Market Comment - Feb. 02, 2023
Trading slow for this time of year. US market cautious amid economic uncertainty.
China-Hong Kong improving, with reports of good luxury sales during Lunar New Year. Trade hoping for release of pent-up Chinese demand and tourist shopping after Covid-19 restrictions lifted.
Polished prices continue to decline; 1 ct. RAPI -0.9% in Jan. Small stones steady. Cutters refraining from large rough purchases.
De Beers Jan. revenue -32% to $450M; 2022 sales volume -8% to 33.4M cts., production +7% to 34.6M cts., average price +35% to $197/ct. Letšeng 2022 sales -6% to $189M, average price -4% to $1,755/ct.
LVMH 2022 watch and jewelry revenue +18% to $11.5B, operating profit +20% to $2.2B.