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Rapaport TradeWire February 27, 2020
Feb 27, 2020 11:10 AM
By Rapaport
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| February 27, 2020 | | RAPAPORT MARKET COMMENT |  | | Diamond market weak as coronavirus shuts down China and weighs on global economy. Financial markets slump with Dow -7% (Feb. 21-27). Gold rallies +4% to $1,653 per ounce (Feb. 1-27). Indian market facing severe liquidity crunch as sales to China stop. Luxury retailers reviewing Hong Kong presence after 2019 protests and ongoing epidemic lead to drop in sales. De Beers gives sightholders added flexibility on Chinese goods, with projections for small Feb. sight. Rio Tinto diamond unit 2019 revenue -11% to $619M, loss of $21M vs. profit of $118M the previous year. India Jan. polished exports -6% to $1.7B, rough imports -11% to $763M. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | -0.29% | 0.74% | -4.01% | | 0.50 ct | -0.29% | -1.02% | -4.04% | | 1.00 ct | -0.57% | -1.72% | -6.81% | | 3.00 ct | -0.47% | -3.70% | -16.24% |  | | 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: Dealers concerned that too much excess inventory is being sent to the US amid plummeting stock markets... |  |  | Belgium: Virus’s recent spread to Italy and other European countries has added to uncertainty... | | |  | Israel: Steady demand and firm prices for round, 1.50 to 5.99 ct., G-J, I1 diamonds and oval and pear, 1.50 to 5.99 ct., G-J, VS2-SI2 goods... | | |  | India: Diamonds with lower color and clarity moving better than higher-end items... | | |  | Hong Kong: Sporadic orders from other countries in the region, such as Japan, Singapore, Thailand and Malaysia, with 0.20 to 0.50 ct., D-F, VVS-SI1 selling... | | |  | | | China’s Diamond Trade Weighs Virus Effect |  | | WITH Joshua Freedman | The diamond industry in China anticipates a release of pent-up demand when the coronavirus goes away. But for now, retail is almost dead, bourses are quiet, and even importing rough has been challenging. |  | | | Bringing Out the Richest Hue in a Colored Diamond |  | | WITH Jewelry Connoisseur by Rapaport | While cutting white diamonds is all about reflecting light, fancy shapes often bring out the best in colored stones. |  | | | WEEKLY NEWS | | industry | | | | De Beers Lets Sightholders Defer Chinese Goods | | Concerns rising over weak demand and growing inventories. |  | | | NY Dealer Sentenced in Memo Theft Case | | Isaac Dayan stole nearly $600,000 in loose diamonds from 11 businesses. | | | | | Geneva Watch Fair Canceled; Baselworld Still On | | Organizers acknowledge “duty” to anticipate health risks. | | | | | HRD Antwerp Not for Sale (for Now) | | AWDC approves new CEO Ellen Joncheere’s turnaround plan. | | | | | retail | | | | US Retail to Grow in 2020, NRF Predicts | | Sales expected to top $3.9 trillion despite trade war, coronavirus and presidential election. | | | | | Couples Shelling Out More on Engagement Rings | | Average spending increased 4% to $5,900 in 2019, according to The Knot. | | | | | Retail Sales Rise at Berkshire Hathaway | | Revenue for the division up 2.5% for the year. | | | | | Online Growth Boosts Michael Hill Sales | | Half-year revenue and profit climb following e-commerce investments. | | | | | mining | | | | Rio Tinto Diamond Revenue Drops in 2019 | | Sales fall 11% as rough prices weaken. | | | | | Firestone Faces Fallout from Power Disruption | | Monthlong shutdown estimated to cost miner $4.6 million. | | | | | New Alrosa Mine Yields 17ct. Yellow | | Stone is the first colored diamond found at Verkhne-Munskoye deposit, which opened in 2018. | | | | | Lucara Revenue Beats Expectations | | Figure up 9% to $192.5 million in 2019. | | | | | general | | | | Lab Spots New Method for Masking Synthetics | | GSI receives stone that had been altered to resemble a natural diamond. | | | | | Weak Market Drives Sarine to Full-Year Loss | | Soft polished demand led to lower recurring revenues from inclusion-mapping equipment. | | | | | India’s Diamond Shipments Decline | | Rough and polished trading slows in January. | | | | | GIA Names New Mineral ‘Dutrowite’ | | Moniker is in honor of Barbara Dutrow, a gemological researcher and governor of the institute. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Stocks went into free fall this week, driven by concerns the coronavirus was rapidly spreading outside of China. Macy’s (-17%), Signet (-17%), LVMH (-11%), Kering (-11%) and Chow Tai Fook (-7%) all plunged. Miners also suffered, with Petra (-28%), Rio Tinto (-12%), Mountain Province (-8%), Alrosa (-8%) and Lucara (-7%) dropping. Firestone (-70%) slid following disappointing results, while Lucapa (+25%) rose after reporting progress with its exploration work in Angola. | | | | | Contact Us |  |       | | © Copyright 2020 Martin Rapaport. All Rights Reserved. | | Rapaport®, TradeWire®, RapNet®, Index® and JNS® Jewelry News Service are registered trademarks. | |
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