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Rapaport TradeWire June 21, 2018
Jun 21, 2018 11:04 AM
By Rapaport
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| June 21, 2018 |
| RAPAPORT MARKET COMMENT |
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Hong Kong show opens with rising expectations for Chinese demand after Las Vegas demonstrates positive US market. Polished prices firm for RapSpec A2+ diamonds, and buyers shifting to lower price points for lower-quality goods. Limited inventory supporting prices for 3 ct. and larger diamonds. Rough trading steady during De Beers sight, despite tight manufacturing profit margins. Consolidation among cutters and dealers expected as high rough prices reduce profitability. India May polished exports +8% to $2.2B. Antwerp’s AWDC unveils automated polishing technology. Martin Rapaport issues statement calling on De Beers to cancel its restriction on source disclosure.
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| RAPNET DIAMOND INDEX (RAPI™) |
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| Weekly | Monthly | Y2Y |
| 0.30 ct |
-0.02% |
0.11% |
1.91% |
| 0.50 ct |
0.09% |
0.33% |
-4.69% |
| 1.00 ct |
0.14% |
0.43% |
-0.49% |
| 3.00 ct |
-0.18% |
0.79% |
1.70% |
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| 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. |
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| Market Reports |
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United States: Retailers limiting purchases to replacements for sold stock... |
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Belgium: Liquidity concerns as banks continue to refuse diamond-industry lending... |
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Israel: Focus shifts to Far East after Las Vegas shows... |
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India: Small manufacturers struggling to source rough at current price levels... |
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Hong Kong: Jewelers increasing inventory and fueling optimism for the Hong Kong fair... |
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| De Beers Destroying Transparency in the Diamond Industry |
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Martin Rapaport, Chairman of the Rapaport Group, calls on De Beers to immediately cancel its restriction on source disclosure. Following his “State of the Industry” speech at JCK Las Vegas, he accuses De Beers of refusing to let its clients disclose the legitimacy of the company's diamonds.
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| WEEKLY NEWS |
| industry |
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| Cryptocurrency Boosts Silicon Valley Jeweler |
| Payment method accounted for approximately 20% of Stephen Silver’s revenue over the last year. |
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| Dealer Holding $30M Diamond ‘Hostage,’ Lawsuit Says |
| Stakeholder failed to return 30-carat pink after borrowing it on memo, alleges stone’s majority owner, L.J. West. |
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| Antwerp Unveils Automated Polishing Technology |
| New machine makes process 10 to 20 times faster, claims AWDC. |
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| Platinum Sales Rise in US, India |
| Low unemployment rate, strong consumer confidence, and tax reform are key factors. |
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| retail |
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| De Beers Retail Unit Drops ‘Diamond’ from Name |
| Move reflects “public brand identity already in use.” |
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| Helzberg Debuts ‘Will You?’ Proposal Ring |
| Buffett subsidiary’s $50 placeholder band lets couple choose real one together without ruining the surprise. |
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| Richline Group Shakes Up Senior Leadership Team |
| Ramona Genao-Archibald and Bobby Kempler take on new roles. |
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| Michael Hill Reshuffles Australia Management |
| Move is part of retailer’s increased focus on core brand. |
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| Pandora Launches Bangkok Factory |
| New facility will significantly reduce jeweler’s production time. |
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| New Online Jewelry Marketplace Opens |
| Consumers will have access to Markette Six from July. |
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| mining |
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| Lucara Sells Two Huge Diamonds at $32M Tender |
| 327-carat rough fetches $10 million. |
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| Lucapa Rough Sale Yields $2M |
| Diamonds sell for average price of $1,150 per carat. |
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| general |
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| HRD Antwerp to Open Moscow Grading Lab |
| Center will be its first in Russia. |
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| India’s Polished Exports Rise in May |
| Shipments grow 8% year on year. |
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| New JewelPoint Event Aims to Connect Traders |
| First edition will take place in San Diego in October. |
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| Chinese Bourse Hosts India Diamond Week |
| Manufacturers and jewelry producers attend event at Shenzhen exchange. |
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| FINANCE |
| Diamond Industry Stock Report |
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Signet (+3.6%) and Macy’s (+3.3%) led US retail stocks this past week after positive May sales data boosted confidence in the sector. Shares in Hong Kong jewelers fell amid fears of a US-China trade war, with Luk Fook (-8.9%) declining the most. A management reshuffle at Australia’s Michael Hill (-9.4%) appeared not to go down well with investors, while Gitanjali Gems (-20%) and Asian Star (-12%) were the poorest performers in a negative week for Indian retailers. Mining stocks were mixed, with Alrosa (+7.3%) leading the gains, and Firestone Diamonds (-14%) recording a heavy drop.
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Rapaport
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