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Rapaport TradeWire August 29, 2019

Suppliers preparing for Hong Kong show amid uncertainties about buyer attendance.
Aug 29, 2019 11:14 AM   By Rapaport
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Rapaport TradeWire
August 29, 2019
RAPAPORT MARKET COMMENT
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Suppliers preparing for Hong Kong show amid uncertainties about buyer attendance. Weak Chinese sentiment due to trade war and yuan depreciation (-4% in Aug. to CNY 7.1/$1). Tourist spending declines, with Tiffany & Co. 2Q sales -3% to $1B, earnings -6% to $136M. Chow Sang Sang 1H retail revenue +1% to $1.1B, profit +2% to $78M after strong start to 2019, but double-digit slowdown when Hong Kong protests began in June. Inventory levels declining due to reduced manufacturing, despite sluggish polished trading. Rough market very quiet after $280M De Beers sight. Trans Hex CEO Llewellyn Delport resigns as mid-scale miners struggle to stay afloat in current weak market.

600X160 Alrosa
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -0.08% -0.68% -22.02%
0.50 ct 0.24% -0.96% -10.48%
1.00 ct 0.58% 0.00% -6.02%
3.00 ct -0.25% -1.42% -17.80%
RAPI Yearly Graph
Trade Wire 600X160 April 2018
Market Reports
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United States: Fancy-color dealers holding sizable inventory of large yellow diamonds...
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Belgium: Decline in rough-dealer activity after small De Beers and Alrosa August sales...
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Israel: Not easy to source best-quality SIs, which are in demand...
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India: Some US, Chinese and Israeli buyers looking for bargains from cash-strapped Indian suppliers...
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Hong Kong: Show organizers trying to calm exhibitor concerns about upcoming fair, which begins September 16...
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15 Aug 2019 Gia Natural Or Lab Grown Tw Banner
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Estate jewelry has gained popularity among millennial consumers seeking unique, handmade looks.

UPS AND DOWNS
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Indian and Russian Leaders Discuss Diamond Partnership
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Demand for Angolan Rough Higher Than Supply
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Kimberley Miner Cuts Salaries Amid Financial Woes
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Gunmen Steal $4M from NY Jewelry Store
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WEEKLY NEWS
industry
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GJEPC Mulls Separate Lab-Grown Membership
Category would help Indian organization keep tabs on the sector.
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Officials Calm Hong Kong Show Concerns
Travel alerts have been lowered and insurance companies are on board, Informa notes.
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US Diamond Trade Slumps in First Half
Polished imports fall 24% for the period.
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Celebrities Fund New Custom-Jewelry Platform
Pietra connects consumers with over 100 designers.
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Cartier Bracelet to Lead Sotheby’s Geneva Sale
Piece is valued at $2 million to $3 million.
retail
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Tiffany Sales Fall as Tourist Spending Slows
Global revenue slips 3% in second quarter.
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Chow Sang Sang to Grow China Network
Hong Kong-based retailer plans to open 60 new stores on the mainland this year.
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Folli Follie Seeks Buyer for Links of London
Owner of UK-based jeweler has suffered financial troubles.
mining
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De Beers Sales Continue to Fall
August proceeds down 44% as sightholders reject goods.
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Letšeng Mine Yields 114ct. Yellow
Stone is Gem Diamonds’ third of that color over 100 carats this year.
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Possible Stock Delisting Adds to Stornoway Woes
Toronto exchange gives miner until December 20 to comply with requirements.
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Angola Pleased with Diamond Roadshow
More than 230 companies have expressed interest in acquiring mining rights in the country.
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Trans Hex Struggles Continue as CEO Quits
Llewellyn Delport has led the business since 2004.
general
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Alrosa to Hold Second True Colors Auction
Miner will present over 200 diamonds at the Hong Kong Jewellery & Gem Fair.
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Graff Reveals Polished Lesotho Pink
Jeweler cut stone from 13.33-carat rough originating at Gem Diamonds’ Letšeng mine.
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Kathryn Kimmel to Retire from GIA
The senior vice president and chief marketing officer founded the organization’s career fair.
Tradewire Banner August Single Stone V1
FINANCE
Diamond Industry Stock Report
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Retail shares fell ahead of the September 1 implementation date for new tariffs on Chinese goods. Macy’s (-5%), Signet (-6%), Chow Tai Fook (-6%) and Chow Sang Sang (-3.5%) all dropped. J.C. Penney (+6%) bucked the trend. Weakness in the diamond market hit mining shares, with Firestone (-11%), Petra (-9%), Lucapa (-6%) and Lucara (-4.5%) all falling. Stornoway (-25%) plunged after the company reported it was unable to find a buyer, and faced delisting from the Toronto Stock Exchange.

Rapnet Trade Wire
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