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Rapaport TradeWire July 2, 2020
Jul 2, 2020 10:21 AM
By Rapaport
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| July 2, 2020 | | RAPAPORT MARKET COMMENT |  | | Polished trading slow despite improved retail sales in China. US jewelers limiting purchases, as they have enough inventory to meet 3Q demand. Trade sees potential for good holiday season since consumers are not spending on travel. Major retailers investing in technology to drive multichannel sales. Savvy independents nurturing ties with local communities to maintain market share. Rough market quiet. De Beers and Alrosa prepared to sell fewer diamonds at higher prices through the downturn. India extends voluntary ban on rough imports. Christie’s sets record with online sale of emerald, 28.86 ct., D, VVS1 diamond ring for $2.1M ($73,284/ct.). GIA, IGI reopen NY labs. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.48% | -0.44% | -1.24% | | 0.50 ct | 0.60% | 1.38% | -5.22% | | 1.00 ct | 0.02% | 1.87% | -8.62% | | 3.00 ct | 0.97% | -1.60% | -9.57% |  | | 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: Dealers happy to be back in the market and are skipping their usual July summer break... |  |  | Belgium: Low rough sales expected to continue in July even as Alrosa considers viewings in Antwerp... | | |  | Israel: Shortages supporting market for pear and oval, 1.50 to 2 ct., F-J, VS goods... | | |  | India: Some interest from Hong Kong for dossiers, with stable demand for 1 ct., D-H, VS-SI goods... | | |  | Hong Kong: Trading limited to local dealers, since quarantine requirements for arriving foreigners are restricting activity... | | |  | | | Chow Tai Fook Expanding China Store Count |  | | WITH The Rapaport Diamond Podcast | Jewelry retailer Chow Tai Fook is opening new stores in China and investing heavily in digital channels. Managing director Kent Wong explains the company’s strategy in the final episode of Rapaport’s Recovery Webinar Series. |  | | | Victorian jewelry: From the mad to the marvelous |  | | WITH Jewelry Connoisseur by Rapaport | In the latest podcast episode, Sarah Duncan, a London-based jewelry historian and executive at Chiswick Auctions, highlights some of the most intriguing jewels of the Victorian age, placing them in their cultural and historical contexts. |  | | | WEEKLY NEWS | | industry | | | | Buyers Snub De Beers and Alrosa over High Prices | | Rock-bottom sales continue in June as clients see better value at open tenders. |  | | | India Extends Import Curbs as Surat Shuts Again | | Trade bodies recommend rough-shipment freeze between July 10 and 31. | | | | | 29ct. Diamond Sets Online Record at Christie’s | | Emerald-cut, D-color stone sells for $2.1 million. | | | | | retail | | | | Jewelers See Positive Signs as Business Restarts | | As US retailers struggle to pick up the pieces following shutdowns, many are hopeful that a recovery is on its way. | | | | | Hong Kong Retail Sales Fall Sharply in May | | Revenue from jewelry and other luxury items down 70% to $261 million. | | | | | Pandemic Pinches Luk Fook Revenue | | Coronavirus and social unrest in Hong Kong damage full-year figures. | | | | | mining | | | | Alrosa Mine Restarts Following Virus Closure | | Company suspended operations at International deposit after employees tested positive for Covid-19. | | | | | Petra Seeks Buyer for Its Business | | Miner plans to sell all or some of its assets to repay $650 million debt. | | | | | Sarine to Provide ‘Birth Certificate’ for Lucara Rough | | Technology company will offer provenance information for stones listed on miner’s Clara platform. | | | | | Stornoway Shakes Up Top Management | | Patrick Sévigny takes the helm following exit of CEO Patrick Godin. | | | | | general | | | | ISDMA Elects Nissim Zuaretz as President | | D.N. Diamonds founder will succeed Kobi Korn for three-year term. | | | | | IGI Opens Doors at New York Grading Lab | | Office will operate with limited staff numbers and staggered shifts. | | | | | Dubai, China Establish Diamond Partnership | | Agreement will create new trading opportunities for both parties. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Macy’s (-3%) fell after announcing mass job cuts. Other retail stocks had a positive week, with Signet (+6%) and Luk Fook (+5%) gaining. European shares rose amid a gradual economic recovery: Pandora (+6%), LVMH (+4%), Kering (+4%) and Richemont (+3%) all increased. Mining stocks slipped, with Petra (-19%) plummeting after putting itself up for sale. Gem Diamonds (-10%) and Lucara (-6%) also fell. Lucapa (+13%) bucked the trend. | | | | | 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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