Press Releases Archives - Rapaport

Polished Diamond Prices Declined in April

Gidon Ben-Zvi — Tue, 02 May 2023 08:43:26 +0000

RAPAPORT PRESS RELEASE, May 2, 2023, Las Vegas… The RapNet Diamond Index (RAPI) for 1-carat polished diamonds fell 2.4% in April. The index declined to 7,159 on May 1, versus 7,543 at the beginning of the year. Other sizes were also weak. RAPI for 0.30-carat diamonds saw some stability, while prices of smaller goods dropped, reversing their upward trend.

Diamond prices slipped due to sluggish demand in the US and China, the two largest markets for diamond jewelry.

“Polished trading was quieter than usual in April,” said Rapaport Senior Analyst Avi Krawitz. “Economic uncertainty stemming from the rise in consumer prices over the past year has impacted discretionary spending and discouraged retailers from buying inventory.”

US jewelers have reduced their bulk purchases, focusing on memo to avoid owning excess goods in an uncertain environment.

Chinese buyers are cautious amid economic prudence on the mainland. Hong Kong retail is improving, boosted by a revival in tourism, but a slowdown in trading reflects restraint among Chinese dealers.

Midstream polished inventory continues to rise even as manufacturing levels have dropped.

Polished production is well below capacity, with restrictions on Russian supply limiting the availability of rough. In India, the largest manufacturing center, first-quarter rough imports were down 22% year on year to $4.26 billion.

Still, rough prices declined on the secondary market, reflecting weak interest ahead of the De Beers sight beginning May 2.

Rough and polished trading is expected to remain cautious in May, with dealers hoping the upcoming Las Vegas shows will lift sentiment and boost demand for the second half.

“The diamond trade has endured a difficult start to 2023,” Krawitz added. “The Las Vegas shows will be a test of conditions and provide a gauge for the state of the important US market. For now, inventory is meeting demand, and there is no urgency to buy before jewelers start preparing for the end-of-year holidays.”

Rapaport Media Contacts: media@rapaport.com

US: Sherri Hendricks +1-702-893-9400

International: Avital Engelberg +1-718-521-4976

About the RapNet Diamond Index (RAPI): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). Additional information is available at www.rapaport.com.

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 120 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at www.rapaport.com

Image: Polished diamond. (Shutterstock)

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Thank You Roland

david.ehrlich@rapaport.com — Tue, 04 Apr 2023 15:03:44 +0000

There are some people who are greater than business. For them, business is about more than making money. They are altruistic and unconditional in their giving to others.

Roland Naftule was not just another businessman. His passion for gems transcended the products to the gem people and the community. He brought people together for the common good. He created organizations that set standards in a world that was disorganized and often dishonest. He believed in the good of the gem industry. He worked together with all those who wanted the gem industry to make the world a better place.

All of us, from artisanal diggers to retailers and everyone in between, owe a debt of gratitude to Roland. Let us recognize his passing as the loss of a great man.

Most importantly, let us keep the memory of Roland alive by continuing his values and doing what he would want us to do. Roland supported all those who sought to do good. Let us continue his work and live his ideals.

Thank you, Roland.

Martin Rapaport
Chairman

For more information about Roland’s illustrious career please visit:

The World Jewellery Confederation pays tribute
to Vice President Roland Naftule, 1937-2023 (CIBJO)

and

Roland Naftule, Gem Dealer and Dedicated Industry Official, Dies (JCK)

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Quiet Diamond Market Reflects Economic Caution

Avi Krawitz — Tue, 04 Apr 2023 09:03:49 +0000

RAPAPORT PRESS RELEASE, April 4, 2023, Las Vegas… Diamond trading was slow in March due to US economic uncertainty and a stalled recovery in China. Rising interest rates, high inflation and a banking crisis contributed to the lull in business.

The RapNet Diamond Index (RAPI) for 1-carat diamonds fell 1.6% in March and 2.6% during the first quarter. RAPI for 0.30-carat stones continued to firm, driven by the rebound in China – a strong market for this category. Inventory of 0.30-carat goods has declined due to reduced manufacturing over the past year.

Sentiment improved as the Hong Kong International Jewellery Show signaled a return of Chinese buyers after a prolonged absence due to Covid-19 restrictions. However, those buyers lacked urgency following the initial boost from the fair. The release of pent-up demand has yet to occur.

Polished inventory remains historically high but has come down in popular sizes. The number of unique diamonds listed on RapNet declined 3% in March to 1.72 million as of April 1. That was still 10% above the pre-pandemic levels of March 1, 2020.

Polished production is stable at lower quantities. India’s rough imports by volume dropped 14% year on year in the first two months of 2023. Manufacturers’ profit margins have tightened since prices for smaller rough increased an estimated 30% in the first quarter.

The diamond supply chain is bifurcating into goods that are fully traceable to responsible sources, and goods that are not. Ahead of a mid-May summit, the G7 nations are working on a plan that would require companies to declare the non-Russian origins of their diamonds. The directive would increase measures to keep any polished that came from Russian rough out of the major G7 consumer markets.

The updated sanctions will likely accelerate the market split and may lead to scarcities of popular items within G7 countries, especially with demand projected to improve in the second half of the year.

Rapaport Media Contacts: media@rapaport.com

US: Sherri Hendricks +1-702-893-9400

International: Avital Engelberg +1-718-521-4976

Image: Polished diamond with tweezers. (Shutterstock)

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Press Release: Polished Trading Cautious Despite China Boost

Gidon Ben-Zvi — Tue, 07 Mar 2023 08:01:34 +0000

1ct. RAPI down 0.1% in February.

RAPAPORT PRESS RELEASE, March 7, 2023, Las Vegas… Diamond trading was quiet in February as the trade prepared for the Hong Kong International Jewellery Show, which ran from March 1 to 5.

The market is segmented. Small goods are doing better than those over 0.50 carats. The RapNet Diamond Index (RAPI) for 0.30-carat polished rose 3.5% during February, stimulated by a supply decline in the past year and a revival in Chinese demand.

RAPI for 1-carat diamonds slid 0.1% during the month and 21.7% year on year. Steady demand for VVS clarity in the RAPI category range offset weakness in VS. There were also sharp declines in SI goods.

Dealers were cautious due to lingering US economic uncertainty. Retail jewelers have not replenished inventory as they usually do in the first quarter. However, Valentine’s Day shopping boosted US jewelry sales, which climbed 6.5% year on year in January, according to Mastercard.

The focus shifted to the Far East after China lifted its Covid-19 restrictions and reopened its borders. While consumer spending is taking time to resume, jewelers expect a release of pent-up demand in the coming months.

Suppliers have increased discounts — particularly for 1-carat and larger goods — to encourage Chinese buyers at the show, reduce excess inventory and improve liquidity. Many exhibitors still left the show disappointed.

The rough market was steady in February as the drop in Alrosa supply prompted shortages. Factories are gradually raising polished production after a prolonged period of low output, anticipating better demand in the year’s second half. De Beers raised prices on small rough for the second month in a row. Prices have also increased at auctions. New sanctions that the G7 nations intend to impose on Russian-origin diamonds will likely stimulate demand for non-Russian supply.

Sentiment was ultimately mixed in February. Despite the prevailing caution, polished trading is expected to improve as Chinese buyers gain confidence and US retail gains momentum.

Rapaport Media Contacts: media@rapaport.com

US: Sherri Hendricks +1-702-893-9400

International: Avital Engelberg +1-718-521-4976

Image: Polished diamonds and loupe. (Shutterstock)

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Press Release: Diamond Trade Sees Cautious Start to 2023

Avi Krawitz — Tue, 07 Feb 2023 10:08:14 +0000

1ct. RAPI up -0.9% in January

RAPAPORT PRESS RELEASE, February 7, 2023, Las Vegas… Polished-diamond prices stabilized for much of January but declined in the final week as the industry assessed its prospects after the holiday season. Trading was slow amid lingering economic uncertainty, which was evident in weaker consumer sentiment and US jewelers’ mixed results for November-December.

The RapNet Diamond Index (RAPI) for 1-carat diamonds fell 0.9% in January and 17.3% year on year as of February 1. The 0.30-carat category bucked the trend as inventory levels dropped in that segment. Small stones were stable throughout the month.

Retail jewelers gave varying reports about the holiday season. US independents were down about 9% in the fourth quarter, according to the Edge Retail Academy. Mastercard SpendingPulse reported a 5.4% decline in November-December sales.

Luxury jewelers did well. Richemont’s jewelry maisons — Cartier, Van Cleef & Arpels, and Buccellati — saw fourth-quarter revenue rise 11%. Sales at LVMH’s jewelry and watch division, which includes Bulgari and Tiffany & Co., grew 7%.

The luxury houses expressed optimism about China after the country lifted its Covid-19 restrictions and sales reportedly improved during the Lunar New Year. The preceding lockdowns contributed to the drop in diamond trading last year.

Retailers held back from replenishing the holiday inventory they’d sold. Large quantities of goods are still available; the number of diamonds on RapNet as of February 1 was 20% higher than a year earlier. The volume of 0.30-carat stones fell 35%.

Manufacturers are keeping production low. Sightholders are waiting to make more significant rough purchases later in the year, De Beers reported. The miner reduced prices for larger rough and raised those of smaller goods at its January sight, which yielded just $450 million.

The industry is biding its time; jewelers are not yet ready to build up inventory after the holidays. Trading is expected to remain cautious in the first half. While a recovery in China may boost demand for select polished categories, much will depend on US economic sentiment as the year progresses.

Rapaport Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

Image: Diamond engagement ring. (Shutterstock)

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Press Release: Diamond Prices End Year with Decline

Avi Krawitz — Tue, 03 Jan 2023 10:08:39 +0000

1ct. RAPI -1.5% in December; -10.7% in 2022

RAPAPORT PRESS RELEASE, January 3, 2023, Las Vegas…. Diamond markets were quiet toward the end of December as wholesalers took vacation between Christmas and New Year. Major dealers were satisfied with the holiday season but remained cautious about their short-term prospects.

Polished prices continued to decline in most categories. The RapNet Diamond Index (RAPI) for 1-carat diamonds fell 1.5% during the month and was down 10.7% for the full year.

RAPI for 0.30-carat rose 1.2% in December. The volume of 0.30-carat, D to H, IF to VS diamonds on RapNet declined around 60% during 2022, with lower supply contributing to the upturn in prices in November-December.

The midstream held historically high inventory in December. There were 1.77 million diamonds on RapNet as of January 1 — the same as a year earlier but 46% more than on January 1, 2020. Suppliers reduced prices to offload less-popular goods and raise liquidity.

Manufacturers kept polished production low. That fueled concern for post-holiday restocking, as there have been fewer newly manufactured stones available than usual. Many expect De Beers to reduce its rough prices in January to stimulate demand, especially after prices on the secondary market decreased in the fourth quarter.

Polished trading was sluggish due to the seasonal lull, the lingering economic uncertainty, and the slowdown in China. Although China eased its Covid-19 lockdowns last month, another outbreak stifled the recovery ahead of the January 22 Lunar New Year.

US jewelry sales fell 5.4% year on year in November-December, according to Mastercard SpendingPulse. General retail grew 8% as consumers sought a mixture of gift products and experiences over the holiday period. Consumer confidence also rose as the outlook for inflation and employment improved, The Conference Board reported.

Jewelers are not rushing to buy, and the trade has muted expectations for the post-holiday inventory replenishment that typically occurs in January. After the continued price declines of December, dealers remain unsure whether market conditions will carry on the downward trend of 2022 or return to growth in the year ahead.

Rapaport Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

About the RapNet Diamond Index (RAPI): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). Additional information is available at www.rapaport.com.

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 120 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at www.rapaport.com.

Image: Polished diamond on natural material. (De Beers)

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Press Release: Diamond Trade Cautious Despite Positive Retail

Avi Krawitz — Tue, 06 Dec 2022 09:58:05 +0000

1ct. RAPI -3.1% in November

RAPAPORT PRESS RELEASE, December 6, 2022, Las Vegas…. Diamond prices declined in November. Demand weakened due to the slowdown in China and US economic caution, resulting in a buildup of midstream inventory. However, US retail sentiment was upbeat as the holiday season began.

The RapNet Diamond Index (RAPI) for 1-carat polished fell 3.1% during the month.

Some categories are stabilizing, spurring interest from buyers who believe prices may have bottomed out. The number of 0.30-carat diamonds on RapNet has decreased by approximately 40% since April 1, supporting price levels.

Overall polished inventory is at record highs. As of December 1, the total volume of diamonds on RapNet stood at 1.85 million stones — an 8% rise year on year.

Rough trading has slowed as manufacturers reduce polished production. De Beers goods are selling at discounts on the secondary market, and auction prices are declining. India’s rough imports by volume fell 8% year on year in the third quarter and 55% in October, according to the latest data from the Gem & Jewellery Export Promotion Council (GJEPC).

The rough-market caution reflects weakness in polished demand. Jewelry sales in China declined in October-November amid renewed Covid-19 restrictions. While Hong Kong is seeing some improvement, the lack of tourist traffic is limiting its recovery.

US retailers are optimistic for the season. The National Retail Federation (NRF) reported record foot traffic and digital sales over Thanksgiving weekend. US e-commerce sales grew 6% on Cyber Monday, according to Adobe estimates.

Jewelers are nonetheless holding back from buying inventory, reflecting concern about economic developments. Strong memo demand is stimulating the dealer market as retailers seek ways to manage inventory efficiently.

Savvy store owners are enhancing the holiday shopping experience by improving their multi-channel sales platforms. Consumers have less money for discretionary spending than last year and are seeking bargains. But they’re also ready to go out and shop again, and they want interactive buying experiences.

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Press Release: Diamond Trade Slow Ahead of Holidays

anna.simakova@rapaport.com — Wed, 02 Nov 2022 11:07:00 +0000

1ct. RAPI -3.6% in October

RAPAPORT PRESS RELEASE, November 2, 2022, Las Vegas… Diamond trading was cautious in October as demand softened. Dealers lacked the urgency to buy, anticipating further price drops. The Jewish holidays and India’s Diwali festival also slowed business. US jewelers remain optimistic for the upcoming holiday season despite high inflation and economic declines.

The RapNet Diamond Index (RAPI) for 1-carat diamonds slid 3.6% in October and has fallen 6.5% since the beginning of the year.

Polished inventory remains high. The volume of diamonds on RapNet has hit record levels above 1.8 million stones. Manufacturers refrained from rough buying ahead of Diwali, which began October 24, and factories have closed for two to three weeks for the festival. De Beers eased purchasing terms at its October 31 sight by allowing sightholders to sell back 20% of their rough allocations above 1 carat instead of the usual 10%. Petra Diamonds also noted weakness in 1- to 5-carat goods.

Restraint in the rough market reflects caution in polished, where stones below 0.18 carats are selling better than 1 carat and larger. Indian suppliers raised discounts of certified diamonds to bolster sales and raise liquidity before Diwali, but dealers were afraid to do business while prices continued to decline.

China and Hong Kong are showing signs of improvement after their respective governments eased Covid-19 restrictions. The US is supporting the industry with demand for bridal and high-end jewelry. Some retailers have been enticing buyers with promotions since early holiday shopping began in October. Consumers are seeking deals as inflation, rising interest rates and the volatile stock market squeeze discretionary spending.

There are mixed expectations for the holiday season. Economic uncertainty, the Ukraine war, the China slowdown and growth in lab-grown are affecting sentiment. However, brands are increasing investment in marketing, with Tiffany & Co., De Beers and the Natural Diamond Council hoping to boost peak season sales via partnerships with high-profile ambassadors Beyoncé, Lupita Nyong’o and Lily James, respectively.

Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

Image: A pair of round polished diamonds. (De Beers)

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Press Release: Price Decline Fueling Diamond Trade Uncertainty

anna.simakova@rapaport.com — Thu, 06 Oct 2022 09:08:00 +0000

1ct. RAPI -3.8% in September

RAPAPORT PRESS RELEASE, October 6, 2022, Las Vegas… Polished trading was slower than usual in September as US economic uncertainty and the slowdown in China affected sentiment. Dealers were cautious as polished prices continued to slide.

The RapNet Diamond Index (RAPI) for 1-carat diamonds fell 3.8% in September. Having declined 9.7% in the third quarter, it was down 3% from the beginning of the year as of October 1.

RapNet Diamond Index (RAPI)

	September	Year to date Jan. 1 to Oct. 1	Year on year Oct. 1, 2021, to Oct. 1, 2022
RAPI 0.30 ct.	-0.7%	-5.9%	-5.1%
RAPI 0.50 ct.	-2.8%	-5.3%	-4.3%
RAPI 1 ct.	-3.8%	-3.0%	2.8%
RAPI 3 ct.	-1.9%	2.5%	13.7%

Polished inventory levels remain high despite the drop in rough supply following sanctions on Russian miner Alrosa. The number of diamonds on RapNet came to 1.88 million on October 1, a 10% rise year on year. Inventory grew as trading slowed in the third quarter. Manufacturers’ large rough purchases at the end of 2021 and the beginning of 2022 also contributed to the buildup.

Rough demand declined in September. Manufacturers had enough inventory to see them through Diwali, which falls on October 24. De Beers kept rough prices stable at its September sight. Goods were selling at lower premiums on the secondary market; prices fell at rough auctions as buyers left large quantities of goods on the table.

The Jewellery & Gem World Singapore show, which took place in September, boosted Far East sentiment. However, Chinese demand remains sluggish. Consumers there are being more frugal amid continued Covid-19 restrictions.

US jewelers are optimistic for the holiday season but hesitant to buy inventory while polished prices are declining. Retailers are taking more goods on memo and demanding shorter delivery times from suppliers.

Mastercard expects jewelry sales to rise 2.2% in November-December. For many, the holiday season begins in October, as more shoppers are making early purchases to avoid the last-minute rush. Jewelers are focused on enhancing their sales propositions by combining digital and in-store platforms and tapping into their suppliers’ online inventory. This caters to consumers’ desire for greater convenience and a more interactive shopping experience.

Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

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Press Release: Trade Uncertainty Clouds US Holiday Optimism

josh@brandinfusion.co.za — Tue, 06 Sep 2022 05:11:00 +0000

RAPAPORT PRESS RELEASE, September 6, 2022, Las Vegas… Diamond prices declined in August, reflecting caution in the trading centers and weakness in China. The US is supporting the market with solid demand from retail programs and steady memo calls from independent jewelers.

The RapNet Diamond Index (RAPI) for 1-carat diamonds fell 3.6% in August. It was up 0.8% from the beginning of the year as of September 1.

RapNet Diamond Index (RAPI)
	August	Year to date Jan. 1 to Sep. 1	Year on year Sep. 1, 2021, to Sep. 1, 2022
RAPI 0.30 ct.	-2.6%	-5.2%	-6.2%
RAPI 0.50 ct.	-3.4%	2.5%	2.4%
RAPI 1 ct.	-3.6%	0.8%	6.3%
RAPI 3 ct.	-2.7%	4.4%	16.0%

Polished inventory levels increased due to a slowdown in trading during the summer. There were 1.9 million polished diamonds listed on RapNet on September 1, 16% more than a year earlier. This was despite a drop in rough supply; Russia-sourced polished remained largely off the market due to US sanctions on Alrosa. The Russian miner is reportedly selling rough again at competitive prices, but at lower volumes than before the Ukraine conflict. Polished inventory will likely increase further as more Russian goods enter the market.

The secondary rough market saw premiums decline in August. Primary supply was expensive, fueling concerns about manufacturing profit margins. De Beers kept prices stable at its August sight, with $630 million in rough sales during the month. The decrease in Russian supply meant De Beers sold large volumes despite sightholder restraint.

Manufacturers are maintaining lower production due to a slowdown in overall demand. US retail programs and European luxury brands are still placing consistent orders. There are also steady memo calls with reasonable sell-through from independent jewelers. China remains weak as Covid-19 lockdowns and travel restrictions continue to have a negative impact on the country’s wholesale and retail sectors.

Activity in international trading centers has slowed due to price uncertainty and a drop in demand. Buyers are being selective and cherry-picking the top-quality diamonds they need to fill orders. While there is relative optimism for the US holiday season, dealers are hesitant to buy in a downward-trending market.

Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at www.diamonds.net.

Main image: Diamond jewelry. (Shutterstock)

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