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Rapaport TradeWire March 19, 2020
Mar 19, 2020 12:57 PM
By Rapaport
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| March 19, 2020 | | RAPAPORT MARKET COMMENT |  | | Diamond markets under pressure as coronavirus pandemic spreads economic crisis and reduces demand. Declining stock and commodity markets rattle consumer confidence. US retail shutting down as Tiffany & Co., Macy’s, Saks, J.C. Penney close stores, signaling dramatic shift to digital stay-at-home economy. Polished trading stalled due to travel restrictions and fear of falling prices. JCK Las Vegas shows postponed. Rough prices fall estimated 10% to 25% at March auctions. Diamond industry must adapt to new reality and find ways to keep B2B market alive in these difficult times. We must embrace our digital future and recognize that diamonds are a unique store of value. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -1.42% | -2.84% | -4.35% | | 0.50 ct | -1.56% | -2.32% | -6.38% | | 1.00 ct | -1.39% | -3.19% | -9.46% | | 3.00 ct | -1.14% | -2.38% | -16.50% |  | | 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: Retail slow as major jewelers temporarily shut stores.... |  |  | Belgium: Trading halls closed to avoid spread of coronavirus... | | |  | Israel: Israel Diamond Exchange (IDE) discounting membership fees for two months as business grinds to a halt... | | |  | India: Surat industry decides against shutdown in effort to avoid further damage to the sector... | | |  | Hong Kong: Domestic demand sluggish after pandemic and year of protests leave economy crippled... | | |  | | | Coronavirus: Now What? |  | | WITH Martin Rapaport | The current pandemic has transformed our behavior, perspectives and businesses. However, it also presents unprecedented opportunities for digital trading that the diamond industry must embrace. |  | | | Prizing Provenance |  | | WITH Jewelry Connoisseur by Rapaport | Jewelry dealer Lee Siegelson explains how uncovering a piece’s history adds another layer to its authenticity and appeal. |  | | | WEEKLY NEWS | | industry | | | | JCK Postpones Las Vegas Shows | | Organizers will share new dates shortly. |  | | | New York’s Diamond Dealers Club Closes | | First duty is to protect members, organization says. | | | | | Belgium, Israel Shut Diamond Trading Halls | | Governments move to reduce interpersonal contact. | | | | | KP June Intersessional to Go Virtual | | Meeting, which was scheduled for June in Moscow, will be restructured as a video conference. | | | | | Indian Exporters Get Reprieve from Banks | | Bharat Diamond Bourse tells companies to reduce head count by 50% to prevent virus spreading. | | | | | retail | | | | Tiffany, Macy’s Among Retailers Closing US Stores | | J.C. Penney, Pandora and Nordstrom will also temporarily shut a large proportion of stores. | | | | | NRF Predicts Heavy Impact of Coronavirus | | Supply chains will suffer as imports slow in March and April. | | | | | Luk Fook Warns of Profit Drop Amid Lockdown | | Same-store sales plunge 50% in January and February. | | | | | Pandora Nixes Guidance, Shutters Stores | | The coronavirus outbreak has dented revenue globally. | | | | | mining | | | | De Beers Sight Still On Despite Travel Ban | | Company considering supply methods after Botswana blocks arrivals from virus-hit countries. | | | | | Alrosa Relaxes Sales Terms Amid Market Crisis | | Miner lets clients defer up to 60% of their rough allocations. | | | | | Production Continues as Miners Fight Virus Impact | | Alrosa, Petra and Gem Diamonds among companies preparing for an outbreak while maintaining operations. | | | | | Lulo Mine’s Resource Estimate Climbs | | Angola deposit contains 25% more carats than previously thought. | | | | | Gem Diamonds Tender Prices Drop 18% | | March sale of small stones brings in $7.8 million. | | | | | general | | | | Sotheby’s Postpones Magnificent Jewels Auction | | Company shifts Hong Kong sale from April to July. | | | | | Belgium, Israel to Hold Online Diamond Fair | | Free event follows cancellation of key trade shows. | | | | | AGS Calls Off Annual Conclave | | Society exploring options for a virtual mini-conference later in the year. | | | | | Israel Bourse Offers Two-Month Fee Discount | | Management seeks to ease traders’ burden during virus crisis. | | | | | GSI to Flag Treatments in Lab-Grown Reports | | Certificates will also state whether stone was created by CVD or HPHT. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Global stocks plunged this week as the coronavirus pandemic raised concerns and hit consumer sentiment. Retailers including Signet (-52%), Macy’s (-30%), Luk Fook (-25%), Tiffany (-14%) and Pandora (-10%) all dropped. Walmart (+8%) was the only major retailer to see an increase as consumers rushed to buy food, toiletries and cleaning supplies. Mining shares also plummeted, with Firestone (-74%), Mountain Province (-44%), Petra (-32%), Gem Diamonds (-25%) and Anglo American (-23%) all 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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