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Rapaport TradeWire June 11, 2010

JCK Las Vegas fuels optimism for U.S. retail but buying at show still driven by Far East and Indian buyers.
Jun 10, 2010 6:00 PM   By Rapaport
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RAPAPORT NEWS SERVICE | JUNE 11, 2010   www.rapaport.com | news@rapaport.com
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RapUp June 11, 2010

JCK Las Vegas fuels optimism for U.S. retail but buying at show still driven by Far East and Indian buyers. 3 ct certs hot. High prices for large diamonds generating buyer resistance. Good demand for 1-2 ct, G-I, VS-SI. Demand for SI-I1 very strong  for small inexpensive goods. DTC June sight estimated at $500m as prices increase 3-7%. Secondary market rough premiums softening but demand remains strong due to shortages. Large cutters dealing rough rather than manufacturing. Christie’s London sells $6.6m (79% by lot) with rectangular cut, 14.85-carat, D, VS1 Bulgari diamond ring selling for $1.1m ($73,800/ct). Michael Hill to close eight of 17 U.S. stores. Botswana’s April rough/polished exports +36% to $233.6m. Abbey Chikane says Zim meets minimum KP standards as NGOs still report state-sponsored human rights abuses.

RapNet Data: June 11, 2010
Diamonds 706,304
Value $4,526,100,397
Carats 791,494
Average Discount -30.66%
RapNet Asking Price

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  [Record gold has] all been driven by investor interest, and investors are minor sellers today. Gold looks tired up here. The question is how low will it go.

Leonard Kaplan | Prospector Asset Management

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Rapaport Weekly Broadcast

WATCH NOW: Scarselli Diamonds,  McTeigue Diamonds, and Patti Esbia Antique & Estate Jewelry discuss trading activity from the Las Vegas Antique Jewelry & Watch Show. Attendance was up 15 percent from 2009.

Closing JCK Broadcast

WATCH NOW: Diamond trading firms Ankit Gems and Akshar Impex explain what sizes and makes were hot at JCK. Lazare Kaplan tells the story behind the Twist and the Simply Global collections. Designer Ellen Himic shows what was hot with buyers. See what silver jewelry from Christofle Paris sold well. Finesse Diamonds found strong demand for the Eighty-Eight diamond cut and Gregg Ruth debuts the Aztec collection.

Stars of Africa Feature Video

WATCH NOW: The Asschers send the message of ethics, education and hope for Africa with designer  Reena Ahluwalia and the Stars of Africa by Royal Asscher® collection. The Asscher family and Ahluwalia worked together to create five new pieces of jewelry that were modeled during the JCK fashion show by Flaviana Matata.

Couture 2010 Broadcast

WATCH NOW: Bruno Scarselli shows a rare and beautiful 1.61 carat, fancy purplish-red diamond from the Argyle mine; Eric Courtney discusses inspiration behind the Gorgeous and Engaged® bridal collection; Arun Bohra created a one-of-a-kind spider for his Black Collection of diamonds; and Hearts on Fire demonstrates their new iPad consumer outreach solution for retail partners.

Weekly U.S. Chain-Store Sales +3%

U.S. chain-store sales rose 3 percent for the week that ended on June 5, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs, as warmer weather led to a spur in spending. On a week-to-week basis, sales improved by just 0.8 percent. ICSC expects sales to rise by between 3 percent to 4 percent year on year in June due to easy comparisons against 2009, as well as the warm weather lift.

Michael Hill to Close Eight U.S. Stores

Michael Hill International is planning to close eight stores in the U.S. in an effort to make its operations there profitable. The New Zealand-based company marked its entrance into the U.S. market when it bought 17 stores in Illinois and Missouri from the bankrupt Whitehall Jewelers in July 2008. The company expects to incur operating losses in the U.S. of around $6 million for the fiscal year that ends on June 30, 2010, excluding $1.8 million in costs related to the closures.  Michael Hill intends to open 15 stores across Canada, Australia and New Zealand this year.

TD Retail Card Services to Cover Zale in Canada

Zale Corporation  selected TD Retail Card Services to administer the private-label credit card program for the retailer’s 216 stores in Canada come July 1. Under the five-year agreement, the Mahwah, New Jersey-based business unit of TD Retail Card Services will direct all facets of the private-label credit card program for Zale’s 147 Peoples Jewellers stores and its 69 Mappins Jewellers locations across Canada.

Renaissance Jewellery's Sales -79% in 4Q

Renaissance Jewellery Limited reported that its sales fell 79 percent year over year to $14.4 million in the fourth fiscal quarter that ended on March 31. The company also reported that its net profits dropped 71 percent year on year to $651,272 after its expenses declined by 79 percent to $13.2 million. For the full financial year, Renaissance Jewellery's sales fell 29 percent to $106.6 million. The company's net profits rose 15 percent to $5.5 million as its expenses dropped 31 percent to $99.1 million.

Christie's Jewels Sale Nets Almost $7M

Christie's Jewels: The London Sale realized $6.6 million and was 79 percent sold by lot. The top lot was a 14.85-carat, rectangular-cut D, VS1 diamond ring by Bulgari, which sold for almost $1.1 million, or $73,800 per carat. A 7.07-carat, E, VS2 diamond ring by Cartier sold for $487,326 and a pair of heart-shaped, diamond ear studs by Boucheron sold for $331,266.

MJSA, GE Money Offer Consumer Finance Program

The Manufacturing Jewelers & Suppliers of America (MJSA) and GE Money will partner to provide consumer financing. GE Money's Luxury Card program, a revolving credit card, can now be offered to MJSA retail members nationwide. GE Money contended that customers with branded credit cards buy more than they would with traditional bank credit cards. GE Money will also provide MJSA members with tools that help incorporate this type of financing into sales and marketing initiatives. GE Money's Luxury Card provides consumers with attractive credit promotions that simplify payments for jewelry purchases.

Wolfgang Gross Passes Away

The World Federation of Diamond Bourses (WFDB) mourned the death of Wolfgang Gross, the honorary president of the Diamantklub Wien, the Diamond Club of Vienna, and an honorary delegate to the WFDB. Gross, who passed away in late May, just short of his 93rd birthday in Vienna, Austria, became a member of the club in 1957 and served as Vienna's bourse president from 1972 to 1996, completing an uninterrupted, 25-year term of service. He was consequently appointed the honorary president of the club. Wilfried Haass, the incumbent president of the Diamantclub Wien, said Gross had been an old-school diamantaire whose ethics and morals were beyond reproach.

RJC Picks First Accredited Auditor

The Responsible Jewellery Council (RJC) chose STR Responsible Sourcing as its first accredited auditor, tasked with verifying that RJC members’ business practices comply with the council's standards. STR Responsible Sourcing works with more than 6,000 manufacturers, importers, raw materials suppliers and retailers worldwide to assess the quality, safety and social standards of their products and systems. Accredited auditors enable RJC members who have carried out self assessments against the RJC system to commission their certification audits. A list of RJC's accredited auditors will soon be available to members on the council's website.

Botswana's Diamond Exports +36% in April

Botswana’s polished and rough diamond exports rose 36 percent to $233.6 million for the month of April, according to data collected by the Bank of Botswana. First-quarter diamond exports grew 101 percent to $476.9 million, but remained well below the average export levels recorded in the same periods of previous years, for instance, Botswana’s diamond exports were valued at $924.4 million in the first quarter of 2008.

IGE Diamond Sale Garners $500K

IGE Resources reported sales of approximately $500,000 for diamonds from its Cassanguidi mine in Angola. The Swedish company sold 2,760 carats of rough diamonds this week for an average price of $181.60 per carat, compared to the per-carat average of $162 it achieved at its first sale in April. The June average also exceeded IGE's target price of $180 per carat for the Cassanguidi diamonds. The Cassanguidi mine is the first of three mines that IGE expects to bring into operation by early 2011. The company is ramping up production at Cassanguidi to raise its output to 5,000 carats a day by the third quarter.

Shore Gold Updates Star Diamond Project

 Shore Gold reported that its Star underground project in Canada contains diamonds in the league of the Letseng mine in Lesotho. George Read, Shore’s vice president of exploration and development said that 26 percent of all diamonds larger than 2.7 carats from a Star bulk sample are Type IIa diamonds. A recent study on plus 2.7 carat diamonds from Star shows that the project has a similar proportion of Type IIa diamonds to Letseng, and that many Type IIa stones tend to be in larger sizes. A sample evaluation of Star diamonds shows that it contains both top white octahedral diamonds (Type Ia) and a significant proportion of Type IIa diamonds, some of which are top white in color.

In a separate report, a revaluation of diamond parcels from Shore Gold’s Star and Orion South kimberlites showed price increases of 11 percent to 19 percent from previous valuations made in March 2008. Modeled prices now range between $116 and $344 per carat.

For the week ending June 10, 2010:

  June.10 June.3 Chng.  
$1 = Euro 0.825 0.823 0.002  
$1 = Rupee 46.64 46.74 -0.1  
$1 = Israel Shekel 3.86 3.84 0.02  
$1 = Rand 7.70 7.69 0.01  
$1 = Canadian Dollar 1.03 1.04 -0.01  
Precious Metals        
Gold $1,217.70 $1,205.50 $12.20  
Platinum $1,534.00 $1,543.00 -$9.00  
Stock Indexes       Chng.
BSE 16,922.08 17,022.33 -100.25 -0.6%
Dow Jones 10,172.53 10,255.28 -82.75 -0.8%
FTSE 5,132.50 5,211.18 -78.68 -1.5%
Hang Seng 19,632.70 19,786.71 -154.01 -0.8%
S&P 500 1,086.84 1,102.83 -15.99 -1.4%
Yahoo! Jewelry 871.34 890.92 -19.58 -2.2%
Birks & Mayors $1.25 $1.45 -$0.20 -13.8%
Blue Nile $51.80 $48.20 $3.60 7.5%
Charles & Colvard $2.67 $3.04 -$0.37 -12.2%
DGSE Companies $2.84 $2.77 $0.07 2.5%
Fuqi Intl. $8.63 $9.05 -$0.42 -4.6%
JCPenney $26.27 $27.07 -$0.80 -3.0%
Kohl's $51.29 $52.10 -$0.81 -1.6%
LJ Intl. $2.80 $2.95 -$0.15 -5.1%
Macy's $21.33 $22.49 -$1.16 -5.2%
Man Sang $1.89 $2.05 -$0.16 -7.8%
Movado Group $11.76 $12.23 -$0.47 -3.8%
Nordstrom $37.79 $38.52 -$0.73 -1.9%
Saks $8.54 $9.14 -$0.60 -6.6%
Signet $30.80 $31.56 -$0.76 -2.4%
Sotheby's $31.31 $32.45 -$1.14 -3.5%
Tiffany $43.64 $44.49 -$0.85 -1.9%
Walmart $51.72 $51.72 $0.00 0.0%
Zale $2.30 $2.55 -$0.25 -9.8%
Bulgari €6.38 €6.27 €0.11 1.8%
Bijou Brigitte €120.50 €116.80 €3.70 3.2%
Damiani €0.82 €0.84 -€0.02 -2.4%
LVMH €91.32 €89.09 €2.23 2.5%
PPR €101.80 €100.25 €1.55 1.5%
Richemont CHF 41.93 CHF 39.74 CHF 2.19 5.5%
Swatch Group CHF 321.10 CHF 313.50 CHF 7.60 2.4%
Theo Fennell (pence) 34.00 32.00 2.00 6.3%
INDIA (rupee)        
Classic Diamond 19.25 19.55 -0.30 -1.5%
Gitanjali Gems 121.85 115.05 6.80 5.9%
Goldiam Intl. 45.00 45.00 0.00 0.0%
Rajesh Exports 76.95 90.05 -13.10 -14.5%
Ren. Jewellery 81.80 85.45 -3.65 -4.3%
Su-Raj Diamonds 48.55 49.75 -1.20 -2.4%
Titan 2,230.20 2,214.35 15.85 0.7%
Zodiac JRD 26.45 28.10 -1.65 -5.9%
Suashish Diamonds 178.50 173.00 5.50 3.2%
Michael Hill NZD 0.66 NZD 0.70 -NZD 0.04 -5.7%
Harry Winston CAD 13.71 CAD 13.50 CAD 0.21 1.6%
Lucara Diamond CAD 0.80 CAD 0.87 -CAD 0.07 -8.0%
Mountain Province CAD 2.46 CAD 2.36 CAD 0.10 4.2%
Peregrine Diamonds CAD 2.01 CAD 2.05 -CAD 0.04 -2.0%
Rockwell Diamonds CAD 0.06 CAD 0.07 -CAD 0.01 -14.3%
Shore Gold CAD 0.78 CAD 0.77 CAD 0.01 1.3%
Stornoway Diamond CAD 0.52 CAD 0.52 CAD 0.00 0.0%
True North Gems CAD 0.08 CAD 0.08 CAD 0.00 0.0%
UK (pence)        
African Diamonds 33.00 31.55 1.5 4.6%
Anglo American 2,621.50 2,605.00 16.5 0.6%
BHP Billiton 1,875.50 1,839.00 36.5 2.0%
Firestone Diamonds 35.75 37.50 -1.8 -4.7%
Gem Diamonds 237.90 230.50 7.4 3.2%
Gemfields 4.75 4.78 0.0 -0.6%
Mwana Africa 8.00 9.30 -1.3 -14.0%
Namakwa Diamonds 46.75 40.25 6.5 16.1%
Petra Diamonds 67.75 68.50 -0.8 -1.1%
Rio Tinto plc 3,251.70 3,171.00 80.7 2.5%
Stellar Diamonds 12.75 13.50 -0.8 -5.6%

Polished and rough trading activity

Polished: Market trading resumed following summer vacation. Following the Vegas show, there are very few overseas buyers in the local polished market.
-1 point: Good demand: $250-$350 whites.
Fair demand: $150-$200 whites; $250-$350 TTLC.
-2 point: Good demand: $250-$350 whites.
Fair demand: $150-$225 & +$400 whites; $300-$350 TTLC.
2-7 point: Good demand: +$300 whites.
Fair demand: $300-$400 TTLC.
8-18 point: Good demand: +$400 whites.
Fair demand: $350-$450 TTLC.
20 points: Fair demand: +$600 whites.
25 points: Fair demand: +$700 whites.
33 points: Fair demand: +$900 whites.
50 points: Good demand: $1000-$1500 & +$2000 whites.
75 points: Good demand: +$2000 whites.
1 carat+: Very good demand: +$2000 whites.
-3 point: Good demand: $300-330 whites.
+3 point: Good demand: $350-$400 whites.
+9-18 point: Good demand: +14 pts $550-$600 whites.
20 point: Fair demand: $700-$750 whites.
25 point: Fair demand: $800-$850 whites.
50 point: Good demand: $1600-$1,800 whites.
75 point: Fair demand: $1,000-$1,200 whites.
1 carat+: Good demand: +$1,500 whites.
-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: $900-$1,000 whites.
25 point: Fair demand: $1,100-$1,200 whites.
33 point: Fair demand: $1,300-$1,500 whites.
50 point: Fair demand: $1,600-$1,800 & $600-$700 whites.
75 point: Fair demand: $1,100-$1,400 & $2,600-$2,800 whites.
1 carat+: Good demand: $300-$600 & +$1,200 whites.
Tapers & Baguettes
Fair 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: There are rumors of high demand for DTC sight goods against low supplies in the local market. Fluctuating dollar against rupee is affecting the activities in the local rough market.
1-5 point: Good demand: $75- $120 makeables; $90-$180 crystals.
$30-$60 makeables.
Fair demand: $7-$20 & $40-$80 OW TTLB & TTLC.
6-20 point: Good demand: $130-200 crystals; $70-$160 makeables.
Fair demand: $40-$50 clivage;
Fair demand $50-$100 fancy shapes;
$50-$90 OW TTLC & TTLB rounds.
21-50 point: Good demand: $210-270 makeables; $90-$170 & $220-$300 crystals.
Fair demand: $90-$190 rounds; $50- $90 clivage.
Fair demand: $70-$180 fancy shapes;
Fair demand $20-$40 OW TTLC & TTLB.
0.51-1.00 carat: Good demand: $160-$320 makeables;
$120-$240 & $270-$440 crystals.
Fair demand: $70-$100 makeables; $40-$70 clivage;
Fair demand $50-$100 fancy shapes;
Fair demand $60-$90 OW TTLC & TTLB.
1.01-2.00 carat: Good demand: $220-$550 rounds;
$220-$650 crystals;
Fair demand $140-$180 OW TTLC & TTLB.
$90-$130 clivage; $170-$350 all fancy shapes.
2.01-3.00 carat: Good demand: $200-$1,000 makeables; $300-$1,400 crystals
Fair demand: $250-$325 clivage; $100-$325 flats & TTLC & TTLB
$350-$800 OW & $400-$800 fancy shapes.
5.00 carat+:  Good demand: $1,000+ makeables, crystals & all fancy shapes till L color.
Mixed Lot: Good demand: $2-$30.


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Tags: Abbey Chikane, African Diamonds, Anglo American, Angola, Argyle, Auctions, Australia, BHP Billiton, Bulgari, Collections, Consumers, DTC, Dubai, Firestone, Gem Diamonds, GIA, Harry Winston, ICSC, India, Israel, JCK, Jewelry, Lazare kaplan, Lesotho, Letseng, Lucara Diamond, LVMH, Manufacturing, Michael Hill, MJSA, Movado, Petra Diamonds, Production, Responsible Jewellery Council, Richemont, Rio Tinto, RJC, Rockwell, Signet, Sotheby's, Stellar Diamonds, Theo Fennell, Tiffany, Titan, World Federation of Diamond Bourses (WFDB), Zale
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