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Rapaport TradeWire July 23, 2020

Market uncertainty continues as global coronavirus cases surpass 15M.
Jul 23, 2020 11:23 AM   By Rapaport
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Rapnet 600X160 Covid
Rapaport TradeWire
July 23, 2020
RAPAPORT MARKET COMMENT
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Market uncertainty continues as global coronavirus cases surpass 15M. Rise in Covid-19 infections disrupting efforts to reopen businesses in major diamond trading and cutting centers. Many Surat manufacturing units shut until end of July. US-China tensions fueling caution. Low expectations for next week’s De Beers and Alrosa sales. Miners holding substantial rough inventory. Petra FY revenue -36% to $296M, production -23% to 2.9M cts. Rio Tinto 2Q diamond production -7% to 7.7M cts. JBT sees rise in credit downgrades as more jewelers miss payments to suppliers. J.C. Penney 1Q jewelry sales -46% to $75M. De Beers invests in online retailer Gemist.

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RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct 0.48% 1.29% 1.57%
0.50 ct 1.47% 3.74% -0.84%
1.00 ct 0.21% 1.35% -7.12%
3.00 ct 0.49% 0.28% -9.00%
RAPI Yearly Graph
Amipi Rapnet Tradewire
Market Reports
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United States: Larger retailers laying off employees as downturn continues and business moves online...
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Belgium: Traders focusing on European clients because shipments are easier...
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Israel: Government including diamond industry in Covid-19 stimulus package after excluding it from previous ones...
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India: Gold jewelry sales down as prices reach all-time high...
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Hong Kong: Mainland dealers keeping inventory low as US-China tensions rise...
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Trade Wire 600X160 April 2018
Pandemic Is Pushing Industry to Embrace Tech
WITH The Rapaport Diamond Podcast

In the latest episode, David Block, CEO of Sarine Technologies, outlines how digital innovations are making the supply chain more efficient and helping the industry navigate the coronavirus crisis. 

The Estate Dealer’s Job
WITH Jewelry Connoisseur by Rapaport

Podcast guest Ronald Kawitzky, an estate dealer and owner of DK Bressler in New York, explains how the sector has evolved in the past 30 years.

UPS AND DOWNS
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Lab-Grown and Natural Diamond Industries End Hostilities
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Western Australian Govt. Cuts Diamond Royalty Rate
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David Yurman Lays Off Nearly 100 Employees
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Bridal Demand Down, but Rough Market Worse
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WEEKLY NEWS
retail
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Jewelers See Worst Quarter for Credit Downgrades
JBT lowers 1,705 companies’ ratings between April and June.
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Mom-and-Pop Stores Doing OK – for Now
Companies that own their premises are weathering the crisis, says Jewelers of America CEO David Bonaparte.
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Signet Lays Off Some Furloughed Employees
Jeweler restructures store operations during Covid-19 shutdown.
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US Retailers Encouraged by June Increase
Sales up 1.1% year on year, according to government data.
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De Beers Invests in Online Jewelry Brand
Gemist website lets consumers create customized pieces and try them on at home for free.
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Virus Hits Swatch Group’s Bottom Line
Harry Winston owner records first half-year loss in its history.
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Covid-19 Dents Michael Hill Sales
Group revenue slumps 61% in fourth quarter ending June 30.
industry
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De Beers to Hold Viewings in Antwerp and Dubai
Two largest miners maintain policies of allowing 100% deferrals at July contract sales.
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Twin-Stone Ring Fetches $9M at Christie’s
Piece is top seller at Geneva Magnificent Jewels auction.
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Watch Exports to Hong Kong and US Still Weak
Drop in orders from key consumer markets outweighs stronger Chinese demand in June.
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Diamonds and Jadeite Score Big at Auction
Necklace fetches $3 million at Poly sale in Hong Kong.
mining
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Alrosa to Begin Exploration in Zimbabwe
Company will shell out $12 million over the next two years looking for diamonds in the country.
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Rio Tinto Output Slides in First Half
Production down 7% due to lower grades at Argyle and Diavik.
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Petra Sells Botswana Business for $300K
Miner retains rights to 5% of future revenues should exploration projects come to fruition.
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Firestone Lays Off Workers as Liqhobong Stays Shut
Company will keep the mine closed for at least a year.
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FINANCE
Diamond Industry Stock Report
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Retail stocks were mixed, with US and European shares falling as the coronavirus spread. Macy’s (-7%), Swatch Group (-5%), Kering (-2.2%), Richemont (-2.1%) and Signet (-1.6%) all dropped. Hong Kong companies saw better results: Chow Tai Fook (+2.6%) and Luk Fook (+1.7%) both increased. Mining stocks had a predominantly good week, as Lucapa (+58%), Mountain Province (+5%) and Gem Diamonds (+3.4%) went up. Petra Diamonds (-11%) struggled amid heavy debts.

Rapnet Trade Wire
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