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Rapaport TradeWire June 20, 2019
Jun 20, 2019 10:40 AM
By Rapaport
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| June 20, 2019 | | RAPAPORT MARKET COMMENT |  | | Sentiment weak as polished prices continue to soften. Hong Kong fair opens with hope for better trading than Las Vegas shows. Outlook for Chinese local demand improves as luxury consumers shift to domestic spending, since weak yuan and trade war have reduced tourist shopping. Jewelers avoiding inventory buildup. Rough market cautious despite reported 4% to 8% price cut on small rough during low-value De Beers sight. Manufacturers reducing operations due to sluggish demand and tight profit margins. Christie’s Maharajas & Mughal Magnificence sale nets $109M (93% by lot) with Cartier diamond brooch selling for $10.6M. French billionaire Patrick Drahi acquires Sotheby’s for $3.7B. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.73% | -2.59% | -17.01% | | 0.50 ct | -0.62% | -0.97% | -6.85% | | 1.00 ct | -0.63% | -0.69% | -4.59% | | 3.00 ct | -0.83% | -4.25% | -14.47% |  | | 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: Retail performing better than last year, but dealer trading weak... |  |  | Belgium: Dealers who shunned Las Vegas are traveling to Hong Kong Jewellery & Gem Fair (June 20 to 23), where they see greater buyer potential... | | |  | Israel: Large-stone market subdued in both rough and polished... | | |  | India: Some companies reducing prices to boost activity and liquidity... | | |  | Hong Kong: There is concern some buyers have canceled attendance at the show due to ongoing protests in the city, which have also affected sentiment in the luxury sector... | | |  | | | Video: Appraisers Examine Role in Estate Market |  | | WITH Martin Rapaport | With a new wave of estate jewelry pieces on the horizon, the appraiser has an increasingly important job in the trade, according to participants in a Rapaport town hall meeting at JCK Las Vegas. |  | | | WEEKLY NEWS | | industry | | | | Christie’s Breaks Records with $109M Auction | | Sale achieves three world firsts for Indian works of art. |  | | | De Beers Can Do More, Botswana Group Says | | Organization claims miner has not sufficiently promoted local businesspeople. | | | | | Jewelry Set for Strong Growth in 2019 – Bain | | Category will be one of top producers, along with leather goods and handbags, analysts note. | | | | | Media Mogul Acquires Sotheby’s for $3.7B | | Patrick Drahi will take the company private after 31 years of trading on the NYSE. | | | | | retail | | | | TSL Accelerates China Expansion | | Retailer has opened 55 new stores in the past year, and will open an additional 100 in the next two. | | | | | Strong Job Market Boosts May Retail Results | | Purchasing in the US up 3.2% year on year, NRF says. | | | | | Platinum Guild Expands New Jewelry Line | | Collection, which launched in 2018, is now available in 30 US stores. | | | | | Royal Asscher Unveils Two More Diamond Cuts | | Styles were introduced in honor of brand’s 165th anniversary. | | | | | mining | | | | Gem Diamonds Offloads Ghaghoo Mine | | Botswana deposit has been on care and maintenance since 2017. | | | | | Tango Sells Diamond for Nearly $8K/ct. | | Stone was one of 190 up for tender from company’s Oena mine in third quarter. | | | | | Kareevlei Rough Fetches $7,600/ct. | | 24.98-carat stone nets $190,000. | | | | | general | | | | Industry Leaders Encourage Reform at KP | | WDC president Stephane Fischler urges member countries to reach consensus during final year of review. | | | | | Trust Is Key for Ethical Dealing, Say Wholesalers | | Amid transparency efforts, a good name can go a long way. | | | | | US Polished Imports Slump in April | | Figure falls 20% for the month. | | | | | Social Media Emerges as Jewelers’ Top Strategy | | Online competition is number-one challenge facing industry, according to survey. | | | | | HRD Antwerp Expands Its Reach to the UK | | Organization will launch a drop-off center for diamond and jewelry grading. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Signet Jewelers (-6%) continued to descend after the company reported a drop in first-quarter sales earlier this month. Other retailers were relatively positive, with J.C. Penney (+14%) gaining momentum in June. Hong Kong retail stocks had a solid week, reflecting improved sentiment as geopolitical tensions cooled: Luk Fook (+4.8%) and Chow Tai Fook (+2.4%) both gained. In general, mining companies had a relatively even week, with only Gem Diamonds (-8%) and Lucapa Diamond (-6%) seeing declines. | | | | | Contact Us |  |       | | © Copyright 2019 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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