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Rapaport TradeWire April 14, 2022

Apr 14, 2022 11:53 AM   By Rapaport
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April 14, 2022
RAPAPORT MARKET COMMENT
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US retail supporting the market with steady demand, but dealer trading slow amid price uncertainty, China lockdown and Russian sanctions. US places Alrosa on OFAC Specially Designated Nationals list, blocking all US transactions with or benefiting the miner. American Gem Society urges members not to buy Russian-sourced diamonds even if cut outside of Russia and to require suppliers to sign ethical pledge. Alrosa cancels April tender as more banks refuse to facilitate payments. Updated sanctions news at sr.rapaport.com/sanctions. De Beers April sales +26% to $565M. LVMH jewelry and watch 1Q sales +24% to $2.5B. Christie’s NY totals $25.1M (96% by lot), with pear-shape, 8.82 ct., fancy intense purple-pink, IF ring fetching $6.8M ($770K/ct.). THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON APRIL 22 DUE TO THE PASSOVER HOLIDAY.

RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct
-0.86%
-7.58%
1.25%
0.50 ct
-0.89%
-5.27%
10.65%
1.00 ct
-0.99%
-4.86%
28.20%
3.00 ct
-0.69%
-3.24%
31.64%
RAPI Graph
Market Reports
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United States: Dealer trading stable but slowing due to Passover and Easter holidays.
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Belgium: Concerns rising about long-term impact US Alrosa sanctions will have on Antwerp trade.
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Israel: More dealers considering implications of buying Russian-origin diamonds.
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India: Manufacturers preparing to separate Alrosa goods from others to serve different markets.
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Hong Kong: Luxury houses struggling due to lack of tourist shoppers and are shifting focus to mainland.
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UPS AND DOWNS
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WEEKLY NEWS
industry
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US Imposes Further Sanctions on Alrosa
Treasury blocks Russian miner’s assets.
World Diamond Council Removes Alrosa
Latest sanctions were “deciding factor,” US-incorporated organization says.
De Beers Cautious Despite April Sales Surge
Sightholders adopting a more watchful approach due to war in Ukraine and Covid-19 lockdowns in China.
Fuchsia Rose Diamond Sells for Nearly $7M
Christie’s to auction 205.07-carat Red Cross in May.
Big Diamonds Rock Heritage Auction
Necklace featuring 21.93-carat stone has high estimate of $250,000.
retail
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Tiffany Growth Boosts LVMH in First Quarter
Jewelry and watch sales rose 24% during three-month period.
Chow Tai Fook Growth Slows as Pandemic Resurges
Retail revenues climbed 8.5% in the fourth fiscal quarter, but same-store sales slumped.
Michael Hill Sees Strong Start to 2022
Group revenue up 11% year on year in third fiscal quarter.
Titan Jewelry Sales Drop Amid Global Uncertainty
India’s Omicron wave and rising gold prices also dampened spending at beginning of 2022.
Watches of Switzerland Welcomes New Deputy CEO
David Hurley will also serve as president of company’s North America segment.
general
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Israel’s Polished Exports Surge
First-quarter figures were strong but didn’t yet reflect impact of Russia crisis.
The Pulse of Progress
NGOs and industry insiders discuss the issue of human rights abuses in the trade.
Sotheby’s to Showcase $12.8M Pink in Hong Kong
Nicholas Lieou ring featuring 5.11-carat diamond is among top pieces in upcoming auction.
Former Alrosa Exec Joins Hearts on Fire
Rebecca Foerster tapped to expand the brand's presence in North America.
45ct. ‘Star’ Diamond Sets Online Record at Christie’s
D-flawless stone nets $4.6 million, becoming most expensive jewel to sell in virtual auction.
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