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Rapaport TradeWire February 13, 2020
Feb 13, 2020 10:33 AM
By Rapaport
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| February 13, 2020 | | RAPAPORT MARKET COMMENT |  | | Dealers and manufacturers cautious, with deep concerns about impact coronavirus will have on the market. Slump in Chinese demand as retail shuts down during peak season, leaving jewelers with high inventory. Chow Tai Fook suspends 40 Hong Kong-Macau stores and 80% of China locations. Liquidity tight as Far East customers delay payments. India’s GJEPC appeals to banks and government for more time on loan repayments. Rough market slowing after strong Jan. sales. Inventory of 0.30 to 0.50 ct. polished rising again. Alrosa CEO Sergey Ivanov pledges to sell 22M ct. rough inventory in responsible manner. US 2019 polished imports -16% to $19.5B. Shane Durgin steps down as Dominion CEO. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.23% | 2.15% | -2.95% | | 0.50 ct | -0.27% | -0.06% | -3.47% | | 1.00 ct | -0.36% | -0.81% | -5.39% | | 3.00 ct | -0.42% | -1.90% | -15.46% |  | | 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: Mixed feedback from retailers about Valentine’s Day sales, with online and QVC-type TV platforms doing well... |  |  | Belgium: Fancy shapes selling, with improvement in marquise and pear shapes... | | |  | Israel: Steady trading among local dealers and some Indian buyers during International Diamond Week... | | |  | India: Inventory levels rising again due to China slowdown and strong rough buying in Dec.-Jan.... | | |  | Hong Kong: Many businesses closed or working fewer hours and with minimal staff as coronavirus crisis continues... | | |  | | | Martin Rapaport Addresses Israel Diamond Week |  | | WITH Martin Rapaport | Rapaport’s chairman outlined his views on the diamond industry at the event, warning attendees about the disruption that would result from the trade’s lack of profit, and calling for miners to reduce rough prices by 30%. Watch the full presentation here. |  | | | What Avocados Can Teach the Diamond Trade |  | | WITH Joshua Freedman | Generic marketing has done wonders for the green fruit. What’s holding the diamond industry back from creating similar campaigns? | | | | | WEEKLY NEWS | | industry | | | | Panel Highlights Traceability Opportunity | | A race for market share has heated up in the diamond-provenance space. |  | | | De Beers Scores Partial CVD Patent Victory | | Element Six and IIa Technologies share the spoils in Singapore synthetics dispute. | | | | | GJEPC: Coronavirus May Lead to Payment Delays | | Organization asks banks and government for help, as Chinese clients are unable to settle debts. | | | | | Film Highlights Diamond Industry’s Sustainability | | Third episode of Fashionscapes series by Livia Firth explores Botswana’s trade. | | | | | Israel Diamond Week Lifts Local Trade | | Event highlights the state of the market and traceability, among other topics. | | | | | retail | | | | Virus Plagues Chow Tai Fook Operations | | Some Hong Kong and Macau workers will take leave or temporarily relocate to other stores. | | | | | Jewelry Proves Strong for Kering in 2019 | | Fashion collections and a new line of eye accessories have sold well. | | | | | Bulgari Latest Brand to Exit Baselworld | | Move comes on heels of Gucci and Breitling withdrawal announcements. | | | | | Pomellato Explores Secondhand Market | | Jeweler begins three-month partnership with resale platform. | | | | | mining | | | | Alrosa Puts Lower-Value Mines on Hold | | Company expects reduced production until 2021. | | | | | Dominion Appoints Interim CEO | | Role represents third appointment since Washington Companies’ 2017 acquisition. | | | | | Grib Diamonds Taps New Rough Source | | Belgian sales unit starts buying Angolan goods. | | | | | general | | | | Bonhams Shelves Auction Amid Virus Epidemic | | Auctioneer postpones its Hong Kong Jewels and Jadeite sale, previously scheduled for March. | | | | | US Polished Imports Drop to Nine-Year Low | | Shipments slid 16% by value in 2019. | | | | | Weak Yellow Market Hits Fancy-Color Prices | | Figure for this hue drops 5.4% in the fourth quarter. | | | | | Bonhams Chairman Steps Up as CEO Exits | | Bruno Vinciguerra to assume role of chief. | | | | | Hong Kong Polished Imports Drop in 2019 | | Figure falls 13% for full year. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Global retail stocks slid amid a rise in the number of coronavirus outbreaks, with Macy’s (-2.6%), Luk Fook (-5%) and Pandora (-6%) all falling. Mining shares also faced a difficult week. Fears of low consumer sentiment hit market demand in the wake of the epidemic. Lucapa (-8%), Petra (-7%), Firestone (-4%) and Lucara (-3.5%) all lost ground. | | | | | Contact Us |  |       | | © Copyright 2020 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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