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Rapaport TradeWire July 25, 2019

Summer lull continues. Polished suppliers cautious for 2H amid trade-war uncertainty, weak dealer demand and tight manufacturing profit.
Jul 25, 2019 11:30 AM   By Rapaport
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Rapaport TradeWire
July 25, 2019

Summer lull continues. Polished suppliers cautious for 2H amid trade-war uncertainty, weak dealer demand and tight manufacturing profit. Miners reducing rough supply, with De Beers allowing additional deferrals at July sight. De Beers 1H revenue -17% to $2.6B, earnings -7% to $187M, rough price index -4%. Petra lowers 2020 production plan to 3.8M cts. US jewelry sales stable, despite weakness at majors and declining store count: JBT reports 185 retailers closed in 2Q, 56 opened. Tariff tensions and political protests impact Hong Kong luxury spending as Luk Fook FY1Q same-store sales -10%. New India data shows June lab-grown polished exports +64% to $24M, imports +132% to $16M.  

Trade Wire 600X160 April 2018
Weekly Monthly Y2Y
0.30 ct -0.66% -4.06% -22.24%
0.50 ct -0.43% -3.03% -9.44%
1.00 ct 0.11% -1.09% -5.72%
3.00 ct 0.12% -2.73% -17.43%
RAPI Yearly Graph
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Market Reports
United States: A lot of available inventory that’s difficult to move...
Belgium: Rough-market sentiment weak amid concerns of financial distress...
Israel: US orders supporting the market, whereas Far East remains quiet...
India: Improvement in cheap melee suggests some resistance to CVD...
Hong Kong: Wholesale and retail sectors continue to struggle as ongoing political protests deter foreign traders and tourist shoppers...
Tradewire Banner August 2019 Single Stone
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Angola Returns Licenses to 241 Diamond Miners
India Could Be Forevermark’s Leading Market by 2020
China Wants Zimbabwe President Out over Alrosa Deal
US Justice Department Probes Major E-Tailers
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Jewelry Business Closure Rate Drops
Number of US companies exiting the market decreases 21% year on year in the second quarter.
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Indian Tax Office Lightens Exporters’ Load
Diamonds shipped out of the country for consignment or trade shows will no longer attract GST.
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De Beers Testing Carbon-Neutral Mining
Company receives grant for research at its Gahcho Kué site in Canada.
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Belgium Trade Cuts Diamond-Research Funding
AWDC says it can no longer afford to support organization behind automated polishing.
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US Retail Sales Gain Strongly in June
Figure up 2.3% year on year, says NRF.
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Bulgari Boosts LVMH Jewelry Growth
Revenue for the category rises 8% in first half.
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Hong Kong Slowdown Hits Swiss Watches
Exports to the country fell 27% in June.
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Luk Fook Sales Drop Due to Trade War
Dispute has had “continuing impact” on market sentiment, jeweler says.
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De Beers Profit Falls Amid Market Slump
Retail and midstream oversupply impacts margins in first half.
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Petra to Reduce Production as Prices Slip
Miner will cut back its tailings operations due to weak small-stone market.
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Low Grades Dent Mountain Province Output
Average price rises due to sales of large diamonds.
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Letšeng Yields 124ct. Rough
Type II white stone is Gem Diamonds’ third over 100 carats this year.
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Lucara Names 1,758ct. Diamond ‘Rare Find’
Winner was chosen through a public contest.
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Group Offers $1M Prize to Nix Mercury in Mining
Award will go to anyone who discovers an affordable and reliable alternative.
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Historic Collection of Indian Jewels Goes on Sale
Pieces belonging to diamond dealer Benjamin Zucker will feature in New York exhibition.
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French Gem Group to Hold Diamond Symposium
Event comes at time of industry challenges, notes AFG president Didier Giard.
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Diamond Industry Stock Report

J.C. Penney (-27%) plummeted following reports the company had hired advisors to explore debt-restructuring options. Hong Kong retail stocks dropped after protests in the municipality negatively affected the luxury sector, with Chow Tai Fook (-13%) and Chow Sang Sang (-3.9%) both falling. Michael Hill (-6%) continued to suffer in the wake of disappointing results and an admission it had underpaid employees. UK-listed miners also had a negative week, as the selection of Boris Johnson as Britain’s prime minister led to uncertainty about Brexit. Firestone Diamonds (-6%) and Gem Diamonds (-6%) both slipped, while Petra Diamonds (-38%) plunged after Berenberg Bank downgraded the stock.

Rapnet Trade Wire
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