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Rapaport TradeWire July 29, 2021

Jul 29, 2021 10:18 AM   By Rapaport
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July 29, 2021
RAPAPORT MARKET COMMENT
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Diamond market quieter as Belgium and Israel trades take vacation. Sentiment positive and prices firm. Dealers seeking opportunities and gaining confidence to buy at higher price levels. US retail recovery driving demand. Polished inventory rising following high-volume 1H rough purchases. RapNet listings exceed 1.5 million diamonds for first time since March 2020. Supply shortages persist due to India production delays. Alrosa buys Gokhran rough to fill supply quota, raises prices estimated 7%. De Beers 1H revenue +138% to $2.9B, earnings of $267M vs. loss of $214M, price index +14%, July sight valued at $510M. LVMH 1H jewelry and watch sales +205% to $4.7B, profit of $935M.

RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct
-0.08%
0.71%
6.84%
0.50 ct
0.09%
1.54%
13.47%
1.00 ct
-0.05%
3.06%
22.29%
3.00 ct
0.14%
0.27%
17.94%
RAPI Yearly Graph
Market Reports
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United States: Jewelers selling more than average for this time of year, with movement across a diverse range of goods...
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Belgium: Rough market calmer than two weeks ago...
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Israel: Buyers slowly adapting to higher price levels, but some caution remains...
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India: Mumbai trading mixed, with major exporters doing better than small and midsize companies...
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Hong Kong: Hong Kong International Jewellery Show (July 25 to 29) very quiet despite organizers’ promotional efforts...
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Not Enough Rough
WITH AVI KRAWITZ

While polished demand now exceeds pre-pandemic levels, mining production is at a historic low. That may represent the new normal — an outcome that would support diamond value in the long term, Rapaport Senior Analyst Avi Krawitz proposes in this week’s “Field Notes” column. 

UPS AND DOWNS
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WEEKLY NEWS
industry
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Alrosa Follows De Beers with Price Rise
Miner implements increase of around 7% at July contract sale.
De Beers Sales Rise Following Price Increase
July proceeds jump to $510 million amid strong rough demand.
US Jewelry-Store Closures Accelerate
143 businesses exited the industry in the second quarter of 2021, compared with 90 a year earlier.
retail
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LVMH Buoyed by Resurgent Jewelry Sales
Revenue from the category tripled year on year in the first half.
US Stores Expecting Recovery by Fall
Vaccines and the release of pent-up demand will power the rebound, jewelers believe.
Jewelry Strong for Kering in First Half
Qeelin brand had a “spectacular” period, tripling 2019 revenue, company says.
mining
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De Beers Returns to Profit as Market Recovers
Miner reports positive underlying earnings in first half after 2020 losses.
Alrosa Buys from Gokhran to Fill Inventory Gap
Miner purchases 70% of goods at special auction by Russian state depository.
Cullinan Yields 343ct. Rough for Petra
White, type IIa diamond of “exceptional quality” will likely go on sale at September tender, miner says.
general
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Colored-Gem Marketing Council to Debut in Vegas
Trade organization aims to increase consumer sales by coordinating sector’s messaging and training.
Jewelry Group Awards $35K in Scholarships
Prizes from Women’s Jewelry Association Foundation will go to 12 winners.
Trans Atlantic Garners $62M at Record Rough Tender
Company reports strong demand at July sale in Dubai.
India’s IIJS Fair Gets New Date and City
Show will take place in Bengaluru in September.
VicenzaOro to Debut Covid-19 ‘Safe’ Format
All entrants will need a green pass to enter expo center, show organizer says.
FINANCE
Diamond Industry Stock Report
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US retail stocks fell as investors awaited the outcome of a Federal Reserve meeting that took place this week. In Hong Kong, shares dropped amid uncertainty over China’s regulatory policies. Signet (-5%), Macy’s (-5%), Chow Sang Sang (-4%) and Luk Fook (-1%) all slipped. Miners had a mixed week, with De Beers owner Anglo American (+11%) rising after announcing a large payout to shareholders. Petra (-6%), Gem Diamonds (-6%), Mountain Province (-4%) and Lucara (-3%) all declined.

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