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Rapaport TradeWire July 4, 2019
Jul 4, 2019 11:32 AM
By Rapaport
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| July 4, 2019 | | RAPAPORT MARKET COMMENT |  | | Diamond market quiet as US dealers take vacation. America supporting the trade with steady retail sales and expected boost from Independence Day weekend. Midstream under pressure with tight liquidity, slow orders and excess inventory. Weak sentiment continues as polished prices soften. 1 ct. RAPI -1.4% in June. Manufacturers buying polished rather than rough, as they need to focus on profitability instead of turnover. Buyers taking advantage of suppliers’ need for cash and pushing for discounts. PwC predicts Hong Kong retail sales will slide 5% in 2019 as demonstrations, reduced tourist spending, and trade war affect business. Luk Fook FY revenue +9% to $2B, profit +10% to $193M. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -2.18% | -3.36% | -21.17% | | 0.50 ct | -1.28% | -1.75% | -8.12% | | 1.00 ct | -0.16% | -1.22% | -5.63% | | 3.00 ct | -2.20% | -3.50% | -16.67% |  | | 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: Stable engagement and bridal sales during summer wedding season... |  |  | Belgium: Fancies moving better than rounds, with steady demand from European jewelers... | | |  | Israel: Many dealers have reduced operations in recent years, which has helped shield them from the current downturn... | | |  | India: Good market for top-make SIs and lower piqué goods... | | |  | Hong Kong: Trading down due to sluggish demand, slow season and political protests... | | |  | | | Stop Buying Rough |  | | WITH Avi Krawitz | A freeze on rough purchases would give manufacturers leeway to sell without having to produce, helping to restore liquidity. |  | | | Why the Market for Large Diamonds Is in Free Fall |  | | WITH Joshua Freedman | Prices of 3-carat stones and larger have slumped in the past six months. Four factors are driving the slowdown. |  | | | Webinar: A Race to the Bottom? | | | | WITH Avi Krawitz | Rapaport’s Senior Analyst will host two webinars on July 17 and 18 assessing the current challenges in the market. |  | | | WEEKLY NEWS | | industry | | | | Challenging Diamond Market Sees Further Declines | | 1-carat RAPI falls 3.1% in the first half. |  | | | JSA Warns Jewelers of Power-Cut Break-Ins | | Alliance issues “code red” warning ahead of July 4. | | | | | Tariffs, Taxes Top JA Washington Agenda | | Trade representatives lobby lawmakers on Capitol Hill. | | | | | retail | | | | Net-a-Porter to Debut VIP-Only Jewelry Site | | Platform will be available exclusively to company’s most loyal customers. | | | | | Protests Dent Hong Kong Retail Outlook | | Sales will drop 5% in 2019, PwC predicts. | | | | | China Expansion Spurs Luk Fook Growth | | Performance weakened in second half due to trade war. | | | | | mining | | | | Ex-Letšeng CEO Joins Gem Diamonds Board | | Mazvi Maharasoa headed the Lesotho mine until 2017. | | | | | Trans Hex Cautious About Future Operations | | Company records full-year loss for its South African business. | | | | | Firestone Gets Bank Waiver After Prices Slide | | Miner was at risk of breaching loan covenants. | | | | | general | | | | Israel Bourse Unveils ‘Real Diamonds’ Campaign | | First video ad highlights the allure of natural stones. | | | | | AGTA Show Manager Keen to Retire | | She was responsible for expanding the organization’s presence at national events. | | | | | GIA Expands China Education | | Institute partners with Shanghai Jiao Tong University to offer remote learning. | | | | | New Tool Evaluates Perceived Diamond Size | | Australian jeweler Garry Holloway files patent application for Looks Like. | | | | | Ethics Service for Small-Scale Jewelers Launches | | Program by Levin Sources helps companies with their policies and procedures. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Retail shares showed some positivity this week after US President Donald Trump said trade talks with China were resuming. European equities gained strongly, with increases at Pandora (+3.4%), LVMH (+3.2%) and Kering (+1.5%). Birks Group (+5%) led mixed Wall Street stocks. However, Hong Kong-based Luk Fook (-5%) dropped after giving a cautious outlook. Mountain Province (-11%) was the weakest performer in an overall disappointing seven days for mining stocks. | | | | | 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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