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RAPAPORT ® TRADEWIRE ®
November 4, 2022
Rapaport Market Comment - November 3, 2022

Diamond trade uncertain as polished prices decline. 1 ct. RAPI -3.6% in Nov. Midstream inventory high due to weak demand after bullish 1H manufacturing. Surat factories closed for Diwali. De Beers eases buyer terms and keeps prices stable at Nov. sight. Boxes offered at deep discounts on secondary market. Letšeng 3Q average price +28% to $2,028/ct. Lucara Diamond 3Q sales -36% to $47M. Rising cost of living, Ukraine war, China slowdown, and growth in synthetics affecting confidence. US jewelers start holiday marketing push; brands focusing on sustainability and enlisting high-profile influencers to engage with consumers. Strong expectations for high end as GemGenève show begins.   

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -0.13% -2.39% -6.67%
0.50 ct -0.72% -3.63% -7.08%
1.00 ct -0.16% -3.37% -0.51%
3.00 ct -0.29% -2.00% 10.78%
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Market Reports
<p><strong>United States: </strong>Focus on retail as early holiday shopping gains momentum…</p>
United States: Focus on retail as early holiday shopping gains momentum…
<p><strong>Belgium:</strong> More high-end brands launching jewelry collections, increasing the competition for top-value diamonds…</p>
Belgium: More high-end brands launching jewelry collections, increasing the competition for top-value diamonds…
<p><strong>Israel:</strong> Suppliers stuck with goods that are difficult to sell…</p>
Israel: Suppliers stuck with goods that are difficult to sell…
<p><strong>India: </strong>Rough buying down due to market uncertainty and seasonal trends…</p>
India: Rough buying down due to market uncertainty and seasonal trends…
<p><strong>Hong Kong: </strong>Mainland consumers shifting to lower price points…</p>
Hong Kong: Mainland consumers shifting to lower price points…
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Why Do Consumers Buy Brands? De Beers Explains
By Joshua Freedman

Esther Oberbeck and Marc Jacheet, two of the miner’s executives, discuss how the growing focus on diamond origins and corporate values has prompted shoppers to seek out labels they can trust.

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Top Stories of the Week
<p>Market was sluggish in October as dealers anticipated further price drops.</p>
Diamond Trade Slow Ahead of Holidays
Market was sluggish in October as dealers anticipated further price drops.
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<p>Local newspaper claims country likely to sell large stones to Lucara and HB Antwerp.</p>
Botswana Denies Report That It Might ‘Ditch’ De Beers
Local newspaper claims country likely to sell large stones to Lucara and HB Antwerp.
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<p>Square emerald-cut Graff ring will be one of the lead items at November 8 Geneva Magnificent Jewels auction.</p>
41ct. Diamond Could Fetch Up to $5M at Christie’s
Square emerald-cut Graff ring will be one of the lead items at November 8 Geneva Magnificent Jewels auction.
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<p>6.25-carat gemstone was salvaged from fabled <em>Nuestra Señora de Atocha</em> shipwreck of 1622.</p>
Emerald Lost at Sea for 400 Years Hits Sotheby’s Auction
6.25-carat gemstone was salvaged from fabled Nuestra Señora de Atocha shipwreck of 1622.
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<p>Two organizations will work to develop environmental, social and governance (ESG) content for education programs.</p>
GIA Becomes First Lab to Join Watch & Jewellery Initiative
Two organizations will work to develop environmental, social and governance (ESG) content for education programs.
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<p>Revenue from hard-luxury items, including jewelry, up 8% in September.</p>
Hong Kong Retail Sales Back on the Upswing
Revenue from hard-luxury items, including jewelry, up 8% in September.
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<p>Chanel executive Marianne Zani joins organization’s board.</p>
RJC Names Edward Asscher as Vice Chairman
Chanel executive Marianne Zani joins organization’s board.
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<p>Third-quarter results suffered from unfavorable comparison with strong period last year.</p>
Lucara Sales Fall Amid Lack of High-Value Diamonds
Third-quarter results suffered from unfavorable comparison with strong period last year.
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<p>Revenue up 10% year on year in third quarter.</p>
Large Stones Boost Sales at Gem Diamonds
Revenue up 10% year on year in third quarter.
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<p>Resilient rough demand led to 17% sales jump in third quarter.</p>
Mountain Province Scores Record Revenue
Resilient rough demand led to 17% sales jump in third quarter.
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<p>Rough sales up 42% year on year for three months ending September 30.</p>
Lucapa Gets Boost from Strong Quarter at Lulo
Rough sales up 42% year on year for three months ending September 30.
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<p>Jeweler will use other distribution centers to service European market should blaze affect supply.</p>
Fire Breaks Out at Pandora Site in Germany
Jeweler will use other distribution centers to service European market should blaze affect supply.
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<p>Miner expects unprecedented price for high-quality mass of vivid green rock.</p>
Gemfields to Auction 187,775ct. Emerald Cluster
Miner expects unprecedented price for high-quality mass of vivid green rock.
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<p>Company recorded $1 million profit in third quarter compared with loss in previous period.</p>
Diamcor Back in the Black Amid Large-Stone Sales
Company recorded $1 million profit in third quarter compared with loss in previous period.
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