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Rapaport TradeWire April 7, 2022

Apr 11, 2022 7:06 AM   By Rapaport
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April 7, 2022
RAPAPORT MARKET COMMENT
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Polished trading cautious as prices continue decline. 1 ct. RAPI +0.5% in March but down in recent weeks; 0.30 ct. for March -3.9%. US bridal supporting the market. March jewelry sales +12%, Mastercard SpendingPulse reports. Uncertainty growing due to geopolitical and economic volatility and China Covid-19 lockdowns. Alrosa suspension from Responsible Jewellery Council highlights market split in criteria for ethical sourcing. Kering withdraws from RJC; Bulgari steps down from board; John Hall appointed interim executive director. US Congress members request extension of Russian sanctions to polished cut outside Russia. Rapaport halts all activity with Russia and Belarus, introduces rough source disclosure on RapNet, launches new social responsibility website, sr.rapaport.com.

RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct
-0.47%
-7.51%
1.87%
0.50 ct
-0.78%
-4.70%
11.43%
1.00 ct
-0.78%
-4.37%
29.83%
3.00 ct
-0.90%
-2.74%
33.23%
RAPI Graph
Market Reports
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United States: Staff shortages preventing manufacturers from meeting demand...
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Belgium: US bridal driving orders for 1 to 1.50 ct. polished...
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Israel: Very few transactions with Chinese buyers amid Shanghai lockdowns...
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India: Domestic market seeing pockets of demand but sluggish overall...
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Hong Kong: Consumers avoiding luxury purchases as virus continues to spread...
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Rapaport Group Takes Action Following Russian Invasion
WITH RAPAPORT

Rapaport has suspended all activity with Russian and Belarusian companies and enabled sellers on RapNet to list the origin of their diamonds.

Crisis Mismanagement
WITH AVI KRAWITZ

The Responsible Jewellery Council (RJC) must still play a leading role in the industry’s ethical-sourcing efforts, despite the drama that unfolded in recent weeks. 

The RJC, Russia and Hollywood Glamour
WITH THE RAPAPORT DIAMOND PODCAST

The editorial team discusses the recent turmoil at the RJC, which saw the executive director and several brands leave the organization.

UPS AND DOWNS
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WEEKLY NEWS
industry
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Diamond Trade Cautious Amid Geopolitical Turmoil
Prices softened in March, particularly for goods below 0.30 carats.
Lawmakers Seek Review of Sanction ‘Loopholes’
Bipartisan group urges US government to examine its interpretation of “Russian origin.”
RJC Appoints John Hall as Interim Chief
Former Rio Tinto executive takes over following resignation of Iris Van der Veken.
Moscow Bourse Suspends WFDB Membership
Russian exchange paused activities in early March.
retail
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Bulgari Quits RJC Board
Watches of Switzerland resigns membership of standards organization.
Jewelry Sales Strong in March
Category up 12% year on year.
Kering Joins Exodus from RJC
Luxury group’s Boucheron, Pomellato, Qeelin and Gucci brands leave the organization.
Pandora Hires New China Boss
Irving Holmes Wong was previously managing director for Asia Pacific at beauty brand Avon.
mining
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Alrosa Leaves the Responsible Jewellery Council
Standards group cites legal review as reason for not taking action against the miner.
BlueRock’s Average Price Skyrockets
Figure rises to $1,000 per carat at March tender.
general
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Christie’s to Sell 128-Piece Patek Philippe Collection
Watches will go under hammer in Geneva, Hong Kong and New York.
Ruby and Diamond Ring Blows Away Estimate
Piece fetches $25,265 at Fellows auction.
TAG Heuer Puts Lab-Grown Diamonds in New Watch
LVMH brand uses stones from Israel’s Lusix.
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