De Beers Slashes Production Outlook

NewsBrief

July 29, 2024

De Beers has lowered its production plan for 2024 by 3 million carats in response to the diamond market’s ongoing downturn and following a decline in first-half sales and profit.

Continued Weakness in Asia Hits Swiss Watch Exports

Shipments to Japan overtake China and Hong Kong in June.

Jewelry Falters at LVMH in First Half

Sales for segment down 5% amid weak consumer sentiment for luxury goods.

Digging into India’s Diamond Oversupply

Concerns about high import figures earlier in the year appear to have been justified.

News Digest

How Kay Jewelers and Zales Are Trying to Convince You to Buy More Jewelry Online

(The Wall Street Journal)

Company Fined $200K for Worker Death at Gahcho Kué

(Cabin Radio)

Market Comment: July 25, 2024

(Rapaport)

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RapNet Diamond Index (RAPI™)

Diamond Data

Size

Index

Weekly

Monthly

Y2Y

0.30 ct

1,101

-1.68%

-9.28%

-28.98%

0.50 ct

1,766

-1.49%

-8.61%

-22.82%

1.00 ct

4,948

-1.44%

-7.66%

-26.63%

3.00 ct

19,044

-0.56%

-5.55%

-18.26%

Rapaport Investment Grade Diamonds