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Rapaport TradeWire May 7, 2020
May 7, 2020 11:02 AM
By Rapaport
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| May 7, 2020 | | RAPAPORT MARKET COMMENT |  | | Trading limited but sentiment up slightly as Antwerp prepares to reopen trading floors on May 11. Select services returning to Israel Diamond Exchange. New York still on lockdown, restricting US diamond activity. 1 ct. RAPI +0.2% in April. Manufacturers curtailing rough purchases to ease liquidity pressure and focus on depleting polished inventories. Alrosa expected to reduce 2020 production guidance after suspending operations at two lower-grade mines. Gradual reopening of economy in China signals some pent-up demand in bridal and among female self-purchasers. COVID-19 crisis accelerating shift to digital consumption. Pandora 1Q revenue -13% to $606M, online sales +29%. Baselworld cancels show scheduled for Jan. 28, 2021. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -1.08% | -2.13% | -6.43% | | 0.50 ct | -1.04% | -1.66% | -9.63% | | 1.00 ct | -0.19% | -0.22% | -12.66% | | 3.00 ct | -0.27% | -3.97% | -12.11% |  | | 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: Jewelers relying on social media channels, phone and video calls to connect with consumers... |  |  | Belgium: Rough market at a standstill during De Beers sight week, as Indian manufacturers plan to freeze buying from May 15... | | |  | Israel: Diamantaires returning to their offices, but activity low... | | |  | India: Dealers and manufacturers trying to clear exports to Hong Kong as authorities extend lockdown by two weeks... | | |  | Hong Kong: Jewelers pushing online sales as stores work to overcome impersonal social distancing measures... | | |  | | | In the Spinel of Things |  | | WITH Jewelry Connoisseur by Rapaport | This blazing, durable stone comes in a rainbow of shades and is a favorite among designers, writes Richa Goyal Sikri. |  | | | WEEKLY NEWS | | industry | | | | Diamond Markets Reflect Uncertain Outlook | | Industry is limiting supply to support the market, with global rough production value projected to decline 29% to $8.5 billion in 2020. |  | | | RapNet and Thinkspace Alliance to Provide Website Solutions for Online Jewelry Stores | | Members can develop high-quality retail platforms, immediately populated with RapNet inventory. | | | | | Baselworld 2021 Show Canceled | | Leading brands agree to take thinner refunds; deal was “limit of what was possible” for organizer MCH. | | | | | Don’t Ban Rough Buying, De Beers Urges | | CEO assures manufacturers it won’t require them to make purchases during weak market. | | | | | Dominion Owes Creditors $820M | | Court filing shows debts outstanding to banks as well as De Beers and the Diamond Producers Association. | | | | | Eight Surat Cutting Units Return to Work | | India records first polished exports since lockdown started. | | | | | retail | | | | Signet Revamps Rules as Some Branches Reopen | | Jeweler plans to have around 180 locations operational in time for Mother’s Day. | | | | | Hong Kong Retail Sales Hit 14-Year Low | | Revenues from jewelry, watches, clocks and other valuable gifts down 64% in first quarter. | | | | | Pandora in the Red as China Market Slows | | Trading weakens due to lockdowns, but e-commerce sales surge. | | | | | Jared to Hold Online Weddings | | Free virtual ceremonies are for couples who had to cancel or postpone their nuptials. | | | | | mining | | | | De Beers Suspends Applications for Sight Contracts | | Move lightens clients’ administrative loads amid effects of COVID-19 on their business operations. | | | | | Alrosa Pauses Production at Two Mines | | Company cites impact of coronavirus on diamond demand. | | | | | Petra to Postpone Debt Repayment | | Miner chooses to put cash into the business during 30-day grace period banks have offered. | | | | | Big-Stone Recoveries Return as Letšeng Reopens | | 87-carat white and 60-carat yellow among latest finds at Gem Diamonds mine in Lesotho. | | | | | Lucapa to Restart Lulo Operations | | Angola government allows mining companies to bring back 50% of workers. | | | | | general | | | | Lightbox Delays New Production Plant to 1Q 2021 | | De Beers synthetics brand maintained full capacity at UK facility during lockdown period. | | | | | Antwerp Trading Floors to Reopen May 11 | | Diamond companies restart operations, but many staff members working from home. | | | | | Israel Bourse Resumes Certain Services | | Exchanges in Mumbai and Dubai remain closed. | | | | | Graff Pieces Sell Out at Online Sotheby’s Auction | | 18 items by the jeweler fetch combined $1.3 million. | | | | | France’s AFG Mourns Death of President Didier Giard | | Fourth-generation jeweler organized the association’s Paris Gemmological Rendez Vous. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Global retail stocks fell this week as US unemployment surged and investors feared tensions between Washington and Beijing would derail a market rebound. J.C. Penney (-29%), Macy’s (-18%), Signet (-15%), Swatch Group (-7%), LVMH (-4%) and Chow Tai Fook (-2%) all dropped. Pandora (+9%) gained after management said it had enough liquidity to withstand an extended shutdown of stores. Mining shares slid, with Petra (-8%), Gem Diamonds (-7%) and Anglo American (-3%) all losing 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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