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Rapaport TradeWire March 24, 2022

Mar 24, 2022 11:39 AM   By Rapaport
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March 24, 2022
RAPAPORT MARKET COMMENT
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Polished prices under pressure. Russian sanctions, China Covid-19 wave, US inflation, and hike in interest rates impacting demand. Polished inventory rising. Buyers lack urgency and expect further price declines. Suppliers reducing prices after 2022 surge. Melee and goods below 0.30 ct. weak. 1 ct. stable. Investment-quality diamonds waking up. Secondary rough market softening after speculative Jan.-Feb. Alrosa clients finding ways to pay for Russian goods despite sanctions. Signet Jewelers 2021 revenue +50% to $7.8B, profit of $770M; company halts trade in Russian-origin goods. Alrosa shuts US office.

RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct
-2.08%
-0.27%
5.30%
0.50 ct
-1.37%
1.08%
13.80%
1.00 ct
-1.26%
2.85%
33.40%
3.00 ct
-0.27%
2.15%
35.92%
RAPI Graph
Market Reports
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United States: Commercial-quality melee prices softening after previous upbeat trend...
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Belgium: Suppliers willing to compromise on price as demand weakens...
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Israel: Small stones below 0.30 ct. sluggish...
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India: Steady interest in 1 ct. and larger goods in lower colors and clarities...
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Hong Kong: Local luxury sales halted as government extends social distancing rules...
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The Rapaport Diamond Podcast: Episode 60
WITH SPECIAL GUEST EIRA THOMAS

Lucara Diamond Corp. is strategizing ways to continue the growth momentum after a banner year in 2021. Rapaport’s Avi Krawitz speaks to Lucara CEO Eira Thomas about the company’s plans for its mining and sales operations.

UPS AND DOWNS
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WEEKLY NEWS
retail
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Signet Halts Trade in Russian Diamonds
Retailer reports 50% sales increase for 2021.
Chow Sang Sang Launches Lab-Grown Platform
The Future Rocks connects consumers with synthetic-diamond jewelry brands.
Brilliant Earth Sees Sharp Jump in Sales
Revenue up 38% in fourth quarter at US retailer.
India’s Titan Invests $20M in Lab-Grown Jeweler
Company will take a 13% share in Clean Origin.
industry
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Colored Diamonds to Lead Christie’s New York Sale
8.82-carat, fancy-intense-purple-pink stone expected to fetch up to $6 million.
March Hong Kong Shows Delayed Again
Diamond and jewelry fairs to take place in the summer.
Size the Key Factor for Lab-Grown Buyers: Survey
Shoppers want bigger stones at lower prices, MVI Marketing finds.
mining
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Alrosa to Shut US Office
Rebecca Foerster steps down as president of company’s New York branch.
Gem Diamonds Profit Rises in Strong Market
Sales increased in 2021 as prices and production recovered.
De Beers Unveils $420M Diamond-Mining Ship
The vessel will add 500,000 carats to Debmarine Namibia’s annual production.
Ellendale Set to Come Back Onstream This Year
Mine will reach commercial production in fourth quarter, owner Burgundy says.
general
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Bonhams Acquires Three Auction Houses
Company bought Skinner, Bukowskis and Bruun Rasmussen this year.
Swiss Watch Exports See Strongest February Ever
Orders climbed 24% year on year.
Jewelers’ Alliance Confronts the ‘Big Quit’
MJSA’s new mentoring and apprenticeship program aims to counter industry’s labor shortage.
Lab-Grown Company Taps Ex-Richemont Exec
Alain Bernard to join board of Aether Diamonds, which claims to create stones from carbon dioxide in the air.
Get Diamonds Names New Chief
WFDB trading platform recruits Eyal Shirazy as executive director.
HB Antwerp Brand Hires Sustainability Head
Valerie Geluykens recently moved to Signum from Claes Retail Group.
Higher Average Price Lifts India Exports
Polished shipments out of the country rose 14% in February.
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