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Rapaport TradeWire July 30, 2020

Sentiment weak as trading centers reinforce Covid-19 restrictions.
Jul 30, 2020 10:07 AM   By Rapaport
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Rapaport TradeWire
July 30, 2020
RAPAPORT MARKET COMMENT
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Sentiment weak as trading centers reinforce Covid-19 restrictions. Supply shortages supporting polished prices as cutters refrain from rough purchases. Manufacturing profit margins better than pre-pandemic, resulting from select rough buying that aligns with polished demand. Focus on online trading. D, IF investment demand improving. Miners building rough inventory as sales slump. De Beers 1H revenue -54% to $1.2B, underlying loss of $214M. Rio Tinto diamond sales -48% to $141M, loss -88% to $40M. LVMH 1H jewelry & watches revenue -38% to $1.6B, loss of $20M. GIA partners with IBM Research to adopt automated clarity grading. Diamond Development Initiative merges with NGO Resolve.

Ctc Ny Jewels
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct 0.60% 1.67% 2.63%
0.50 ct 0.70% 4.10% 0.18%
1.00 ct 0.57% 1.93% -6.32%
3.00 ct -0.40% -0.66% -9.11%
RAPI Yearly Graph
Amipi Rapnet Tradewire
Market Reports
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United States: Steady demand for round and oval, 1 to 2.75 ct., G-I, VS-SI diamonds for engagement rings...
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Belgium: Market quiet as government introduces strict Covid-19 rules and summer vacation begins...
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Israel: Dealers maintaining firm prices since they expect limited supply of new polished in the coming months...
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India: Low availability of rough further limiting manufacturers’ ability to increase operations...
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Hong Kong: China retail better than Hong Kong, having stabilized after initial reopening...
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Trade Wire 600X160 April 2018
Can the Diamond Industry Deal with Covid-19?
WITH Avi Krawitz

The Rapaport Group’s latest Diamond Trends Webinar assesses the state of the market during the first six months of 2020, and presents opportunities that may arise in the second half.

UPS AND DOWNS
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Zales Showcases Emerging and BIPOC Designers
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What the Wealthy Are Buying
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De Beers Rethinks Business After Cracks Exposed
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The Year the Shows Went Dark
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Gia Tw Banner Id100 11 June 20
WEEKLY NEWS
industry
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GIA Embraces Automated Clarity Grading
Artificial-intelligence technology from IBM already in use at New York and Carlsbad laboratories.
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Nine Sightholders Aim for Carbon Neutrality
De Beers clients join program to reduce emissions in manufacturing sector.
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Rio Tinto Grants Rough Buyers Flexibility
Miner allows customers to purchase only what they need during pandemic.
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Antwerp Trading Halls Shut for Second Time
Belgium sees spike in coronavirus cases.
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Israel Bourse Calls for Tax-Free Trading Zone
Move would attract foreign companies and boost local industry, management argues.
retail
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LVMH Revenue Dives as Tourism Dries Up
Jewelry brands such as Bulgari are highly reliant on travel retail.
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European Slump Weighs on Kering Jewelry Brands
Covid-19 hits Boucheron and Pomellato badly; Qeelin benefits from Asian recovery.
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Luk Fook Sales Tank During Pandemic
Revenue declines 71% in first fiscal quarter.
mining
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Challenges Persist as De Beers Sees Red
Miner incurs underlying loss of $214 million in first half of 2020.
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Petra Revenue Falls to Nine-Year Low
Sales down 36% for fiscal 2020 as Covid-19 adds to company’s troubles.
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Losses Deepen at Rio Tinto’s Diamond Unit
Weak rough market and devaluation of assets lead to drop.
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Pandemic Punctures Gem Diamonds Sales
Revenue down 22% as lower volumes outweigh rise in average price.
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NGOs Merge to Advance Artisanal Mining Sector
Diamond Development Initiative will become division of Washington, DC-based Resolve.
general
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Baselworld Owner Creates New Trade Show
Houruniverse will run throughout the year as a virtual fair and feature an annual live event.
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116ct. Diamond Fetches $6M at Christie’s
Pear brilliant-cut stone was top seller at $28.1 million New York auction.
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India’s Polished Exports Fall Again
Shipments down 47% year on year in June.
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FINANCE
Diamond Industry Stock Report
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US and Hong Kong retail stocks remained fairly positive, with Luk Fook (+4.6%), Tiffany (+2.7%), Signet (+2%) and Macy’s (+0.5%) all climbing. European shares faltered as LVMH (-7%) and Kering (-2.6%) reported disappointing results. As a whole, miners performed well. Mountain Province (+5%), Alrosa (+4.7%), and Lucara (+1.7%) all rose. Petra (-14%) lost ground as it continued to consider sale options amid rising debt. 

Rapnet Trade Wire
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