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Rapaport TradeWire March 1, 2018

Mar 5, 2018 9:59 AM   By Rapaport
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14 Dec 2017 Igi Trade Wire Top Banner
Rapaport TradeWire
March 1, 2018
RAPAPORT MARKET COMMENT
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Positive sentiment after Chinese New Year. Hong Kong show starts off slow, with Chinese buyers still on vacation. Steady dealer demand and firm prices for 0.30 to 1 ct., G-J, VS-SI, RapSpec A2+ diamonds. Indian consumers and banks cautious as fallout from alleged $1.8B Nirav Modi-Gitanjali fraud widens, with new reports of unpaid $810M Gitanjali loan. A.Jaffe, Firestar Diamond and Fantasy file for bankruptcy protection. India Jan. polished exports +29% to $2.1B, rough imports +14% to $1.4B. Belgium Jan. polished exports +29% to $813M, rough imports +14% to $1.1B. Eira Thomas appointed CEO of Lucara Diamond Corp. Nishit (Bali) Parikh elected AWDC president.

Iidgr Tw Banner Jan 2018
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct 0.00% 4.71% 6.50%
0.50 ct -0.33% 2.08% -11.87%
1.00 ct -0.22% 1.16% -1.23%
3.00 ct -0.13% -1.83% 3.20%
RAPI Yearly Graph
Unique Trade Wire 600X160
Market Reports
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United States: Retail market seasonally slow as jewelers concentrate on bridal ahead of summer wedding season...
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Belgium: Dealers optimistic, with focus on filling US and European orders...
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Israel: Good demand at large-stone rough auctions...
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India: Cautious mood following major bank fraud claim against Nirav Modi and Gitanjali Gems...
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Hong Kong: Strong jewelry retail sales during Chinese New Year, according to government data...
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28 Feb 2018 Carat Tw Banner 600X160
UPS AND DOWNS
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Jeweler Convinces Olympic Skaters to Wear Her Designs
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Large Diamond Deposits Discovered in Zimbabwe
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Bank Accuses Another Indian Jeweler of Fraud
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Grace Mugabe Involved in Lawsuit Against Jeweler
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WEEKLY NEWS
industry
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Modi Latest: Three Jewelers File for Chapter 11
Firestar and Fantasy hope to find buyers within a week.
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Gitanjali Chief Tells Staff to Find New Jobs
Asset seizures have made it impossible to pay salaries, Mehul Choksi claims.
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Diamond Firms Press Ahead with Blockchain
Dharmanandan and Hari Krishna have adopted the technology to improve traceability.
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US Polished Market Declines in 2017
Imports and exports fall, but price per carat grows.
retail
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Buffett’s Conglomerate Sees Slight Retail Drop
Division includes Borsheims, Helzberg Diamonds and Ben Bridge Jeweler.
mining
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Zimbabwe to Hold First Diamond Sale in a Year
Auctions had paused during a restructuring period.
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Lucara Names Eira Thomas as CEO
Miner also acquires digital sales platform.
general
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Rapaport Partners with Carat+ 2018
Antwerp show is billed as world’s premier diamond event.
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Belgium Sees Rise in Polished Trade
Rough imports also climb.
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Parikh Returns to AWDC President Role
Diarough CEO last held the position from 2010 to 2012.
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India’s Polished Exports Jump in January
Shipments up 29% to $2.08 billion.
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De Beers’ IIDGR to Offer Courses in Chinese
Programs available for current or future diamond professionals.
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FINANCE
Diamond Industry Stock Report
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Lucara Diamond stock rose 8.6% in the six days ending Wednesday as the company announced a new CEO and the acquisition of a digital sales platform. Miners had a mixed week otherwise: Stornoway Diamond (+17%) gained, while Petra Diamonds (-6.6%) and Firestone Diamonds (-8.5%) lost ground. US retail had a positive week, with both J.C. Penney (+9.4%) and Macy’s (+11%) benefiting from promising quarterly results.

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