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RAPAPORT ® TRADEWIRE ®
November 23, 2023
Rapaport Market Comment - November 23, 2023

Dealers gaining confidence as Thanksgiving kicks off holiday retail season. NRF predicts record 182M shoppers over long weekend. Polished prices stable. Inventories of rounds down. Steady trade demand for round, 1 to 3 ct., F-I, SI1-SI2 diamonds. Rapaport issues consumer alert warning that some retailers overcharging for synthetic diamonds. Indian manufacturers closed for extended Diwali break. India’s import freeze impacting rough producers, with Stornoway entering insolvency and Lucapa reviewing exploration costs at Merlin. Sarine 3Q revenue -28% to $10M, loss of $1M vs. profit of $2M in 2022. China weak amid ongoing economic slump.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -0.01% -0.03% -4.56%
0.50 ct -0.04% 1.13% -28.39%
1.00 ct 0.06% 0.72% -22.56%
3.00 ct -0.13% 0.27% -12.35%
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Market Reports
United States: Steady demand for round, 0.70 to 4 ct., F-I, SI1-SI2 diamonds…
United States: Steady demand for round, 0.70 to 4 ct., F-I, SI1-SI2 diamonds…
Belgium: Polished demand slow but showing some improvement in commercial goods as holiday season approaches…
Belgium: Polished demand slow but showing some improvement in commercial goods as holiday season approaches…
Israel: Dealers trying to reduce inventories and preparing for end of financial year after difficult 2023…
Israel: Dealers trying to reduce inventories and preparing for end of financial year after difficult 2023…
India: Sellers reducing prices of undesirable stones but raising prices of nice goods; buyers showing resistance to higher prices…
India: Sellers reducing prices of undesirable stones but raising prices of nice goods; buyers showing resistance to higher prices…
Hong Kong: Fourth-quarter festive season driving demand, but mostly in lower-priced goods and other gems such as pearls…
Hong Kong: Fourth-quarter festive season driving demand, but mostly in lower-priced goods and other gems such as pearls…
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Podcast Episode 100: Looking Back at Our Favorites

To celebrate this milestone, Rapaport’s journalists sat down to discuss their most memorable episodes since the podcast launched almost six years ago.

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Time to Tackle the Diamond Industry’s Pre-Pandemic Challenges
By Avi Krawitz

Economic headwinds, Chinese caution and the threat of lab-grown are the trade’s current concerns. But the recurring difficulties that existed before Covid-19 have not gone away.

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Okavango Chief on Lab-Grown, De Beers, and the Market Slump
By Avi Krawitz

Manufacturers should have bought more carefully, says Mmetla Masire, managing director of Botswana’s state-owned rough trader.

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Wholesaler takes issue with retail giant’s handling of customer refunds.
Unique Designs Sues Signet over Product Recall
Wholesaler takes issue with retail giant’s handling of customer refunds.
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Nearly two-thirds of NRF survey participants say deals are too good to pass up.
Record 182M People Set to Shop on Thanksgiving Weekend
Nearly two-thirds of NRF survey participants say deals are too good to pass up.
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“Aggressive minority” trying to “politicize” organization, trade association claims.
African Producers’ Group Criticizes Efforts to Discuss Russia at KP
“Aggressive minority” trying to “politicize” organization, trade association claims.
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Consumers think they are getting a good deal, but they are not.
Consumer Alert: Synthetic Diamond Prices Crashing
Consumers think they are getting a good deal, but they are not.
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Weak prices and India’s import halt push miner into insolvency.
Stornoway for Sale Again Following Significant Losses
Weak prices and India’s import halt push miner into insolvency.
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Company incurs loss in third quarter as equipment sales drop.
Manufacturing Slowdown Hits Sarine Results
Company incurs loss in third quarter as equipment sales drop.
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Company purchased 19 Ernest Jones showrooms from Signet in October.
US Demand and New Acquisitions Drive Watches of Switzerland Sales
Company purchased 19 Ernest Jones showrooms from Signet in October.
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Decline at Mumbai-based diamond manufacturer reflects global market slowdown.
India’s Asian Star Sees Drop in Sales, Profit
Decline at Mumbai-based diamond manufacturer reflects global market slowdown.
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More than 210 items will go under hammer at Precious Aid sale.
Jewelers Donate Pieces for Israel Fundraising Auction
More than 210 items will go under hammer at Precious Aid sale.
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Lab-grown diamonds, colored-stone prices and royal jewels feature in this week’s roundup.
The Weekly Gems: News and Videos from Around the Web
Lab-grown diamonds, colored-stone prices and royal jewels feature in this week’s roundup.
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Company puts mine feasibility study on pause in favor of smaller-scale, lower-cost alternative.
Lucapa Reconsiders Merlin Plans Amid Weak Market
Company puts mine feasibility study on pause in favor of smaller-scale, lower-cost alternative.
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Global shipments saw growth slow in October.
Hong Kong Revival Keeps Swiss Watch Exports Afloat
Global shipments saw growth slow in October.
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Fancy-intense-orangy-pink stone will lead December 5 John Moran sale.
5ct. Diamond Could Fetch $550K at Auction
Fancy-intense-orangy-pink stone will lead December 5 John Moran sale.
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