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RAPAPORT ® TRADEWIRE ®
January 19, 2023
Rapaport Market Comment - January 19, 2023

Diamond market uncertain. Small polished outperforming larger stones. De Beers cuts prices by estimated average of 10% for rough above 2 ct., raises prices by estimated 10% for below 0.75 ct. Cutters still wary of increasing production. China slow as dealers take Lunar New Year vacation. Chow Tai Fook FY3Q sales -19%; Luk Fook same-store sales -10%. US retail sales -1.1% in Dec., fueling cautious economic outlook. High end robust. Richemont jewelry maisons FY3Q sales +11% to $4B. Kim Kardashian buys Princess Diana’s amethyst Attallah Cross for $197,453 at Sotheby’s. Martin Rapaport issues New Year message. Wishing all our friends a happy, healthy and successful Year of the Rabbit.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct 1.12% 2.51% -6.40%
0.50 ct 0.08% -0.27% -11.51%
1.00 ct -0.14% -1.27% -12.08%
3.00 ct -0.12% -1.22% -4.76%
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Market Reports
<p><strong>United States: </strong>Buyers seeking opportunities as prices continue dropping and credit terms become more generous…</p>
United States: Buyers seeking opportunities as prices continue dropping and credit terms become more generous…
<p><strong>Belgium: </strong>Small vendors struggling to meet luxury houses’ sourcing requirements…</p>
Belgium: Small vendors struggling to meet luxury houses’ sourcing requirements…
<p><strong>Israel: </strong>Dealers hoping US post-holiday restocking orders will soon begin and that China will improve…</p>
Israel: Dealers hoping US post-holiday restocking orders will soon begin and that China will improve…
<p><strong>India: </strong>Polished production below capacity amid ongoing concerns about market direction…</p>
India: Polished production below capacity amid ongoing concerns about market direction…
<p><strong>Hong Kong: </strong>Not much travel to and from mainland despite border reopening…</p>
Hong Kong: Not much travel to and from mainland despite border reopening…
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Is Lab-Grown Still a Dirty Word in the Industry?
By Leah Meirovich

Some jewelers are keeping their synthetics sales low-key to avoid pushback from the trade.

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Rapaport New Year Message
By Martin Rapaport

Amid unprecedented opportunities and challenges, the best way forward is to focus your activities on what is certain and sustainable.

 

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Topaz: A Versatile Gemstone with Pizzazz
From Jewelry Connoisseur

This relatively plentiful stone is available in a swath of beautiful hues that jewelry customers can’t help but love.

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<p>Smaller goods see increases, reflecting market split.</p>
De Beers Slashes Prices of Larger Rough Diamonds
Smaller goods see increases, reflecting market split.
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<p>David Block on integrating the two parties’ grading operations and brands.</p>
Lab Report: Sarine CEO Explains the GCAL Deal
David Block on integrating the two parties’ grading operations and brands.
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<p>Revenue rose 5% year on year, below National Retail Federation’s forecast.</p>
Holiday Sales Miss Target as Inflation Dents Spending
Revenue rose 5% year on year, below National Retail Federation’s forecast.
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<p>Diamond-and-amethyst jewel fetches almost $200,000 at Sotheby’s.</p>
Kim Kardashian Buys Princess Diana Cross Pendant at Auction
Diamond-and-amethyst jewel fetches almost $200,000 at Sotheby’s.
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<p>Grading report carries $55 price tag for 1-carat stone.</p>
GIA Rolls Out Lower-Cost Lab-Grown Dossier
Grading report carries $55 price tag for 1-carat stone.
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<p>US and European demand outweighed slow Chinese market in third fiscal quarter.</p>
Jewelry Sales Drive Strong Growth at Richemont
US and European demand outweighed slow Chinese market in third fiscal quarter.
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<p>Sales at Chow Tai Fook and Luk Fook down in latest fiscal quarter.</p>
Covid-19 Resurgence Hits Hong Kong Jewelers
Sales at Chow Tai Fook and Luk Fook down in latest fiscal quarter.
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<p>Efforts to sell the “loss-making” diamond deposit didn’t bear fruit.</p>
Petra Suspends Production at Koffiefontein Mine
Efforts to sell the “loss-making” diamond deposit didn’t bear fruit.
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<p>Production grew 21% last year as company took full ownership of Canada mine.</p>
Rio Tinto Output Jumps Following Diavik Takeover
Production grew 21% last year as company took full ownership of Canada mine.
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<p>Carolyn Dawkins will also oversee brand’s e-commerce business.</p>
David Yurman Names Chief Marketing Officer
Carolyn Dawkins will also oversee brand’s e-commerce business.
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<p>China-based Fosun International mulls sale of Belgium-based laboratory.</p>
IGI’s Parent Company Looking for Buyers
China-based Fosun International mulls sale of Belgium-based laboratory.
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<p>Siobhán Duffy will take the helm at the industrial-diamond business on February 1.</p>
De Beers’ Element Six Promotes Sales Head to CEO
Siobhán Duffy will take the helm at the industrial-diamond business on February 1.
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