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Rapaport TradeWire October 24, 2019

Oct 24, 2019 11:24 AM   By Rapaport
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Rapaport TradeWire
October 24, 2019
RAPAPORT MARKET COMMENT
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Indian companies filling final orders ahead of Diwali. Manufacturing slowing before the festival with factories closing until late November. Steady demand for select categories but traders struggling to sell unwanted items. Markets quiet in Israel, Antwerp and New York following Jewish holiday period. De Beers inventory up in 3Q due to weak rough demand and despite production decline -14% to 7.4M cts. Miner predicts elevated stock levels will last until 2020. Alrosa 3Q sales -37% to $611M, output +15% to 12.1M cts. Jewelry business closures +27% to 286 in 3Q, JBT reports. Signet launches synthetic diamonds at Kay and Jared. The Rapaport Group wishes all our friends a happy Diwali.

Trade Wire 600X160 April 2018
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct 0.45% 0.79% -18.26%
0.50 ct 0.59% 0.01% -9.22%
1.00 ct -0.23% 0.05% -5.71%
3.00 ct -0.24% 0.62% -18.80%
RAPI Yearly Graph
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UPS AND DOWNS
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Gold Prices Soared 20% This Year
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The Newest Jewelry Trends on the Runway
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Links of London Financial Woes Lead to 38 Job Losses
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Indian Traders Rejecting Fluorescent Stones as ‘Defective’
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Trade Wire 24 Oct Jewelry Auction
WEEKLY NEWS
industry
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Jewelry Businesses Closing at Higher Rate
A total of 286 companies leave market in third quarter.
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Christie’s, De Beers Partner on London Exhibition
Educational display will feature 24-carat Cullinan Dream.
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Sarine Anticipates Return to Profitability
Sales of mapping equipment for small stones have risen.
retail
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Signet Increases Lab-Grown Footprint
Jeweler testing synthetic diamonds at Kay and Jared stores.
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Deloitte Predicts Uplift in Holiday Sales
E-commerce revenues will grow by up to 18%, consulting firm says.
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Titan Revenue Drops as Gold Price Surges
C K Venkataraman succeeds Bhaskar Bhat as managing director.
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US Market Buoys Swiss Watch Exports
Global shipments up 10% in September.
mining
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De Beers Slashes Output Amid Diamond Glut
Inventory to remain inflated until next year, miner says.
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Alrosa Sales Down as Cutters Reduce Stock
Average price falls due to larger proportion of small stones.
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Weak Prices Dent Petra Revenue
Quarterly sales slide 23% to $61.6 million.
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Lower Grades Hit Mountain Province Production
Bad weather prevented mining of higher-quality ore.
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Trans Hex to Liquidate Struggling Mining Unit
Talks to sell West Coast Resources have fallen through.
general
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Belgium Diamond Shipments Drop
Polished exports fall 25% in September.
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GIA to Roll Out Gem Guide Across Africa
Project to educate artisanal miners follows successful pilot in Tanzania.
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Phillips to Sell Rare Pink Diamond Collection
Stones from Rio Tinto’s Argyle mine will lead the Hong Kong Jewels and Jadeite auction.
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FINANCE
Diamond Industry Stock Report
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Hong Kong retail stocks continued to rebound amid optimism about US-China trade talks. Chow Sang Sang (+7%), Chow Tai Fook (+5%) and Luk Fook (+2%) all rose. European stocks, including Kering (-1%), LVMH (-1%) and Richemont (-1%), dipped slightly as the imminent Brexit deadline approached, while Pandora (+24%) bucked the trend following its upgrade by Carnegie Investment Bank. Mining companies once again struggled in the weak rough market. Alrosa (-4%), Mountain Province (-4%) and Petra (-9%) all fell after reporting disappointing results, with Lucapa (-7%) and Gem Diamonds (-6%) also losing ground.

Rapnet Trade Wire
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