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Rapaport TradeWire March 19, 2020

Mar 19, 2020 12:57 PM   By Rapaport
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26 Nov 19 Igi Tw Banner Jewelry
Rapaport TradeWire
March 19, 2020

Diamond markets under pressure as coronavirus pandemic spreads economic crisis and reduces demand. Declining stock and commodity markets rattle consumer confidence. US retail shutting down as Tiffany & Co., Macy’s, Saks, J.C. Penney close stores, signaling dramatic shift to digital stay-at-home economy. Polished trading stalled due to travel restrictions and fear of falling prices. JCK Las Vegas shows postponed. Rough prices fall estimated 10% to 25% at March auctions. Diamond industry must adapt to new reality and find ways to keep B2B market alive in these difficult times. We must embrace our digital future and recognize that diamonds are a unique store of value.

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Weekly Monthly Y2Y
0.30 ct -1.42% -2.84% -4.35%
0.50 ct -1.56% -2.32% -6.38%
1.00 ct -1.39% -3.19% -9.46%
3.00 ct -1.14% -2.38% -16.50%
RAPI Yearly Graph
Trade Wire 600X160 April 2018
Market Reports
United States: Retail slow as major jewelers temporarily shut stores....
Belgium: Trading halls closed to avoid spread of coronavirus...
Israel: Israel Diamond Exchange (IDE) discounting membership fees for two months as business grinds to a halt...
India: Surat industry decides against shutdown in effort to avoid further damage to the sector...
Hong Kong: Domestic demand sluggish after pandemic and year of protests leave economy crippled...
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JCK Postpones Las Vegas Shows
Organizers will share new dates shortly.
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New York’s Diamond Dealers Club Closes
First duty is to protect members, organization says.
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Belgium, Israel Shut Diamond Trading Halls
Governments move to reduce interpersonal contact.
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KP June Intersessional to Go Virtual
Meeting, which was scheduled for June in Moscow, will be restructured as a video conference.
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Indian Exporters Get Reprieve from Banks
Bharat Diamond Bourse tells companies to reduce head count by 50% to prevent virus spreading.
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Tiffany, Macy’s Among Retailers Closing US Stores
J.C. Penney, Pandora and Nordstrom will also temporarily shut a large proportion of stores.
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NRF Predicts Heavy Impact of Coronavirus
Supply chains will suffer as imports slow in March and April.
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Luk Fook Warns of Profit Drop Amid Lockdown
Same-store sales plunge 50% in January and February.
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Pandora Nixes Guidance, Shutters Stores
The coronavirus outbreak has dented revenue globally.
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De Beers Sight Still On Despite Travel Ban
Company considering supply methods after Botswana blocks arrivals from virus-hit countries.
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Alrosa Relaxes Sales Terms Amid Market Crisis
Miner lets clients defer up to 60% of their rough allocations.
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Production Continues as Miners Fight Virus Impact
Alrosa, Petra and Gem Diamonds among companies preparing for an outbreak while maintaining operations.
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Lulo Mine’s Resource Estimate Climbs
Angola deposit contains 25% more carats than previously thought.
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Gem Diamonds Tender Prices Drop 18%
March sale of small stones brings in $7.8 million.
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Sotheby’s Postpones Magnificent Jewels Auction
Company shifts Hong Kong sale from April to July.
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Belgium, Israel to Hold Online Diamond Fair
Free event follows cancellation of key trade shows.
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AGS Calls Off Annual Conclave
Society exploring options for a virtual mini-conference later in the year.
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Israel Bourse Offers Two-Month Fee Discount
Management seeks to ease traders’ burden during virus crisis.
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GSI to Flag Treatments in Lab-Grown Reports
Certificates will also state whether stone was created by CVD or HPHT.
Tradewire Banner March Single Stone V2
Diamond Industry Stock Report

Global stocks plunged this week as the coronavirus pandemic raised concerns and hit consumer sentiment. Retailers including Signet (-52%), Macy’s (-30%), Luk Fook (-25%), Tiffany (-14%) and Pandora (-10%) all dropped. Walmart (+8%) was the only major retailer to see an increase as consumers rushed to buy food, toiletries and cleaning supplies. Mining shares also plummeted, with Firestone (-74%), Mountain Province (-44%), Petra (-32%), Gem Diamonds (-25%) and Anglo American (-23%) all falling.

Rapnet Trade Wire
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