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Rapaport TradeWire April 28, 2022

Apr 28, 2022 10:13 AM   By Rapaport
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April 28, 2022
RAPAPORT MARKET COMMENT
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News: Market sentiment mixed. US retail and high-end jewelry sales strong and supporting the trade. China slow. Dealer caution stemming from inflation concerns, China Covid-19 lockdowns, and Russia-Ukraine war. Expectations that Russian sanctions will lead to shortages, especially in smaller goods. UK imposes 35% import duty on Russian diamonds. De Beers 1Q production +25% to 8.9M cts., sales volume -41% to 7.9M cts.; signs exploration deal in Angola. Gem Diamonds 1Q revenue +19% to $52M, Letšeng average price +12% to $1,831/ct. Kering “other” sales, including jewelry and watches, +35% to $1.1B. Sotheby’s HK sells step-cut, 15.10 ct., fancy vivid blue De Beers diamond for $57.5M ($3.8M/ct.).

RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct
-0.19%
-3.91%
0.47%
0.50 ct
-0.12%
-3.44%
10.12%
1.00 ct
-0.55%
-4.14%
24.06%
3.00 ct
-0.86%
-3.16%
28.29%
RAPI Graph
Market Reports
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United States: Dealers struggling to replace sold inventory amid shortages and price uncertainty...
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Belgium: Business happening, but not booming...
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Israel: Steady demand for 1 to 1.50 ct., G-J, VS-SI goods...
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India: Liquidity tight due to sluggish demand and some payment delays...
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Hong Kong: Retail jewelry sluggish despite stimulus consumption vouchers...
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Podcast: How to make meaningful connections in the industry
WITH MELISSA WOLFGANG AMENC

Kicking of a new season of Jewelry Connoisseur podcasts, gemstone and jewelry dealer Melissa Wolfgang Amenc from Geneva-based Golay Fils & Stahl stresses the importance of hard work, learning from mistakes, and attending trade shows.

Why Diamond Miners Are Moving Downstream
WITH LEAH MEIROVICH

In return for a share of the profits, some producers are signing exclusive supply deals with large polishing firms and jewelers. But where does that leave the midstream players that still need rough? 

Webinar: Diamonds in the Metaverse
WITH RAPAPORT AND SARINE TECHNOLOGIES

How are Web3 and NFTs redesigning the way consumers experience luxury goods? This webinar will explore the opportunities these new technologies offer the diamond and jewelry industry, and untangle some myths and misconceptions.

UPS AND DOWNS
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WEEKLY NEWS
industry
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Sotheby’s Rakes In $57.5M for De Beers Blue
Stone far surpasses $48M high estimate.
De Beers Signs Exploration Contracts in Angola
Miner expects to begin operations this year.
UK Slaps 35% Tariffs on Russian Diamonds
Latest measures also apply to pearls, colored gemstones and jewelry.
‘8X’ Cut Grade Expanding to Fancy Shapes
GCAL to offer service for ovals and princesses.
retail
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Mother’s Day Jewelry Spending to Break Record
Outlay on the category expected to reach $7 billion, according to NRF.
Kering Sees ‘Exceptional’ Jewelry Sales
North America and Western Europe drove growth in first quarter.
Fawaz Gruosi Leaves Role at Eponymous Brand
Exit follows failure to reach licensing agreement with Creative Luxury Holding, Rapaport News understands.
mining
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De Beers Output Rises in Strong Market
Miner gives more cautious outlook after buoyant first-quarter demand.
Petra Looks to Offload South Africa Mine
Company believes another owner could extend Koffiefontein beyond scheduled 2025 closure.
High Rough Prices Boost Gem Diamonds Revenue
Sales up 19% year on year in first quarter.
Stargems Buys Diamond Mines in South Africa
Company acquires deposits from business run by Richemont chairman Johann Rupert.
Lucapa Sales Drop as Polished Profits Dry Up
Lack of large stones also dented revenue in first quarter.
Burgundy Finds Large Cluster of Colored Diamonds
91% of those retrieved in Canada’s Naujaat project are orange, miner says.
general
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India Trade Grows Amid Higher Average Price
Polished exports up 3% in March despite lower volumes.
US Demand Fuels Growth in Swiss Watch Exports
Orders from the American market rose 32% in March.
Bonhams Hires Jewelry Chief in Hong Kong
Stewart Young will be head of the category for Asia.
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