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Rapaport TradeWire July 16, 2020
Jul 16, 2020 11:42 AM
By Rapaport
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| July 16, 2020 | | RAPAPORT MARKET COMMENT |  | | Diamond markets quiet amid new wave of coronavirus infections. Demand selective with dealers filling specific orders from US and Chinese jewelers. Midstream inventory reduced as manufacturers limit rough buying. Lucara to sell 10.8 ct.+ rough to HB Group for price based on polished outcome. De Beers 2Q production -54% to 3.5M cts., sales -96% to $56M, 1H prices -21% to $119/ct. Alrosa production -42% to 5.7M cts. Sotheby’s HK sells $56.5M (80% by lot), including heart, 5.04 ct., fancy vivid blue, VS2 diamond for $10.6M ($2.1M/ct.). Christie’s achieves $40M (82% by lot), with marquise, 12.11 ct., fancy intense blue going for $16M ($1.3M/ct.). Richemont FY1Q revenue -47% to $2.3B. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.30% | 0.86% | 0.38% | | 0.50 ct | 1.62% | 2.91% | -2.93% | | 1.00 ct | 0.62% | 1.89% | -7.47% | | 3.00 ct | -0.09% | -0.97% | -9.20% |  | | 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: Wholesalers focused on rounds and ovals in 1 to 1.25 ct., F-I, VS-SI categories for bridal market... |  |  | Belgium: Dealers concentrating on online trading and marketing... | | |  | Israel: Supply from overseas limited due to travel and shipping restrictions... | | |  | India: Rough sector quiet, with manufacturers sourcing select goods at online auctions to fill specific needs... | | |  | Hong Kong: Jewelry retail at a standstill without tourists to boost sales... | | |  | | | Webinar: Can the Industry Deal (Again) with Covid-19? |  | | WITH Avi Krawitz | Having completed a challenging first half of the year, the diamond industry continues to contend with the coronavirus crisis and adapt to the new economic and social realities that have emerged. In our quarterly webinar, Rapaport Senior Analyst Avi Krawitz will assess the state of the diamond market and present some opportunities that may arise in the second half of 2020. |  | | | Petra’s Tough Sales Pitch |  | | WITH Avi Krawitz | The July issue of the Rapaport Research Report assesses Petra Diamonds’ prospects as it embarks on a survival strategy that includes putting the company up for sale. Since showcasing its mines alone might not be enough for Petra to woo investors in the Covid-19 environment, we highlight the need for miners and others throughout the supply chain to emphasize their roles as innovators. |  | | | WEEKLY NEWS | | industry | | | | Covid-19 Ravages De Beers Sales | | Production also slides amid mine shutdowns. |  | | | 12ct. Blue Diamond Smashes Estimate at Christie’s | | Ring fetches $15.9 million at first live Magnificent Jewels auction since pandemic began. | | | | | Israel’s Union Bank Sells Diamond Portfolio | | Finance company Peninsula agrees to purchase loans worth around $91 million. | | | | | Antwerp Cutter to Buy All Lucara’s Large Stones | | Miner partners with HB Group, which will purchase diamonds over 10.8 carats. | | | | | India Extends Deadline for Duty-Free Reimports | | Companies that sent polished for grading during Covid-19 get extra three months to ship the goods back. | | | | | retail | | | | Hawaiians, New Yorkers Buy Biggest Diamonds | | Nationwide average for engagement rings is 0.92 carats, Shane Co. survey shows. | | | | | Richemont Revenue Plunges as Stores Shut | | Quarterly sales down 47% at Cartier, Van Cleef & Arpels and Buccellati. | | | | | Hong Kong Slowdown Hits Chow Tai Fook | | Sales in the municipality fell 69% in first fiscal quarter. | | | | | Birks Sales Rise Pre-Pandemic | | Revenue increased 12% in fiscal year ending March 28 as flagship stores reopened following renovations. | | | | | mining | | | | Alrosa Sees Weakest Performance in Years | | Rough proceeds down 91% in second quarter. | | | | | Lenders Grant Waiver to Mountain Province | | Banks agree to exempt miner from complying with certain terms of debt facility. | | | | | Lucapa Revenue Plummets in Second Quarter | | Rough-diamond sales drop 80% at company’s Lulo mine. | | | | | general | | | | Pink and Blue Hearts Score Big for Sotheby’s | | Two rings go for combined $18.7 million. | | | | | New Jewelry Group Aims for Greater Inclusion | | New York-based designer Angely Martinez plans trade organization for industry members from the black, indigenous and people of color (BIPOC) community. | | | | | GemFair to Launch Training Program in West Africa | | De Beers project aims to enhance mining practices in Sierra Leone, Liberia, Guinea and the Ivory Coast. | | | | | Anna Hu Jewels Sell at Christie’s Charity Auction | | Necklace brings in $291,773 to support bereaved families of health-care workers. | | | | | US Import Slump Continues in May | | Polished shipments into the country drop 92%. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | US retail stocks rose as the economy continued to reopen. Signet (+13%), Walmart (+7%) and Tiffany (+0.7%) all gained. Meanwhile, Hong Kong shares tumbled amid another coronavirus wave, with Luk Fook (-6%) and Chow Sang Sang (-1.4%) both losing ground. Miners also struggled due to weak rough demand, with Gem Diamonds (-7%), Mountain Province (-7%), Lucara (-6%) and Alrosa (-5%) falling. | | | | | 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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