slowing as manufacturing shuts down due to pandemic... | | |  | Israel: Israel Diamond Exchange closed as government tightens measures to prevent spread of virus... | | |  | India: Depreciation of rupee (-4% since March 1 to INR 75.2/$1) increases pressure on suppliers... | | |  | Hong Kong: China retail sales gradually improving as government relaxes lockdown in Wuhan, where outbreak started in late 2019... | | |  | | | Webinar: Understanding the Corona-Crisis |  | | WITH Avi Krawitz | The diamond industry is facing its biggest challenge since the 2008 recession, as the coronavirus erases all signs of the recovery the market was showing at the beginning of the year. Join our quarterly webinar series to put the current crisis into perspective and understand the pandemic’s potential impact on the industry pipeline in both the short and long term.
|  | | | Aglow with Promise: Fluorescent Diamonds |  | | WITH Jewelry Connoisseur by Rapaport | These diamonds may fetch lower prices on the market, but some in the trade say there’s no reason for the stigma — and are embracing the opportunities the stones offer, writes Rachael Taylor. |  | | | WEEKLY NEWS | | industry | | | | De Beers Enables 100% Deferrals at March Sight | | Manufacturing shutdown has obliterated rough demand. |  | | | India Eases Trade’s Financial Burden | | Government relaxes banking, tax and insolvency rules as country enters lockdown. | | | | | Surat Diamond Manufacturing Shuts Down | | Bharat Diamond Bourse also closes as India rushes to curb coronavirus spread. | | | | | Hong Kong Shows Suspend Preparations | | Quarantine rules have made it impossible to host an international fair. | | | | | GIA Reduces Services Across the World | | Laboratories and gemology schools close in most locations. | | | | | retail | | | | Strong Holiday Lifts Signet to 4Q Profit | | Turnaround plan appeared to be working before coronavirus hit. | | | | | More Jewelers Close Up Shop Due to COVID-19 | | Stuller, Watches of Switzerland and Birks have temporarily shut stores amid pandemic. | | | | | Tiffany & Co. Revenue Flat at $4.4B in 2019 | | Average selling price rises 10% as company launches new collections. | | | | | China Showing Positive Signs, Says Kering | | Sales slowdown is easing, just as coronavirus effects intensify elsewhere. | | | | | Jewelry Groups Urge Govt. to Support Retailers | | WJA, JA and JVC seek credit to keep small businesses afloat during virus crisis. | | | | | Michael Hill to Close Remainder of Global Stores | | Jeweler will shut locations in New Zealand and Australia after halting business in Canada. | | | | | mining | | | | South Africa, Lesotho Mines Set for Shutdown | | Petra, Gem Diamonds, Firestone and Lucapa place sites under care and maintenance. | | | | | Alrosa Launches Digital Tender for Large Rough | | Miner will offer stones above 10.8 carats online due to travel restrictions. | | | | | Dominion Suspends Ekati Mining Operations | | Company will keep small crew to maintain the site. | | | | | Mountain Province Loss Widens Amid Weak Pricing | | Market slowdown at end of 2019 leads to devaluation of Gahcho Kué mine. | | | | | Lucapa Nets First Funds from Graff Partnership | | Miner sells 46-carat pink diamond to manufacturer Safdico for polishing. | | | | | general | | | | Christie’s Delays NY, Geneva Jewelry Auctions | | Both Magnificent Jewels sales have moved to June. | | | | | Swiss Watch Exports Fall as Virus Hits Asia | | Shipments to Hong Kong see worst monthly decline for 20 years. | | | | | London Bourse to Shut Doors Temporarily | | Exchange will reopen when it is deemed safe. | | | | | Coronavirus Updates: Impact on the Diamond Trade | | A timeline of how the outbreak has affected the industry. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Global equities fluctuated wildly amid the coronavirus spread in the US, the government’s economic stimulus, and signs the Far East was edging toward a recovery. Tiffany (+12%) was among the stocks that gained during the week, while strong quarterly results for Signet (+4%) boosted the retailer slightly following a recent collapse in its share price. Kering (+26%) and LVMH (+22%) also rose as American businesses anticipated federal support and the downturn in China started to ease, with Luk Fook (+20%), Chow Sang Sang (+7%) and Pandora (+7%) also up. However, rough producers slumped due to mine closures, with Petra (-22%), Lucapa (-16%) and Mountain Province (-14%) falling. | | | | | Contact Us |  |       | | © Copyright 2020 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|