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Rapaport TradeWire June 27, 2019
Jun 27, 2019 11:46 AM
By Rapaport
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| June 27, 2019 | | RAPAPORT MARKET COMMENT |  | | Sentiment weak amid ongoing liquidity concerns. Polished production reduced by estimated 30% in 2019 due to high inventory, sluggish demand and tight manufacturing profits. Recent rough-price cuts not enough to reboot the market. De Beers June sales slump 33% to $390M, 1H sales -18% to $2.4B. Quiet Hong Kong fair highlights show fatigue and cautious Far East demand as geopolitical tensions fuel economic uncertainty. Gold rallies +8% to $1,402 an ounce (June 1-27) as investors seek assets with store of value. Belgium May polished exports flat at $1.2B, rough imports -16% to $761M. India May polished exports -15% to $1.9B, rough imports -35% to $1B. Tara Jewels files bankruptcy. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.10% | -1.71% | -17.22% | | 0.50 ct | -0.10% | -0.93% | -6.98% | | 1.00 ct | -0.32% | -1.21% | -5.03% | | 3.00 ct | 0.03% | -1.18% | -14.93% |  | | 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: Steady flow of memo calls, but jewelers not buying for stock... |  |  | Belgium: Sellers cautious about giving credit, and are offering better cash prices... | | |  | Israel: Suppliers to Far East lacking orders, with Hong Kong show doing little to boost sentiment... | | |  | India: Cutters despondent due to low profitability, even after rough-price reductions... | | |  | Hong Kong: Political protests and trade war affecting business, with Chinese buyers staying away... | | |  | | | WEEKLY NEWS | | industry | | | | Tara Jewels Files for Chapter 11 | | Company listed between $10 million and $50 million in liabilities. |  | | | De Beers Cuts Prices as Rough Sales Slide | | Pressure on manufacturers has hit demand. | | | | | RJC Ready to Target Consumers | | New CEO and chairman outline strategy. | | | | | Peter Meeus to Advise WFDB on Synthetics | | He will serve as an external consultant to the trade group. | | | | | retail | | | | Engagement-Ring Spending Steady at $5K | | Couples increasingly opting for alternative stones, survey says. | | | | | Enchanted Diamonds Files for Bankruptcy | | Move follows suspension of company’s Better Business Bureau A+ accreditation. | | | | | Tom Brady to Represent IWC Schaffhausen | | New England Patriots quarterback has a soft spot for watches. | | | | | mining | | | | Gem Diamonds Unearths 135ct. Yellow | | Recovery is third significant colored diamond company has found this year. | | | | | De Beers Identifies New Kimberlite Indicator | | Lherzolite could change the nature of diamond exploration. | | | | | Botswana Proposes Lucara Investment | | Owning part of the business would benefit the country, government says. | | | | | Gemfields Exits Amethysts, Adds Gold | | Company sells 50% interest in Kariba Minerals mine to focus on emeralds, rubies and sapphires. | | | | | general | | | | Slowdown Continues in India Diamond Sector | | Exports have been declining year on year since November. | | | | | Designer Mark Cohen Dies at 63 | | He co-ran J.J. Marco, a New York-based retailer and wholesaler. | | | | | De Beers Rebrands Grading Unit | | IIDGR will change its name to De Beers Group Industry Services. | | | | | Belgium’s Rough Trade Slumps in May | | Exports down 37% to $741.5 million. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Chow Tai Fook (+7%) led Hong Kong jewelers in a rare strong week for the municipality’s stock market. US retailers performed less positively, with J.C. Penney (-6%) recording the heaviest decline. Mining was mixed: Rio Tinto (+2.9%) and De Beers owner Anglo American (+2.2%) were the stronger stocks, while Firestone Diamonds (-7%) and Petra Diamonds (-6%) lost ground. | | | | | Contact Us |  |       | | © Copyright 2019 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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