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Rapaport TradeWire March 26, 2020

Coronavirus brings unprecedented disruption to diamond industry as US retail, India manufacturing and South Africa mining shut down.
Mar 26, 2020 12:34 PM   By Rapaport
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26 Nov 19 Igi Tw Banner Jewelry
Rapaport TradeWire
March 26, 2020
RAPAPORT MARKET COMMENT
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Coronavirus brings unprecedented disruption to diamond industry as US retail, India manufacturing and South Africa mining shut down. $2 trillion stimulus will inject liquidity into US economy and relieve stress among small businesses. Signet Jewelers closes stores; reports 2019 sales -2% to $6.1B, profit of $106M vs. loss of $657M the previous year. Share price rallies post-earnings but down -55% since Jan. 1, market cap at $384M. GIA closes US, Belgium and India labs. India provides concessions for diamond companies as Surat and Mumbai on 21-day lockdown. Ekati, Finsch, Cullinan, Letšeng mines placed on care and maintenance. De Beers enables 100% deferrals at March 30 sight. The next issue of the Rapaport Price List will be published on May 1. The March 20 Price List is the official list until then.

5 Nov 2019 Gemolithos Tw Banner
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -4.15% -6.60% -7.73%
0.50 ct -4.68% -6.72% -10.57%
1.00 ct -4.50% -7.03% -13.26%
3.00 ct 8.67% 6.50% -8.99%
RAPI Yearly Graph
Trade Wire 600X160 April 2018
Market Reports
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United States: No activity on 47th Street with Diamond Dealers Club closed...
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Belgium: Rough tenders still taking place but market slowing as manufacturing shuts down due to pandemic...
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Israel: Israel Diamond Exchange closed as government tightens measures to prevent spread of virus...
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India: Depreciation of rupee (-4% since March 1 to INR 75.2/$1) increases pressure on suppliers...
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Hong Kong: China retail sales gradually improving as government relaxes lockdown in Wuhan, where outbreak started in late 2019...
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13 Nov 2019 Gia Id 100 Machine Tw Banner
Webinar: Understanding the Corona-Crisis
WITH Avi Krawitz

The diamond industry is facing its biggest challenge since the 2008 recession, as the coronavirus erases all signs of the recovery the market was showing at the beginning of the year.

Join our quarterly webinar series to put the current crisis into perspective and understand the pandemic’s potential impact on the industry pipeline in both the short and long term.

Aglow with Promise: Fluorescent Diamonds
WITH Jewelry Connoisseur by Rapaport

These diamonds may fetch lower prices on the market, but some in the trade say there’s no reason for the stigma — and are embracing the opportunities the stones offer, writes Rachael Taylor.

UPS AND DOWNS
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Kay Jewelers Tackles Virus Separation in Social Campaign
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Diamond Samples in Canada Reveal Size of Lost Continent
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Canada Union to File Grievance over Ekati Suspension
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Recession Pushes HK Shoppers to Sell Luxury Goods
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WEEKLY NEWS
industry
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News Thumbnail
De Beers Enables 100% Deferrals at March Sight
Manufacturing shutdown has obliterated rough demand.
News Thumbnail
India Eases Trade’s Financial Burden
Government relaxes banking, tax and insolvency rules as country enters lockdown.
News Thumbnail
Surat Diamond Manufacturing Shuts Down
Bharat Diamond Bourse also closes as India rushes to curb coronavirus spread.
News Thumbnail
Hong Kong Shows Suspend Preparations
Quarantine rules have made it impossible to host an international fair.
News Thumbnail
GIA Reduces Services Across the World
Laboratories and gemology schools close in most locations.
retail
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Strong Holiday Lifts Signet to 4Q Profit
Turnaround plan appeared to be working before coronavirus hit.
News Thumbnail
More Jewelers Close Up Shop Due to COVID-19
Stuller, Watches of Switzerland and Birks have temporarily shut stores amid pandemic.
News Thumbnail
Tiffany & Co. Revenue Flat at $4.4B in 2019
Average selling price rises 10% as company launches new collections.
News Thumbnail
China Showing Positive Signs, Says Kering
Sales slowdown is easing, just as coronavirus effects intensify elsewhere.
News Thumbnail
Jewelry Groups Urge Govt. to Support Retailers
WJA, JA and JVC seek credit to keep small businesses afloat during virus crisis.
News Thumbnail
Michael Hill to Close Remainder of Global Stores
Jeweler will shut locations in New Zealand and Australia after halting business in Canada.
mining
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News Thumbnail
South Africa, Lesotho Mines Set for Shutdown
Petra, Gem Diamonds, Firestone and Lucapa place sites under care and maintenance.
News Thumbnail
Alrosa Launches Digital Tender for Large Rough
Miner will offer stones above 10.8 carats online due to travel restrictions.
News Thumbnail
Dominion Suspends Ekati Mining Operations
Company will keep small crew to maintain the site.
News Thumbnail
Mountain Province Loss Widens Amid Weak Pricing
Market slowdown at end of 2019 leads to devaluation of Gahcho Kué mine.
News Thumbnail
Lucapa Nets First Funds from Graff Partnership
Miner sells 46-carat pink diamond to manufacturer Safdico for polishing.
general
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News Thumbnail
Christie’s Delays NY, Geneva Jewelry Auctions
Both Magnificent Jewels sales have moved to June.
News Thumbnail
Swiss Watch Exports Fall as Virus Hits Asia
Shipments to Hong Kong see worst monthly decline for 20 years.
News Thumbnail
London Bourse to Shut Doors Temporarily
Exchange will reopen when it is deemed safe.
News Thumbnail
Coronavirus Updates: Impact on the Diamond Trade
A timeline of how the outbreak has affected the industry.
Tradewire Banner April 2020 Single Stone V1
FINANCE
Diamond Industry Stock Report
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Global equities fluctuated wildly amid the coronavirus spread in the US, the government’s economic stimulus, and signs the Far East was edging toward a recovery. Tiffany (+12%) was among the stocks that gained during the week, while strong quarterly results for Signet (+4%) boosted the retailer slightly following a recent collapse in its share price. Kering (+26%) and LVMH (+22%) also rose as American businesses anticipated federal support and the downturn in China started to ease, with Luk Fook (+20%), Chow Sang Sang (+7%) and Pandora (+7%) also up. However, rough producers slumped due to mine closures, with Petra (-22%), Lucapa (-16%) and Mountain Province (-14%) falling.

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Tradewire Box April 2020 Single Stone V1
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