|
Rapaport TradeWire March 5, 2020
Mar 5, 2020 10:50 AM
By Rapaport
|
|
March 5, 2020 | RAPAPORT MARKET COMMENT | | Sharp decline in diamond trading amid fears coronavirus will lead to global slowdown. Midstream inventory losing value as manufacturers consider deeper discounts to raise liquidity. Polished prices falling due to China shutdown, with 1 ct. RAPI -1.6% in Feb. De Beers allows deferral of Chinese goods as sales -28% to $355M at Feb. sight. De Beers to customize sightholder supply for dealers, manufacturers and retailers starting in 2021. Belgium Jan. polished exports -22% to $605M, rough imports +14% to $829M. Baselworld canceled due to virus, JCK Las Vegas shows still on. Martin Rapaport to give Diamond Market Challenges webinar Thursday Mar. 19 at 10 a.m. GMT and 12 p.m. EST. | | RAPNET DIAMOND INDEX (RAPI™) | | | Weekly | Monthly | Y2Y | 0.30 ct | -0.45% | -1.91% | -4.40% | 0.50 ct | 0.53% | -1.25% | -3.74% | 1.00 ct | -0.49% | -2.38% | -7.26% | 3.00 ct | -1.10% | -2.66% | -16.91% | | 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: Overseas dealers trying to sell in New York as Hong Kong and China reach a standstill... | | | Belgium: Some demand for round, 2 ct.+, H-I, IF-VS2 diamonds and for well-cut pears and ovals... | | | Israel: Suppliers concerned about decline in inventory value.... | | | India: Travel restrictions reducing presence of foreign buyers in Mumbai... | | | Hong Kong: Jewelry stores remain either closed or operating fewer hours with skeleton staff... | | | | Webinar: Diamond Market Challenges | | WITH Martin Rapaport | The Rapaport chairman will address the major issues impacting the diamond industry, including: – The effects of the coronavirus – The threat of synthetic diamonds – The credit crunch – The outlook for India, China and the US market March 19 at 10 a.m. GMT and 12 p.m. EST. | | | CLOSE-UP ON BULGARI | | WITH Jewelry Connoisseur by Rapaport | The cinematic glamour of Rome’s “Dolce Vita” years infuses the Italian maison’s latest collection. Jewelry director Lucia Silvestri shares her creative perspective. | | | WEEKLY NEWS | industry | | Polished Prices Slide Amid Coronavirus Fears | Suppliers face liquidity crunch as sales to China and Hong Kong slow to a crawl. | | | De Beers Reveals Overhaul of Sight System | Manufacturers, dealers and retailers will receive a more bespoke selection of rough diamonds. | | | JCK Las Vegas to Go Ahead | Organizers closely monitoring impact of epidemic. | | | Baselworld Canceled Due to Coronavirus | Event postponed until January 2021 following Swiss ban on large public gatherings. | | | GIA Calls Off New York Career Fair | Move is “in best interest of participants’ health and safety.” | | | retail | | Hong Kong Marks Full Year of Retail Declines | Sales of jewelry and other valuable gifts fell 42% in January. | | | Pandora to Slash 180 Jobs in Restructuring | Company will remove management layers to help it adapt faster to customer feedback. | | | Tiffany Appoints New Chief Gemologist | Victoria Wirth Reynolds is the first woman to hold the position. | | | Macy’s Notes Solid Quarter for Jewelry | Sales otherwise weak in the three months ending February 1. | | | mining | | De Beers Sales Fall as Virus Impacts Sentiment | February proceeds drop 28% to $355 million. | | | Botswana Mining Slowdown Hits Economic Growth | Diamond-cutting sector also weak, says central bank. | | | Letšeng Mine Yields 114ct. Rough | Stone is second over 100 carats Gem Diamonds has unearthed this year. | | | general | | Angola Diamond Reforms Buoy Country’s Finances | Tax revenue has increased 42% in the last two years. | | | Belgium’s Polished Trade Slows in January | Rough imports show first monthly growth since December 2018. | | | Former Oscar Heyman President Dies | Marvin Heyman held the role from 2001 until his retirement in 2015. | | | WJA Campaign Targets Female Self-Purchasers | March Is Me Month set to align with International Women’s Day and Women’s History Month. | | | | FINANCE | Diamond Industry Stock Report | | Retail stocks mainly fell as the coronavirus affected global consumer demand. J.C. Penney (-11%), Macy’s (-7%), Swatch Group (-5%) and Richemont (-2.5%) all lost ground. Pandora (-6%) dropped after the jeweler closed stores in Italy and announced it would cut 180 employees in a separate restructuring process. Walmart (+3%) received a short-term boost as concerns about supply shortages prompted shoppers to buy essential items. Mining shares plunged, with Firestone (-33%), Lucapa (-22%), Mountain Province (-17%), Lucara (-16%), Petra (-14%) and Gem Diamonds (-10%) all sliding. | | | Contact Us | | | © Copyright 2020 Martin Rapaport. All Rights Reserved. | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|