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Rapaport TradeWire April 2, 2020
Apr 2, 2020 10:44 AM
By Rapaport
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| April 2, 2020 | | RAPAPORT MARKET COMMENT |  | | Diamond markets under continued pressure and facing severe liquidity crisis as jewelry retail, manufacturing, trading and mining companies shut operations during COVID-19 lockdown. Trading limited to online deals, with opportunistic buyers pushing for even higher discounts. 1 ct. RAPI -6.8% in March. China business reopening amid new coronavirus reality. Signet Jewelers temporarily lays off workers, settles $240M shareholder lawsuit. Alrosa allowing 100% deferrals at next week’s sale. Gem Diamonds sells $12M at new flexible rough tender for large stones. Las Vegas Couture and Antique Jewelry & Watch shows canceled. Rapaport Group announces shift to monthly publication of Rapaport Price List. The next issue of the Price List will be published on May 1. | | | RAPNET DIAMOND INDEX (RAPI™) | | | | Weekly | Monthly | Y2Y | | 0.30 ct | 0.93% | -5.55% | -6.50% | | 0.50 ct | 1.03% | -6.42% | -9.84% | | 1.00 ct | -0.02% | -7.22% | -13.32% | | 3.00 ct | -1.58% | 5.35% | -10.93% |  | | 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: Large chains laying off workers and expecting lengthy store closures... |  |  | Belgium: Lenders agree to postpone loan repayments until September 30... | | |  | Israel: Companies with online capabilities suffering now that physical commerce has dried up... | | |  | India: Polished production and trading drastically reduced amid nationwide quarantine restrictions to curb outbreak... | | |  | Hong Kong: Stores have reopened but are seeing very low traffic following reports of second wave of virus cases... | | |  | | | Webinar: The Rapaport Price List |  | | WITH Martin Rapaport | Martin Rapaport, chairman of the Rapaport Group, explains the role of the Rapaport Price List as a reference for high asking prices, and gives an overview of the data and resources the company uses to decide on price changes. |  | | | Social-media love in the time of corona |  | | WITH Jewelry Connoisseur by Rapaport | Following luxury jewels is a bright spot for many in these uncertain days. Blogger Tracey Ellison lays out some dos and don’ts for maintaining a presence during the virus crisis. |  | | | WEEKLY NEWS | | industry | | | | De Beers Cancels March-April Sight | | Customers unable to travel or receive shipments. |  | | | Alrosa Allows Clients to Defer All Purchases | | April sale participants can still view goods remotely and place orders. | | | | | Signet Settles Shareholder Suit for $240M | | Jeweler will pay approximately $35 million, while insurance will cover the remainder. | | | | | Jewelry Industry Groups Create Support Network | | Organizations aim to assist independent and family-owned businesses during COVID-19. | | | | | retail | | | | LVMH 1Q Revenue Could Fall up to 20% | | Coronavirus outbreak has led to closures of production sites and stores. | | | | | Hong Kong Retail Sales Plummet 79% in February | | Tourism from mainland China dries up amid quarantine rules. | | | | | Signet Temporarily Lays Off Workers | | Macy’s and J.C. Penney have also furloughed employees. | | | | | Virus’s Impact on Chow Sang Sang ‘Alarming’ | | Same-store sales down 45% in China and 44% in Hong Kong and Macau in first two months of 2020. | | | | | mining | | | | De Beers Cuts Venetia Workforce During Lockdown | | Company will maintain certain essential activities at the South Africa site. | | | | | Rough Prices Slide 24% at Petra Tender | | Miner withdraws production outlook due to operational shutdowns. | | | | | Lucara May Struggle to Hold Botswana Sales | | Rough prices have “deteriorated” since last tender on March 5, company says. | | | | | Lucapa Reduces Lulo Operations | | Angolan president declares state of emergency through April 11. | | | | | Gem Diamonds Flexible Tender Fetches $12M | | Process will replace the miner’s rough-diamond sales while travel restrictions are in effect. | | | | | general | | | | More Las Vegas Trade Fairs Canceled | | Couture and the Antique Jewelry and Watch Show will not take place in 2020. | | | | | Belgian Banks Postpone Loan Repayments | | Government will guarantee 12-month credit lines and has extended tax deadlines. | | | | | De Beers CFO to Leave Company | | Nimesh Patel will assume same role at UK-based Spirax-Sarco Engineering. | | | | | GJEPC Donates $6.7M in Coronavirus Aid | | Funds will go to daily-wage workers in the trade and to government efforts against the pandemic. | | | | | Sotheby’s Online Sale Exceeds Expectations | | Auction brings in $739,375, with 97% of lots finding buyers. | | | | | Dubai Trading Center Unveils Relief Package | | DMCC will waive rent for two months during mandatory closures. | | | | | | FINANCE | | Diamond Industry Stock Report | | | | Global stocks fell as lockdowns dented consumer spending and retailers implemented mass layoffs. Macy’s (-32%), Signet (-24%), J.C. Penney (-20%), Chow Sang Sang (-7%), LVMH (-6%) and Richemont (-6%) all dropped. Walmart (+4%) continued to gain as people bought essential items. Mining shares also decreased, with Mountain Province (-18%), Gem Diamonds (-7%) and Anglo American (-5%) all losing ground. Petra Diamonds (+7%) and Alrosa (+2%) both rose. | | | | | 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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