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Rapaport TradeWire March 31, 2022

Apr 3, 2022 8:50 AM   By Rapaport
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March 31, 2022
RAPAPORT MARKET COMMENT
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Diamond market sluggish due to US economic caution and China Covid-19 restrictions. Polished price decline fueling uncertainty. Buyers waiting for further decreases. Suppliers willing to negotiate to raise liquidity and reduce inventory of less desirable goods. Rough market restrained amid decline in prices on secondary market. De Beers maintains stable prices at March sight. Split in Responsible Jewellery Council over Russia sanction policy; executive director Iris Van der Veken quits; Pandora and Richemont leave over Alrosa membership. Tiffany & Co. halts purchasing of polished from Russian rough. UK government places sanctions on Alrosa.

RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct
-2.30%
-3.87%
2.72%
0.50 ct
-1.75%
-1.89%
11.91%
1.00 ct
-1.43%
0.13%
30.65%
3.00 ct
-1.00%
0.22%
34.23%
RAPI Graph
Market Reports
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United States: Outlook for 2H uncertain amid economic slowdown and inflation worries...
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Belgium: Rough trading steady, with prices on secondary market softening...
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Israel: Significant drop in demand for stones below 0.30 ct...
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India: Manufacturers buying rough but maintaining lower polished production...
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Hong Kong: Many jewelers closing stores and shifting to e-commerce...
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UPS AND DOWNS
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WEEKLY NEWS
industry
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RJC Head Iris Van der Veken Resigns
Executive director was dissatisfied with organization’s failure to suspend Alrosa, sources says.
Pandora Exits RJC over Boycott Dispute
Jeweler stopped all business with Russia and Belarus when invasion began.
228ct. Diamond to Take Center Stage at Christie’s
Stone could fetch up to $30M at Geneva auction.
UK Lays Down Sanctions Against Alrosa
Government will freeze miner’s British assets and ban citizens from transacting with the company.
retail
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Tiffany Presses ‘Pause’ on Russian Diamonds
Jeweler will also not use stones from the country that have been cut and polished elsewhere, it said.
Chopard Stops Sourcing Russian Diamonds
Luxury brand pauses purchases of newly mined goods from sanctioned companies.
Consumers Choose Sustainability over Price
Younger shoppers are driving the trend, according to Platinum Guild International.
mining
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Rough Prices Drop as Trading Cools
Valuations fall by up to 40% for smallest sizes on the secondary market.
Mountain Province Profit Surges in Strong Market
Demand for Gahcho Kué goods recovered in 2021.
Former Grib Diamonds Exec Joins Trans Atlantic
Paul Duncombe will be chief operating officer for Dubai.
Lulo’s Rough-Diamond Resources Climb
Company identified new material and improved its knowledge of existing areas.
general
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45ct. Diamond to Set Record at Christie’s Sale
Piece is highest-valued jewel to be offered online.
JBT Elects Richard Katz as Chairman
Richline senior vice president succeeds Ann Arnold.
Jewelers’ Security Alliance Elects New Officers
Steven Kaiser to remain as chair for three more years.
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