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Rapaport TradeWire March 17, 2022

Mar 17, 2022 4:22 AM   By Rapaport
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March 17, 2022
RAPAPORT MARKET COMMENT
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US sanctions prohibit imports of Russian rough and polished but allow polished diamonds from Russian-mined rough if they were cut elsewhere. Supply decline unlikely as Alrosa clients find alternative payment methods for next week’s contract sale. JVC warns that US may broaden ban to include transformed polished. EU and UK import sanctions expected. Rapaport issues statement. Retailers considering ethical stand on Russian-sourced diamonds. Market cautious due to Ukraine crisis, US inflation and China Covid-19 spike. Shenzhen lockdown restricting diamond trade. Jewelry sales +22% in Feb., Mastercard SpendingPulse says. India Feb. polished exports +14% to $2B, rough imports +40% to $2.1B.

RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct
-1.15%
2.84%
6.88%
0.50 ct
-0.38%
4.32%
14.85%
1.00 ct
-0.61%
5.40%
35.35%
3.00 ct
-0.71%
3.29%
36.47%
RAPI Graph
Market Reports
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United States: Retailers optimistic despite inflation and drop in consumer sentiment...
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Belgium: Rough market uncertain ahead of Alrosa sale...
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Israel: Suppliers maintaining low inventory and willing to wait before compromising on price...
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India: Steady interest in 0.30 to 1 ct., D-G, VVS1-VS2 dossiers...
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Hong Kong: Dealers focusing on other southeast Asian consumer markets amid sluggishness at home...
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Russia Sanctions: Resources for the Trade
WITH RAPAPORT

Ongoing updates and official statements on the Ukraine crisis and how it affects the diamond industry.

The Diamond Origin Dilemma
WITH AVI KRAWITZ

The recent US sanctions on Russian diamonds have shone a spotlight on the trade’s traceability programs, and have left retailers between a rock and a hard place.

UPS AND DOWNS
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WEEKLY NEWS
industry
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Guidance Regarding US Sanctions Against Russia
Notice to Rapaport members.
Russian Goods Cut Elsewhere Are Legal: JVC
US executive order prohibits imports of rough diamonds.
Russian Invasion’s Impact on Diamond Prices
Rapaport statement on Ukraine situation.
EU Bans Exports of Diamonds to Russia
Purchases from Alrosa still permitted.
retail
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Strong Economy to Buoy US Retail in 2022: NRF
Sales will grow up to 8% for the year, according to forecast.
Jewelry Sales Surge in February
US revenues up 22% year on year, Mastercard reports.
US Online Sales Hit $1.7T During Pandemic
Inflation boosted the dollar total, according to Adobe.
general
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Sarine Targets Finance Market with Valuation Service
Tech company will estimate price of rough based on polished outcome.
Dubai Partners with Botswana to Promote Diamonds
DMCC will host Okavango auctions as part of the deal.
Gem Legacy Launches Adventure Travel Company
Nonprofit group will offer guided tours of East African safaris and mining sites.
Sotheby’s Garners $12M at New York Jewelry Sale
Set of diamond earrings by Boucheron takes top spot, bringing in $1.3 million.
Diamonds Eclipse Estimates at Christie’s
Ring with 25.14-carat stone fetches $424,500.
Platinum Guild Appoints Senior Vice President
Kevin Reilly’s promotion follows 16-year tenure with the group.
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