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Rapaport TradeWire February 22, 2018
Mar 5, 2018 9:59 AM
By Rapaport
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| February 22, 2018 | | RAPAPORT MARKET COMMENT |  | | High expectations for next week’s Hong Kong show as dealers maintain firm prices for RapSpec A2+ diamonds, and jewelry sales improve during Chinese New Year. Indian market cautious, with banks expected to tighten lending amid $1.8B fraud claim against Nirav Modi and Gitanjali. Rough trading steady as cutters increase production to fill polished shortages. De Beers 2017 earnings -21% to $528M, revenue -4% to $5.8B, plans to raise 2018 production to 34M-36M cts. Lucara 2017 sales -25% to $221M, profit -8% to $65M. Petra 1H revenue -1% to $225M, loss of $118M vs. profit of $35M. US 2017 polished imports -6% to $21.6B, exports -4% to $18B. Reuven Kaufman reelected NY DDC president. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.40% | 5.22% | 6.65% | | 0.50 ct | 0.53% | 2.90% | -11.65% | | 1.00 ct | 0.44% | 1.89% | -0.73% | | 3.00 ct | -0.10% | -1.67% | 3.30% |  | | The RapNet Diamond Index (RAPI™) is the average asking price in hundred $/ct. of the 10 percent best priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet - Rapaport Diamond Trading Network. | | | | Market Reports | | |  | United States: Jewelry retail market stable over Valentine’s Day... |  |  | Belgium: Focus on filling US and European orders... | | |  | Israel: Polished trading slower as dealers wait for Hong Kong show... | | |  | India: Cautious mood following major bank fraud claim against Nirav Modi and Gitanjali Gems... | | |  | Hong Kong: Strong jewelry retail sales during Chinese New Year, according to government data... | | |  | | | Rapaport Research Report |  | | WITH Avi Krawitz | India is better positioned for growth in 2018 than it was last year, despite the recent $1.8 billion fraud case that shook the industry this week. The February Rapaport Research Report outlines how the country can capitalize on its dominant role as new regulations become entrenched and global diamond demand improves. |  | | | WEEKLY NEWS | | industry | | | | Investigation into $1.8B Jewelry Fraud Intensifies | | Trade assesses impact of allegations. |  | | | Sarine Sues Rose Gems for Alleged Fraud | | Technology provider claims Indian manufacturer misused Galaxy system. | | | | | Israel Sees Downturn in Polished Exports | | Government promises financial aid to help boost trade. | | | | | New Diamond Bourse in the Works for Surat | | The facility will host over 4,400 merchants. | | | | | Comment: Making the Most of Memos | | Consignment can be a lucrative arrangement for jewelers, as long as both merchants and suppliers take steps to protect themselves. | | | | | retail | | | | Swiss Watch Exports Surge in Asian Markets | | Region continues to be strong, with China overtaking the US. | | | | | Jewelers Focus on Digital at Inhorgenta | | Favorable exchange rates boost diamond demand in Germany. | | | | | Mumbai to Get New Jewelry Complex | | The park will span 25 acres and employ 100,000 workers. | | | | | mining | | | | De Beers Production to Peak in 2018 | | Earnings increase due to lower costs. | | | | | Lack of Large Diamonds Dents Lucara Sales | | 2017’s Lesedi La Rona sold for less than 2016’s Constellation. | | | | | Petra Diamonds Posts Heavy Loss | | Stronger rand impacts results for South Africa-focused miner. | | | | | Prices Strong at Alrosa Israel Auction | | Sale of large rough stones yields $13.7 million. | | | | | general | | | | Phillips Names Jewelry Head for Americas | | Susan Abeles formerly worked at Bonhams. | | | | | Ethically Sourced Gem Fair Comes to UK | | Suppliers will offer a variety of stones at one-day London event. | | | | | Stargems to Hold Dubai Rough Tenders | | Company partners with local diamond exchange. | | | | | WJA Honors Women Who Drive Equality | | New category will debut at the annual Awards for Excellence. | | | | | Reuven Kaufman to Head New DDC Board | | New York exchange reelects three other senior officers. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Indian jewelry shares fell as fraud allegations against Gitanjali Gems (-44%) and Nirav Modi dampened investor sentiment, with Asian Star (-14%) and PC Jeweller (-7.1%) both down. Lucara Diamond (-9.1%) and Petra Diamonds (-8%) trailed mining stocks following disappointing results. In the US, Walmart (-10%) dropped after reporting lower-than-expected earnings. | | | | | Contact Us |  |       | | © Copyright 2018 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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