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RAPAPORT ® TRADEWIRE ®
December 9, 2022
Rapaport Market Comment - December 8, 2022

US jewelers optimistic as holiday sales gain momentum. Signet raises FY forecast after 3Q revenue +3% to $1.6B, profit -60% to $38M. Dealer trading cautious. Manufacturers under pressure to raise liquidity and reduce inventory. Small stones doing better than 1 ct.+. China slow, but some speculating that select categories have bottomed. De Beers extends sightholder contracts for a year due to market uncertainty, keeps prices stable at Dec. sight. Christie’s NY sells $59M (93% by lot), including pear, 32.62 ct., fancy-blue, potentially IF diamond for $11.8M ($373K/ct.). Sotheby’s NY sells $50M (81% by lot), with pear, 303.10 ct., fancy-brownish-yellow, IF going for $12.4M ($41K/ct.).

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct 0.32% -0.40% -7.48%
0.50 ct 0.29% -1.47% -9.45%
1.00 ct -0.51% -3.18% -5.55%
3.00 ct -0.48% -2.20% 2.19%
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Market Reports
<p><strong>United States: </strong>Mall traffic strong, but consumers using online platforms and social media for research and buying…</p>
United States: Mall traffic strong, but consumers using online platforms and social media for research and buying…
<p><strong>Belgium:</strong> Narrowing of demand has left suppliers with large inventories of hard-to-move goods…</p>
Belgium: Narrowing of demand has left suppliers with large inventories of hard-to-move goods…
<p><strong>Israel:</strong> Buyers lack urgency and are prepared to wait for right deal…</p>
Israel: Buyers lack urgency and are prepared to wait for right deal…
<p><strong>India: </strong>US orders solid during peak holiday season…</p>
India: US orders solid during peak holiday season…
<p><strong>Hong Kong: </strong>Chinese government reducing quarantine measures, boosting optimism for retail ahead of Lunar New Year…</p>
Hong Kong: Chinese government reducing quarantine measures, boosting optimism for retail ahead of Lunar New Year…
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Why Are Large Stones Losing Their Luster at Auction?
By Leah Meirovich

After a slew of headline-grabbing prices, top colored diamonds have started tapering off. Experts say market fatigue may be denting the wow factor.

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How Jewelers Coped with Hurricane Ian
By Jennifer Heebner

When the storm touched down in Florida in late September, it upended thousands of lives and businesses. Rapaport Magazine checks in with local store owners to see how they’re faring in the wake of the disaster.

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Advertorial: Bringing over 130 Years of Diamond Expertise to Modern Grading
By De Beers Institute of Diamonds

Confidence is the “fifth C” of the diamond sector and its role has rapidly gained increased importance at every touchpoint of a diamond’s journey.

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Top Stories of the Week
<p>Prices declined in November amid China slowdown and US economic uncertainty.</p>
Diamond Trade Cautious Despite Positive Retail
Prices declined in November amid China slowdown and US economic uncertainty.
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<p>Yellow diamond falls short of estimate with final price of $12.4 million.</p>
303ct. Golden Canary Sets Sales Soaring at Sotheby’s
Yellow diamond falls short of estimate with final price of $12.4 million.
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<p>Pendant featuring 31.62-carat stone was top seller at New York Magnificent Jewels.</p>
Blue Diamond Nabs Nearly $12M at Christie’s
Pendant featuring 31.62-carat stone was top seller at New York Magnificent Jewels.
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<p>Acquisition of Diamonds Direct and Blue Nile boosted third-quarter total.</p>
Signet Sales Rise, Company Ups Forecast
Acquisition of Diamonds Direct and Blue Nile boosted third-quarter total.
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<p>Current supply terms to remain in place through December 2024.</p>
De Beers Extends Sight Contract by a Year
Current supply terms to remain in place through December 2024.
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<p>Executive to resign before termination of contract, says Russian news outlet.</p>
Alrosa CEO Sergey Ivanov Reportedly Leaving
Executive to resign before termination of contract, says Russian news outlet.
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<p>Institute collaborates with designer and master goldsmith Alan Revere.</p>
GIA to Rework Its Graduate Jeweler Course
Institute collaborates with designer and master goldsmith Alan Revere.
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<p>Inflation and a glut of synthetic goods mark the end of 2022.</p>
US Wholesale: Suppliers Predict Slowdown
Inflation and a glut of synthetic goods mark the end of 2022.
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<p>Construction work is complete, says organization behind the project.</p>
Surat Exchange to Launch in Spring 2023
Construction work is complete, says organization behind the project.
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<p>Rise in retailer’s comparable-store sales reflects rebound from last year’s shutdowns.</p>
End of Covid-19 Closures Boosts Birks
Rise in retailer’s comparable-store sales reflects rebound from last year’s shutdowns.
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<p>13.70-carat, D-color stone was top-selling item at Monday’s auction.</p>
Diamonds Smash Estimates at Bonhams New York
13.70-carat, D-color stone was top-selling item at Monday’s auction.
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<p>November drop in polished exports reflected sharp increase in returns of shipped goods.</p>
Israel’s Diamond Slump Continues
November drop in polished exports reflected sharp increase in returns of shipped goods.
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<p>Jewel among highest-value items in auction house’s history.</p>
6ct. Ruby and Diamond Ring to Lead Phillips NY
Jewel among highest-value items in auction house’s history.
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