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Rapaport TradeWire August 15, 2019

Low expectations for Sep. Hong Kong show due to slowdown in Chinese demand and escalation of political protests.
Aug 15, 2019 10:52 AM   By Rapaport
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Rapaport TradeWire
August 15, 2019
RAPAPORT MARKET COMMENT
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Low expectations for Sep. Hong Kong show due to slowdown in Chinese demand and escalation of political protests. Trade war affecting confidence. US jewelers likely to raise local manufacturing as 10% tariff on diamond and jewelry imports from China takes effect Sep. 1. Weak Macy’s 2Q results reflect struggling malls and drop in tourist spending. Devalued yuan adds price pressure for Chinese diamond importers. Hong Kong 1H polished imports -6% to $9.1B. Rough market quiet, with cutters reducing factory output through Oct. 27 Diwali break. Sarine 2Q revenue -35% to $12M, net loss of $1.4M vs. profit of $3.6M. India July polished exports -18% to $1.5B, rough imports -34% to $1.1B.


Trade Wire 600X160 April 2018
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct 0.06% -1.84% -22.23%
0.50 ct -0.08% -1.91% -10.42%
1.00 ct -0.14% -1.17% -6.36%
3.00 ct 0.28% -0.51% -16.48%
RAPI Yearly Graph
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Market Reports
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United States: Jewelry market slow, with decline in buyers and exhibitors at New York JA show...
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Belgium: Bourses scheduled to reopen on August 19...
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Israel: Dealers preparing for upcoming Hong Kong show, but greater emphasis on supplying to US market ahead of holiday season...
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India: IIJS show sees slow diamond trading, but steady gold inquiries ahead of festival and wedding season...
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Hong Kong: Rising uncertainty about Sep. fair following temporary airport closure, despite organizers’ assurances the show will go ahead...
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2019 Jan 31 Rap Net Free Trial 600X160
Who’s Buying the Rough in 2019?
WITH Joshua Freedman

The stability of the diamond industry is largely in the hands of 122 manufacturers and dealers that purchase rough on a contractual basis. In this extract from the July issue of the Rapaport Research Report, we list the core clients of De Beers, Alrosa, Dominion Diamond Mines and Rio Tinto.

UPS AND DOWNS
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Canada Cutting Facility Processes First Batch of Diamonds
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PhD Student Retraining Illegal Female Miners as Artisans
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Diamond Tycoon to Stand Trial Over Alleged Bribes
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US Urges Jewelers to Improve Supply-Chain Controls
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Tradewire Banner August 2019 Single Stone
WEEKLY NEWS
industry
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Trade Seeks Discount for Hong Kong Show
Market enduring most challenging period since financial crisis, jewelry association says.
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Tariffs on Chinese Jewelry to Begin September 1
US excludes category from list of products getting reprieve from 10% levy.
retail
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Trade War Sparks Opportunity for Indian Jewelers
IIJS traffic steady despite concerns over high gold price.
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Pandora to Buy Back $75M of Inventory
Company aims to minimize buildup of unsold goods at retail clients.
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Weak Demand Dents Sales at China’s Kingold
Supplier notes reduced appetite for branded jewelry.
mining
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Alrosa Sales Hit Lowest Level on Record
Inventory buildup, trade tensions and tightened credit all played a role, miner says.
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Stornoway Fears for Its Future
Company unlikely to find buyer to save the business, it warns.
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Lucara Profit Drops Amid Lower-Value Output
Average price slumps due to focus on tailings production.
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Mountain Province Faces Nasdaq Delisting
Miner has until February 10 to lift its stock price to $1.
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Angola Sees Rise in Diamond Revenue
Rough sales total $232.8 million in second quarter.
general
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Hong Kong Riots Cast Cloud over Show
September fair will happen, organizers say, but currently there’s chaos.
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India Polished Trade Slips to Seven-Month Low
July exports are lowest since December 2018.
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Sarine Sales Dip Amid ‘Challenging’ Market
Revenue down 35% in second quarter.
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Alrosa Offers 15ct. Purple-Pink Diamond
Miner to display polished stone in New York ahead of November sale.
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FINANCE
Diamond Industry Stock Report
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Stocks continued to descend this week as the US-China trade war persisted. Global retail shares fell, with Signet (-18%), Macy’s (-18%), J.C. Penney (-11%), Luk Fook (-8%), Chow Sang Sang (-8%), and Pandora (-9%) all losing ground. Mining companies also took a hit: Lucara Diamond (-20%), Stornoway Diamond (-17%) and Petra Diamonds (-7%) all slid. Firestone Diamonds (+30%) bucked the trend.

Rapnet Trade Wire
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