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RAPAPORT ® TRADEWIRE ®
May 2, 2024
Rapaport Market Comment - May 2, 2024

Market shaken by reports that De Beers is up for sale. Deal could lead to restructuring of diamond trade amid ongoing pressure from synthetics, sanctions and weak Chinese demand. Anglo American rejects $39B bid from BHP. De Beers reduces 2024 production plan by about 10% to 26M-29M cts. Market slower than usual for this time of year. Slow polished sales lead to sluggish rough demand ahead of De Beers sight. Short working week due to holidays. Luk Fook FY4Q retail sales +5% YOY, but China diamond sales down more than 40%. Mountain Province 1Q sales -31% YOY to $66M, average price -29% to $70/ct.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -0.43% -3.65% -16.83%
0.50 ct -0.34% -0.34% -20.68%
1.00 ct -0.87% -3.59% -19.75%
3.00 ct -0.57% -2.31% -12.53%
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Market Reports
United States: Federal Reserve holding interest rates at 5.25% to 5.5%…
United States: Federal Reserve holding interest rates at 5.25% to 5.5%…
Belgium: Rough market uncertain ahead of next week’s De Beers sight…
Belgium: Rough market uncertain ahead of next week’s De Beers sight…
Israel: Market sluggish due to seasonal decline in retail orders and ongoing weakness in Chinese demand…
Israel: Market sluggish due to seasonal decline in retail orders and ongoing weakness in Chinese demand…
India: Some interest in round, 1 to 1.99 ct., D-I, VS-SI diamonds…
India: Some interest in round, 1 to 1.99 ct., D-I, VS-SI diamonds…
Hong Kong: Muted expectations for Golden Week retail sales…
Hong Kong: Muted expectations for Golden Week retail sales…
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Rapaport Breakfast at JCK

Martin Rapaport will present his in-depth analysis of today’s diamond trade at this year’s show, with guest participants Mmetla Masire of Okavango Diamond Company and jeweler Maksud Agadjani.

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Does Anyone Want to Buy De Beers?
By Joshua Freedman

For sale: Diamond miner with unprecedented political challenges operating in the toughest market for years.

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De Beers Group owner’s shares up 12% following offer.
BHP Makes $38.8 Billion Bid for Anglo American
De Beers Group owner’s shares up 12% following offer.
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Sales and output fell in first quarter due to sluggish market.
De Beers Lowers Production Plan
Sales and output fell in first quarter due to sluggish market.
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Overall outlay for the holiday will come to some $33.5 billion, according to the NRF.
Mother’s Day Jewelry Spending to Slip Slightly
Overall outlay for the holiday will come to some $33.5 billion, according to the NRF.
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Boucheron saw sharp double-digit growth, while Pomellato and Qeelin delivered outstanding results.
Jewelry Strong Point for Kering as Luxury Falters
Boucheron saw sharp double-digit growth, while Pomellato and Qeelin delivered outstanding results.
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Return to normalcy in China and Hong Kong following border reopening has led to increased spending.
Surging Gold Demand Boosts Luk Fook Sales
Return to normalcy in China and Hong Kong following border reopening has led to increased spending.
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Increased sales volume outweighed weaker rough prices.
Gem Diamonds Revenue Bounces Back Amid Demand Upswing 
Increased sales volume outweighed weaker rough prices.
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Sales fell 31% year on year in first quarter.
Ailing Rough Prices Dent Mountain Province Revenue
Sales fell 31% year on year in first quarter.
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Jewelry auction will showcase a collection of Cartier pieces.
26ct. Yellow Diamond Stars in Bonhams Hong Kong Sale
Jewelry auction will showcase a collection of Cartier pieces.
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Sale will spotlight emeralds, diamonds, and pieces by Cartier, David Webb, Harry Winston, Bulgari, and Tiffany & Co.
Sotheby’s Paris to Auction Spanish Socialite’s Jewelry
Sale will spotlight emeralds, diamonds, and pieces by Cartier, David Webb, Harry Winston, Bulgari, and Tiffany & Co.
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Appointment follows retirement of predecessor Huw Daniel.
Platinum Guild International Names Tim Schlick CEO
Appointment follows retirement of predecessor Huw Daniel.
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