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Rapaport TradeWire Mar. 12, 2010

Dealers optimistic about Baselworld with hopes that scarcity will justify high large stone prices.
Mar 12, 2010 12:00 AM   By Rapaport
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  Rapaport TradeWire  
Rapaport TradeWire
RAPAPORT NEWS SERVICE | MARCH 12, 2010   www.rapaport.com | news@rapaport.com
 
 
Wholesale Retail Mining EconWatch India Stats Jobs

 
RapUp March 12, 2010

Very strong Chinese and Indian traffic at Hong Kong show with healthy demand for 1-3ct., D-H, VS+ and H-K, VS-SI goods. 3ct., D-F, VS+ hot. Commercial goods sold well. Larger 4ct+ expensive stones weak with very strong buyer resistance to high prices. Dealers optimistic about Baselworld with hopes that scarcity will justify high large stone prices. Russia’s Gokhran CEO says it will hold rough stockpile (est. $1.5B-$2B) to at least 2012. Bidz.com 4Q sales -29% to $25M, net income -90% to $288K. Belgium Feb. polished exports +15% to $875M, rough imports +182% to $782M. U.S. Jan. polished imports +68% to $1.3B, polished exports +52% to $911M. Antwerp hostage drama shocks industry with family held as gang steals estimated $10M from Karp Impex.

RapNet Data: March 12, 2010
 
Diamonds 623,805
Value $4,013,863,385
Carats 717,599
Average Discount -32.66%
RapNet Asking Price

Get Current Price List | Subscribe to Rapaport | Join RapNet

 
ANNOUNCEMENTS
March
11-18
Thu-Thu
Rapaport
Rapaport Tender Auctions
New York

Diamond Melee Tender
Over 45,000cts of polished round and fancy diamonds ranging in size from -2.5 sieve plate to 1ct +. Qualities vary from commercial to very fine. Excellent buying opportunity for diamond and jewelry manufacturers.

By Appointment Only

Contact: Jackie Tan
Email: tenders@diamonds.net
Phone: 1-212-354-9800
March
19
Fri
Rapaport Conference at Baselworld 2010

"The Diamond Decade: New Opportunities"
Martin Rapaport Presentation

9:30 a.m.-11 a.m.

Rapaport Fair Trade Conference
1:30 p.m.-4 p.m.

Basel Congress Center/Montreal Hall

Reserve your seat: basel@diamonds.net
March
18-25
Thu-Thu
Rapaport Exhibits at Baselworld 2010   

Messe Basel
Hall 3.1 Stand F01

For information contact Francesco Lopresti:
+39-02-40047274 or email francesco.lopresti@diamonds.net
March
20-22
Sat-Mon
Rapaport at South India Jewellery Show (SIJS)

Sree Kanteerava Indoor Stadium
Booth 124
Bangalore, India

For information contact Nilan Singh:
+91-22-6628-2700 or email nilan.singh@diamonds.net

  QUOTE OF THE WEEK:
  Much of the overall retail sector's growth in both the U.S. and the E.U. over the next five years will come from the Internet. To maximize that growth, e-business professionals will have to help enable a multichannel strategy that responds to consumers' increased desire to hop between the offline and online worlds and their increasing mobile and social behaviors. The retail innovators over the next five years will demonstrate customer enablement across all touchpoints, not just via a PC-based web browser.

Sucharita Mulpuru | Forrester Research

INDUSTRY  
 
Gokhran to Hold Stockpiles Through 2012

Gokhran may hold on to the rough diamonds it has purchased from ALROSA during the past two years until at least 2012. The state repository contended that it had never held such a large quantity of rough diamonds before and that it would take a long time to sort and value these stones.

ALROSA began selling rough to Gokhran at the end of 2008, when global diamond demand plummeted. It has been estimated that the Russian miner's sales to Gokhran alone totaled $1.1 billion in 2009. ALROSA expects to sell another $870 million in rough diamonds to Gokhran this year.


 
Gang Steals $10M From Karp Impex

The family of Pankaj Maldar, a partner at Karp Impex, was held at gunpoint at their Antwerp residence by a gang demanding stock from the company’s office. The robbers came equipped with full knowledge of Karp Impex’s inventory and ordered Maldar to fetch diamonds from the Karp office while they held the family hostage for a total of 18 hours. The gang reportedly stole diamonds valued at up to $10 million.


 
Industry Billionaires Ranked by Forbes

Name Forbes Rank Net Worth
Warren Buffett No. 3 $47B
Bernard Arnault No. 7 $27.5B
Jeffrey Bezos No. 43 $12.3B
Francois Pinault No. 77 $8.7B
Nicky Oppenheimer No. 154 $5B
Laurence Graff No. 374 $2.5B
Beny Steinmetz No. 488 $2B
Lev Leviev No. 655 $1.5B
Jack Ma No. 828 $1.2B


 
Rapaport Weekly Broadcast

WATCH NOW: For the most part, U.S. retail sales registered single-digit increases on a comparable-store basis this past week. The news from the Hong Kong show was mainly positive. Buyers returned to the bargaining table and were willing to accept higher asking prices, given the improved diamond demand and some shortages in certain goods. Demand from Asia was particularly strong at this year's show. The employment outlook for Surat's diamond sector has greatly improved from one year ago. According to India's regional manufacturing sector, more cutting and polishing jobs will be available in the coming months.  (Read about Surat's return to full employment.)


RETAIL  
 
Bidz.com's 4Q Sales -29%

Online jewelry retailer Bidz.com reported that its total revenues, which included $2.4 million in wholesale sales, dropped 22 percent to $27.5 million during the fourth quarter. The retailer's number of new buyers declined by 24 percent as the average rate of its daily orders dropped 36.5 percent to 1,564 items per day. The average gross selling price per order rose 12 percent to $189, however.

Bidz.com saw its net income fall 90 percent to $288,000 during the quarter. The company kept its operating expenses flat at $7.6 million, while it cut its cost of revenue by 16 percent to $19.3 million.


 
Ivanka Trump to Take Jewelry Line Global

Ivanka Trump, the entrepreneur daughter of real estate mogul Donald Trump, is taking her fine jewelry business global by offering "heirloom chic jewelry" to markets in Asia and the Middle East. The price points for her designs begin at $550. Plans are also underway to strengthen items priced between $3,000 and $8,000. Trump's couture line of engagement rings starts at $15,000.


 
Forrester Predicts Double-Digit Sales Growth

Forrester Research predicted that online retail sales across the U.S. and Western Europe were poised for a robust period of double-digit growth. The firm stated that online retail sales in the U.S. will grow at a 10 percent compound annual growth rate over the next five years to reach nearly $249 billion by 2014. Online retail within the largest European Union (E.U.) nations in Western Europe will grow at an 11 percent rate, hitting $155.8 billion (EUR 114 billion) by 2014, Forrester reported.

However, retailers are falling short of consumer expectations, according to this report. As a remedy, the research group suggested that marketing professionals work toward enabling a multichannel strategy that instantly responds to consumers' increased desire to hop between the offline and online worlds via mobile social activities.


 
Young Affluents Flock to Shopping Websites

Social networking shopping websites have a great future ahead as they continue to attract the young affluent shopper, according to a study conducted by Unity Marketing. The social shopping websites woot.com, gilt.com, hautelook.com and RueLaLa.com, for example, engage young affluent shoppers, encourage them to check back daily for special deals on luxury goods and create an enjoyable experience, the study noted.

Quick action, limited access and value pricing are all significant components of targeting the young affluents, according to Pam Danziger, the president of Unity Marketing. Social shopping websites, Danziger said, "offer the thrill of the hunt, the challenge of visiting time and again until the perfect item is found and the satisfaction of landing a deal. Plus, they are destinations of choice for the smart, savvy shopper. It is no wonder these sites are so popular among young affluents."


WHOLESALE  
 
Myanmar Gems Emporium Begins

Myanmar's annual gems emporium, which runs through March 20, 2010, features a jade stone weighing 155 tons, according to the government. Myanmar hosts two annual gem emporiums to market local jade, rubies, diamonds and other gemstones. The March 2009 emporium earned $191 million and hosted several thousand buyers from across southeastern Asia.

The government's Central Statistical Organization (CSO) reported that Myanmar produced 32,921 tons of jade and 18,728 million carats of gems, including rubies, sapphires, spinels and peridots, as well as 754 kilograms (201,081 mommis) of pearls, during the fiscal year that extended from 2008 to 2009. 


 
Taly Diamonds Cooperates With Investigation

Taly Diamonds is cooperating with U.S. authorities to determine the rightful owner of the 143-carat rough stone it purchased in September 2009. The diamond was cut and polished by the company into a 68-carat stone, which the government seized on March 4, pending its determination of the rightful owner.

Taly Diamonds contended that all paperwork was in order for the purchase, including a Kimberley Process (KP) certificate, and it intends to vigorously pursue all legally available means to recover the polished diamond from the authorities.


 
Diamond Bourse of Canada to be Operational Shortly

The Diamond Bourse of Canada, located in Toronto, will be fully operational by the end of March 2010. The bourse officially opened in January and its management and staff have been preparing services to offer members since then.

A grading certificate window is already operating at the bourse, serving as a drop-off point where members can submit diamonds for certification and receive same-day diamond-grading services. A Custom Bonded Warehouse will be open and ready for business in the third week of March 2010.


STATS  
 
U.S. January Imports, Exports

  $Mil Chng.
Polished Imports $1,270 68%
Polished Exports $911 52%
Net Imports $356 127%
     
Rough Imports $47 236%
Rough Exports $16 7%
Net Imports $31  
     
Net Diam Acct. $387 145%


 
Belgium February Imports, Exports

  $Mil Chng.
Polished Exports $875 15%
Polished Imports $663 22%
Net Exports $212 -1%
     
Rough Imports $782  
Rough Exports $904  
Net Imports ($122) -81%
     
Net Diam Acct. $335 19%


 
Russia 2009 Production

Carat Production 34.8M -6%
Carat Value $2.34B -7%
Price Per Carat $67.34 -1%


 
Australia 2Q Production

Carat Production 3.56M -34%
Carat Exports 2.98M -45%
Export Value $89M -53%


MINING  
 
Pangea DiamondFields Exits CAR

Pangea DiamondFields agreed to sell its Dimbi Diamonds subsidiary to a senior employee at the company. Under this deal, Pangea will receive a 5 percent royalty payment based upon the gross sales that are generated from the Dimbi project, located in the Central African Republic (CAR), as well as $500,000 from either the proceeds of the first sales or the proceeds of asset sales, should the buyer elect not to operate the project.


 
Trans Hex Tender Brings in $16M

Trans Hex sold $15.8 million worth of rough diamonds at its February 2010 tender. The results reflected a stronger demand for rough, as well as increasing prices. Trans Hex's production is currently valued at $7.6 million, pending its sale via the South Africa's State Diamond Trader, which should be concluded soon.


ECONWATCH  
 
For the week ending Mar 11, 2010:

  Mar. 11 Mar. 4 Chng.  
$1 = Euro 0.730 0.737 -0.007  
$1 = Rupee 45.56 45.85 -0.3  
$1 = Israel Shekel 3.74 3.78 -0.04  
$1 = Rand 7.41 7.48 -0.07  
$1 = Canadian Dollar 1.03 1.03 0.00  
         
Precious Metals        
Gold $1,109.40 $1,131.60 -$22.20  
Platinum $1,609.00 $1,576.00 $33.00  
         
Stock Indexes       Chng.
BSE 17,167.96 16,971.70 196.26 1.2%
Dow Jones 10,611.84 10,443.24 168.60 1.6%
FTSE 5,617.26 5,527.16 90.10 1.6%
Hang Seng 21,228.20 20,575.78 652.42 3.2%
S&P 500 1,150.24 1,122.81 27.43 2.4%
Yahoo! Jewelry 1,047.72 1,039.59 8.13 0.8%
         
USA        
Birks & Mayors $0.82 $0.67 $0.15 22.4%
Blue Nile $55.61 $54.55 $1.06 1.9%
Charles & Colvard $1.78 $1.35 $0.43 31.9%
DGSE Companies $2.26 $2.01 $0.25 12.4%
Fuqi Intl. $20.45 $18.79 $1.66 8.8%
JCPenney $30.21 $29.44 $0.77 2.6%
Kohl's $53.25 $53.81 -$0.56 -1.0%
LJ Intl. $2.90 $2.74 $0.16 5.8%
Macy's $21.06 $19.91 $1.15 5.8%
Man Sang $2.69 $2.55 $0.14 5.5%
Movado Group $13.82 $13.42 $0.40 3.0%
Nordstrom $38.94 $38.39 $0.55 1.4%
Saks $7.98 $7.23 $0.75 10.4%
Signet $29.54 $29.25 $0.29 1.0%
Sotheby's $30.21 $29.87 $0.34 1.1%
Tiffany $45.60 $45.49 $0.11 0.2%
Walmart $53.97 $53.96 $0.01 0.0%
Zale $3.03 $2.42 $0.61 25.2%
         
EUROPE        
Bulgari €6.18 €5.98 €0.20 3.3%
Bijou Brigitte €135.80 €138.55 -€2.75 -2.0%
Damiani €0.93 €0.95 -€0.02 -2.1%
LVMH €85.76 €84.01 €1.75 2.1%
PPR €93.14 €88.20 €4.94 5.6%
Richemont CHF 40.33 CHF 38.77 CHF 1.56 4.0%
Swatch Group CHF 327.50 CHF 316.00 CHF 11.50 3.6%
Theo Fennell (pence) 38.00 40.00 -2.00 -5.0%
         
INDIA (rupee)        
Classic Diamond 21.05 21.30 -0.25 -1.2%
Gitanjali Gems 118.10 118.30 -0.20 -0.2%
Goldiam Intl. 43.75 46.20 -2.45 -5.3%
Rajesh Exports 104.90 101.65 3.25 3.2%
Ren. Jewellery 75.20 75.10 0.10 0.1%
Su-Raj Diamonds 47.95 48.75 -0.80 -1.6%
Titan 1,814.35 1,865.65 -51.30 -2.7%
Zodiac JRD 24.35 24.15 0.20 0.8%
Suashish Diamonds 295.05 297.45 -2.40 -0.8%
         
NEW ZEALAND        
Michael Hill NZD 0.73 NZD 0.69 NZD 0.04 5.8%
         
MINING STOCKS        
CANADA        
Harry Winston CAD 10.30 CAD 10.51 -CAD 0.21 -2.0%
Lucara Diamond CAD 1.01 CAD 1.02 -CAD 0.01 -1.0%
Mountain Province CAD 2.05 CAD 2.19 -CAD 0.14 -6.4%
Peregrine Diamonds CAD 1.65 CAD 1.55 CAD 0.10 6.5%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.91 CAD 0.90 CAD 0.01 1.1%
Stornoway Diamond CAD 0.50 CAD 0.47 CAD 0.03 6.4%
True North Gems CAD 0.09 CAD 0.09 CAD 0.00 0.0%
UK (pence)        
African Diamonds 41.65 40.00 1.7 4.1%
Anglo American 2,678.50 2,590.50 88.0 3.4%
BHP Billiton 2,200.00 2,126.50 73.5 3.5%
Firestone Diamonds 37.90 38.25 -0.4 -0.9%
Gem Diamonds 240.00 247.80 -7.8 -3.1%
Gemfields 5.00 5.25 -0.3 -4.8%
Mwana Africa 10.81 11.08 -0.3 -2.4%
Namakwa Diamonds 32.97 33.77 -0.8 -2.4%
Petra Diamonds 67.50 66.00 1.5 2.3%
Rio Tinto plc 3,754.00 3,604.50 149.5 4.1%
Stellar Diamonds 16.50 18.00 -1.5 -8.3%


INDIA MARKET REPORT  
 
India, Russia to Sign $490M Rough Supply Deal

ALROSA plans to sign three-year contracts with Diamond India Ltd, Ratilal Becharlal & Sons, and Rosy Blue for supplying $490 million worth of rough diamonds. In 2009, ALROSA produced $2.2 billion in diamonds. In 2010, the company expects its output to reach $2.31 billion in terms of value and diamond sales to hit $3.3 billion.


 
Polished and rough trading activity

POLISHED: Hong Kong created a lot of buzz given that activity there will determine polished prices for near term. Local market is stunned by the the horrific robbery of Karp Impex in Antwerp.
Round
-1 point: Good demand: -$350 whites.
-2 point: Good demand: -$350 whites.
Fair Demand: $250-$350 OWTTLC
2-7 point: Very good demand: +$300 whites.
Good demand: -$300 whites.
Fair Demand: $250-$350 OWTTLC
8-18 point: Good demand: +$500 whites.
Fair Demand: -$400 whites
20 points: Fair demand: +$600 whites.
25 points: Good demand: +$700 whites.
Fair demand: -$350 whites.
33 points: Good demand: +$900 whites.
Fair demand: $300 - $500 whites.
50 points: Very Good demand: +$1000 whites.
Good demand: $500-$700 whites
75 points: Good demand: +$2000 & $700-$900 whites.
1 carat+: Very good demand: +$1000 whites.
Good demand: -$1000 whites.
Princess
-3 point: Good demand: $300-350 whites.
Fair demand: $200-$275 whites.
+3 point: Good demand: $350-$400 whites.
Fair demand: $200-$300 whites.
+9-18 point: Good demand: +14 pts $550-$600 whites.
Fair demand: $250-$350 whites.
20 point: Fair demand: $700-$750 whites.
25 point: Fair demand: $800-$850 whites.
50 point: Good demand: $1600-$1,800 whites.
Fair demand: $400-$700 whites.
75 point: Fair demand: $1,000-$1,200 & $500-&1000 whites.
1 carat+: Good demand: +$2,500 whites.
Fair demand: $1000-$2000 whites
Marquise
-6 point: Good demand: $400-$500 whites.
Fair demand: $250-$350 whites.
+7-18 point: Good demand: $600-$700 & +14 pts $800-$850 whites.
Fair demand: $250-$400 whites.
20 point: Fair demand: $250-$400 & $900-$1,000 whites.
25 point: Fair demand: $250-$400 & $1,100-$1,200 whites.
33 point: Fair demand: $250-$400 whites.
50 point: Fair demand: $1,600-$1,800 whites.
75 point: Fair demand: $2,600-$2,800 & $700-$900 whites.
1 carat+: Good demand: $300-$600 & +$1,000 whites.
Tapers & Baguettes
Good demand: $600-$800 +5mm whites. $250-$325
2mm-2.5mm whites; $350-$400, 2.5mm-3mm whites;
             $400-$450 3mm-4mm, $500-$600 4mm –
             5mm & $175-$250 +2mm-3mm whites.
ROUGH: Improved activity with clivage for rough goods yeilding polished -0.01, stars and melees. Overall activity is slow due to high asking prices.
1-5 point: Good demand: $95- $135 makeables; $110-$210 crystals.
$45-$75 makeables.
Fair demand: $7-$20 & $45-$90 OW TTLB & TTLC.
6-20 point: Good demand: $160-230 crystals; $110-$190 makeables;
$60-$110 fancy shapes; $40-$60 clivage.
Fair demand: $50-$90 OW TTLC & TTLB rounds.
21-50 point: Good demand: $210-290 makeables; $120-$180 & $225-$300 crystals;
$80-$190 fancy shapes; $95-$170 rounds; $45- $85 clivage;
Fair demand: $20-$40 OW TTLC & TTLB.
0.51-1.00 carat: Good demand: $170-$325 makeables; $130-$250 & $280-$480 crystals;
$75-$120 makeables; $90-$200 fancy shapes; $50-$100 clivage.
Fair demand $60-$90 OW TTLC & TTLB.
1.01-2.00 carat: Good demand: $220-$570 rounds; $275-$725 crystals; $85-$115 clivage;
$180-$360 all fancy shapes.
Fair demand: $140-$180 OW TTLC & TTLB.
2.01-3.00 carat: Good demand: $250-$1,000 makeables; $350-$1,300 crystals;
$400-$800 fancy shapes; $210-$300 clivage.
Fair demand: $100-$325 flats & TTLC & TTLB
$350-$800 OW.
5.00 carat+:  Good demand: $1,000+ makeables, crystals & all fancy shapes till L color.
Mixed Lot: Good demand: $2-$40.


JOBS  
 
Work for Rapaport India

GIA Diamond Graduate for Mumbai office with a minimum of one year experience in the industry. Good English skills for verbal and written communications. Please send qualifications to: manisha.mehta@rapaport.com
 


 
Work for Rapaport New York

Rapaport New York is seeking a reliable, outgoing, career oriented professional with a positive attitude. Requirements include: 3+ years industry experience, bachelors degree, proficient in Microsoft Office. Sales experience a must, management experience a plus. Please send resumes to: careers@diamonds.net





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Tags: African Diamonds, Alrosa, Anglo American, Auctions, Australia, Baselworld, Belgium, BHP Billiton, Bidz.com, Bulgari, Consumers, European Union, Fair Trade, Firestone, Gem Diamonds, GIA, Gokhran, Government, Graff, Harry Winston, Hong Kong, India, Israel, Jewelry, Kimberley Process, Leviev, Lucara Diamond, LVMH, Manufacturing, Michael Hill, Movado, Myanmar, Pangea DiamondFields, Petra Diamonds, Polishing, Production, Rapaport, Richemont, Rio Tinto, Rockwell, Russia, Signet, Sotheby's, South Africa, Stellar Diamonds, Surat, Tenders, Theo Fennell, Tiffany, Titan, Zale
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