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Rapaport TradeWire July 25, 2019

Summer lull continues. Polished suppliers cautious for 2H amid trade-war uncertainty, weak dealer demand and tight manufacturing profit.
Jul 25, 2019 11:30 AM   By Rapaport
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Rapaport TradeWire
July 25, 2019
RAPAPORT MARKET COMMENT
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Summer lull continues. Polished suppliers cautious for 2H amid trade-war uncertainty, weak dealer demand and tight manufacturing profit. Miners reducing rough supply, with De Beers allowing additional deferrals at July sight. De Beers 1H revenue -17% to $2.6B, earnings -7% to $187M, rough price index -4%. Petra lowers 2020 production plan to 3.8M cts. US jewelry sales stable, despite weakness at majors and declining store count: JBT reports 185 retailers closed in 2Q, 56 opened. Tariff tensions and political protests impact Hong Kong luxury spending as Luk Fook FY1Q same-store sales -10%. New India data shows June lab-grown polished exports +64% to $24M, imports +132% to $16M.  

Trade Wire 600X160 April 2018
RAPNET DIAMOND INDEX (RAPI)
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Weekly Monthly Y2Y
0.30 ct -0.66% -4.06% -22.24%
0.50 ct -0.43% -3.03% -9.44%
1.00 ct 0.11% -1.09% -5.72%
3.00 ct 0.12% -2.73% -17.43%
RAPI Yearly Graph
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Market Reports
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United States: A lot of available inventory that’s difficult to move...
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Belgium: Rough-market sentiment weak amid concerns of financial distress...
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Israel: US orders supporting the market, whereas Far East remains quiet...
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India: Improvement in cheap melee suggests some resistance to CVD...
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Hong Kong: Wholesale and retail sectors continue to struggle as ongoing political protests deter foreign traders and tourist shoppers...
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Tradewire Banner August 2019 Single Stone
An Industry in Crisis?
WITH The Rapaport Diamond Podcast

The diamond sector is facing multiple challenges, from weak profitability and tight liquidity to shaky consumer demand. Our latest podcast seeks out the positives, and discusses what companies can do to improve their situation.

UPS AND DOWNS
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Angola Returns Licenses to 241 Diamond Miners
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India Could Be Forevermark’s Leading Market by 2020
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China Wants Zimbabwe President Out over Alrosa Deal
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US Justice Department Probes Major E-Tailers
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WEEKLY NEWS
industry
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Jewelry Business Closure Rate Drops
Number of US companies exiting the market decreases 21% year on year in the second quarter.
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Indian Tax Office Lightens Exporters’ Load
Diamonds shipped out of the country for consignment or trade shows will no longer attract GST.
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De Beers Testing Carbon-Neutral Mining
Company receives grant for research at its Gahcho Kué site in Canada.
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Belgium Trade Cuts Diamond-Research Funding
AWDC says it can no longer afford to support organization behind automated polishing.
retail
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US Retail Sales Gain Strongly in June
Figure up 2.3% year on year, says NRF.
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Bulgari Boosts LVMH Jewelry Growth
Revenue for the category rises 8% in first half.
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Hong Kong Slowdown Hits Swiss Watches
Exports to the country fell 27% in June.
News Thumbnail
Luk Fook Sales Drop Due to Trade War
Dispute has had “continuing impact” on market sentiment, jeweler says.
mining
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De Beers Profit Falls Amid Market Slump
Retail and midstream oversupply impacts margins in first half.
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Petra to Reduce Production as Prices Slip
Miner will cut back its tailings operations due to weak small-stone market.
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Low Grades Dent Mountain Province Output
Average price rises due to sales of large diamonds.
News Thumbnail
Letšeng Yields 124ct. Rough
Type II white stone is Gem Diamonds’ third over 100 carats this year.
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Lucara Names 1,758ct. Diamond ‘Rare Find’
Winner was chosen through a public contest.
general
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Group Offers $1M Prize to Nix Mercury in Mining
Award will go to anyone who discovers an affordable and reliable alternative.
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Historic Collection of Indian Jewels Goes on Sale
Pieces belonging to diamond dealer Benjamin Zucker will feature in New York exhibition.
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French Gem Group to Hold Diamond Symposium
Event comes at time of industry challenges, notes AFG president Didier Giard.
Rap Acad Trade Wire Banner 600 X160 Other Courses 112218 2 Digital V2
FINANCE
Diamond Industry Stock Report
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J.C. Penney (-27%) plummeted following reports the company had hired advisors to explore debt-restructuring options. Hong Kong retail stocks dropped after protests in the municipality negatively affected the luxury sector, with Chow Tai Fook (-13%) and Chow Sang Sang (-3.9%) both falling. Michael Hill (-6%) continued to suffer in the wake of disappointing results and an admission it had underpaid employees. UK-listed miners also had a negative week, as the selection of Boris Johnson as Britain’s prime minister led to uncertainty about Brexit. Firestone Diamonds (-6%) and Gem Diamonds (-6%) both slipped, while Petra Diamonds (-38%) plunged after Berenberg Bank downgraded the stock.

Rapnet Trade Wire
Tradewire Square August 2019 Single Stone
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