Rapaport Weekly Market Comment May 5, 2016
Polished market slow with April 1 ct. RAPI -0.3%; 0.30 ct. -1.3%. Steady U.S. demand raises expectations for Las Vegas shows. Chinese jewelry sales steady during May Day holiday but Hong Kong hurt by fewer tourists. Hong Kong 1Q polished imports -13% to $4.2B, exports -8% to $3.2B. U.S. March jewelry sales +4% to $4.1B but retail consolidation deepens as JBT reports 323 jewelry businesses closed in 1Q. India March polished exports +4% to $1.8B, rough imports -5% to $1.4B. Lucara 1Q revenue +71% to $51M, profit +185% to $17M. Lesedi la Rona 1,109 ct. rough sale expected to exceed $70M ($63,120/ct.) at Sotheby’s London on June 29. Pawnbrokers Cash America and First Cash to merge.
RapNet Data: May 5
Diamonds 1,176,437
Value $8,016,696,801
Carats 1,270,409
Average Discount -28.55%
The RapNet Diamond Index (RAPI™) is the average asking price in hundred $/ct. of the 10 percent 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 - Rapaport Diamond Trading Network.
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RAPAPORT ANNOUNCEMENTS
May 11-18 Wed-Wed
Rapaport Single Stone Auction
New York & Israel
View Details
May 17-25 Tue-Wed
Rapaport Melee Auction
New York & Dubai View Details
June 2-5 Thu-Sun
Las Vegas Antique Jewelry & Watch Show
Las Vegas, NV, USA
Booth: 1500
View Details June 3-6 Fri-Mon
JCK Las Vegas
Las Vegas, NV, USA
Booth: B55051
View Details
QUOTE OF THE WEEK
Every aspect of this auction is unprecedented. Not only is the rough superlative in size and quality, but no rough even remotely of this scale has ever been offered before at public auction.
David Bennett, worldwide chairman of Sotheby’s jewelry division, on the upcoming auction of the 1,109-carat Lesedi La Rona in June
MARKETS
United States: Polished trading quiet. New York wholesalers filling orders but not buying for inventory. Steady demand for 0.50 to 2.50 ct., G-J, VS2-SI2 RapSpec A2 diamonds…
Belgium: Activity muted with trading cut short due to Thursday’s Ascension Day public holiday. Concern demand is weaker than usual for this time of year…
Israel: Polished market quieter than earlier in the year. Dealers focused on U.S. market with rising expectations for upcoming Las Vegas shows…
India: Polished trading slowing. Dealers anticipate quieter market through May school vacation period. Sentiment relatively positive with expectations 2016 will be better than last year…
Hong Kong: Dealer and jewelry wholesale markets quiet following May 1 Labor Day celebration. Retailers note slight improvement in jewelry sales during the holiday but fewer Chinese tourist arrivals...
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INDUSTRY
Diamond Prices Soften with Weaker Global Demand
Polished diamond trading slowed in April due to sluggish demand at the start of a seasonally quiet period. Sentiment weakened as the positive momentum from the first quarter failed to gain traction. Supplies significantly increased due to high rough sales and polished production in the first quarter.
The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded diamonds slipped 0.3% in April. RAPI for 0.30-carat diamonds fell 1.3% and RAPI for 0.50-carat diamonds also declined 0.3%. RAPI for 3-carat diamonds dropped 2.2%.
RAPI for 1-carat diamonds rose 1.2% in the first four months of the year, but is still down 4.6% from a year ago.
Fancy Blue Diamond Prices Outpace Yellows, Pinks
Fancy blue diamond prices outperformed their yellow and pink counterparts in the first quarter, according to the Fancy Color Diamond Foundation.
Prices of fancy blue gems rose 1.7% sequentially in the three months compared with a 1.8% drop seen in fancy yellow stones. Fancy pink diamonds nudged up 0.3%. Overall, fancy-color prices were down 0.1% over the previous quarter.
Lesedi La Rona Assigned $70M+ Auction Price Tag
The world’s second-largest gem-quality rough diamond in history is expected to fetch “in excess of” $70 million at a Sotheby’s auction in London.
The 1,109-carat Lesedi La Rona, mined by Lucara Diamond Corp. last November, will go under the hammer at a standalone auction on June 29. The auction will be preceded by a viewing at Sotheby’s New York on May 7 and at Sotheby’s London from June 18 to 28.
The Gemological Institute of America said the rough diamond has “top color and transparency” and a “limpid” appearance commonly associated with type-IIa gems.
Singapore Diamond Investment Exchange Launches
Trading has started on the Singapore Diamond Investment Exchange (SDiX), the world’s “first” commodity exchange for physically-settled diamonds.
The introduction on May 5 “represents the most significant change in global diamond trading practices in hundreds of years,” according to SDiX.
The exchange is backed by investors including the Singapore government’s sovereign wealth fund Temasek Holdings, veteran investor Jim Rogers and Sun Tongyu, one of the founders of Alibaba.
Jewelers Exiting U.S. Trade Soars in 1Q
U.S. jewelry business closures surged 35% in the first quarter, according to data released by the Jewelers Board of Trade (JBT).
Of the 380 companies that left the industry, the maximum number was in the “ceased-operations” category, which is defined as companies closing down business for reasons other than financial difficulty or consolidation. The number of such closures soared 34% to 323, data showed.
Diamond Slump Hits Botswana’s Growth
Standard & Poor’s (S&P) cut its outlook for Botswana to negative on concern a slump in the diamond industry could be structural rather than cyclical.
The country is highly exposed to the performance of the diamond sector as it represents just under a third of Botswanas gross domestic product, about a third of its fiscal receipts and more than two thirds of exports, according to an S&P report.
The decision to revise the outlook from stable comes as data released by the Bank of Botswana showed the nation’s rough diamond exports slumped 17% year on year to $817.6 million in the first quarter of 2016.
Hong Kong’s 1Q Polished Diamond Imports Slump 13%
Hong Kong’s polished imports dived in the first quarter after shipments from its key supplier markets – India, Israel and Belgium – slumped.
Imports of polished stones dropped 13% to $4.23 billion in the three months to March 31 as deliveries from India, Hong Kong’s largest diamond trade partner, retreated 12% to $1.88 billion. Shipments from the municipality’s second largest source, Israel, plummeted 18% to $543 million, while imports from Belgium nosedived 21% to $454.4 million.
India’s Polished Exports +4% in March
India’s polished diamond exports increased 4.3% year on year to $1.83 billion in March, according to provisional data provided by the nation’s Gem & Jewellery Export Promotion Council (GJEPC). By volume, polished exports surged 25% to 3.5 million carats. Polished imports slumped 52% to $260.8 million, leaving net polished exports up 30% to $1.56 billion.
Rough diamond imports fell 5.3% to $1.39 billion and rough exports increased 0.5% to $156.3 million, leaving net rough imports 6% lower at $1.24 billion.
RETAIL & WHOLESALE
Blue Nile’s Revenues Fall on Dip in Engagement Sales
Blue Nile’s sales declined 3.2% in the first quarter as the online retailer suffered from a “challenging environment” and a slump in engagement sales.
Sales fell to $103.1 million, with U.S. sales of engagement jewelry decreasing 7%. However, non-engagement sales increased 4%. Profit fell 9% to $1.1 million.
Separately, Blue Nile said it has stopped shipping to South Dakota in response to a new state law on sales tax that it claims is unconstitutional.
U.S. Jewelry & Watch Sales +4% in March
U.S. jewelry and watch sales from all outlets climbed 4.2% year on year to an estimated $4.65 billion in March, according to provisional data from the U.S. Department of Commerce.
Jewelry sales in March increased 4% to $4.11 billion, according to Rapaport News estimates, marginally below the February growth rate of 4.5%. Watch sales rose 5.3% to an estimated $545 million. Both categories have now enjoyed 11 months of successive growth after five consecutive drops in late 2014 and early 2015.
Cash America, First Cash in Pawnbroker Merger
Cash America International and First Cash Financial Services, two leading U.S. pawnshop businesses, have agreed to merge.
The combined group, to be known as First Cash, will be one of the largest retail pawn stores in Latin America and the U.S., with more than 2,000 locations across four countries, the companies said.
Multi-Million Dollar Diamonds For Sale at Sothebys Geneva
Sotheby’s unveiled highlights of its upcoming auction in Geneva that will feature more than 10 diamonds and gemstones estimated at $1 million or higher.
Headlining the May 17 Magnificent Jewels & Noble Jewels sale is the ‘Unique Pink,’ expected to fetch up to $38 million (CHF 36.5 million). In addition, a pear-shaped, 7.32-carat, fancy vivid blue, internally flawless diamond ring will go under the hammer for an estimated $15 million to $25 million.Other notable gems on offer include a marquise, 6.64-carat, fancy intense blue, surrounded by other fancy intense blue and D-color white diamonds, expected to sell for $10 million to $14 million.
Kering’s Luxury Sales Climb 3% in 1Q
Kering, the owner of high-end jewelry brands Boucheron and Pomellato, reported luxury sales rose in the first quarter on a stronger retail performance in Western Europe, Japan and emerging markets.
Revenue from the Paris-based group’s luxury brands – which also include Gucci and Yves Saint Laurent – advanced 2.8% year on year to $2.07 billion (EUR 1.8 billion), or an increase of 2.6% assuming comparable structure and exchange rates. Revenue growth from jewelry brands was “positive.”
Charles & Colvard’s Sales Soar
Charles & Colvard, the creator of diamond substitute Moissanite, posted its highest quarterly revenue figure for nearly a decade thanks to a supersized purchase by its biggest customer.
Sales soared 62% to $11.4 million in the three months to March 31 as an undisclosed client bought $6.8 million of “Forever Classic” loose jewels on top of the $6.4 million the purchaser spent in the whole of 2015. The sale also strengthened Charles & Colvard’s balance sheet by reducing its inventory and improving its cash position, the North Carolina-based company said.
MINING
Producers to Address Sustainability at Dubai Congress
Major diamond miners are expected to share views on transparency, responsibility and sustainability in producing countries at this month’s World Diamond Congress.
A panel discussion on the topic is scheduled for May 19 at the 37th congress in Dubai. The congress will run from May 16 to 19.
Lerala Mine in Botswana Back on Stream
Kimberley Diamonds said production restarted at its Lerala Diamond Mine in Botswana after nine months of upgrading and recommissioning.
First diamond sales are expected in June, the miner said. Production will be ramped up to full levels “over the next several weeks.”
Gemfields Sells Emeralds at Record Average Price
Gemfields achieved a record average price for “higher-quality” rough emerald at an auction in Lusaka, Zambia.
The miner sold 470,000 carats for an average of $70.68 per carat at the sale, which ran from March 30 to April 3. Total revenue generated was $33.1 million.
Gemfields’ production of emeralds and beryl at the Kagem mine in Zambia slumped 28% to 7.1 million carats in the first quarter that ended March 31. Output of ruby and corundum from Montepuez surged 43% to 2 million carats.
GENERAL
Argyles Largest Violet Diamond to Lead Rio Tinto Tender
The largest violet diamond recovered from Rio Tinto’s Argyle mine in Western Australia is to go on sale at a tender this year.
Violet diamonds are especially rare, as the mine has produced only 12 carats of polished violet diamonds for the tender in 32 years, Rio Tinto said.
The oval-shaped, 2.83-carat polished diamond, known as the ‘Argyle Violet,’ will lead Rio Tinto’s 2016 Argyle Pink Diamonds Tender. The sale will start with private trade viewings in June and travel to Copenhagen, Hong Kong and New York.
Ex-Vogue Creative Director to Lead Tiffany Ad Campaign
Tiffany & Co. unveiled a collaboration with the former model and creative director of American Vogue magazine, Grace Coddington.
The company, which announced its move through a cartoon animation on its social media pages, appointed Coddington as its creative partner and “style visionary.”
Coddigton will direct her first brand advertising campaign, Tiffany’s “Legendary Style” fall campaign, which will feature several “iconic” collection
ECONWATCH
Diamond Industry Stock Report
There were sweeping losses across the industry this past week. Rockwell Diamonds (-17%) led the decline among miners, with most other stocks falling by smaller margins. U.S. retail stocks mainly fell as market uncertainty continues. Almost every Indian industry stock price fell, headed by Classic Diamond (-11%), with European retailers suffering small losses and Hong Kong-based Chow Sang Sang (+2.9%) proving the only Far East stock to have made a significant gain.
View the detailed industry stock report.
May 5 (12:40 GMT) Apr. 27 (09:15 GMT) Chng.
$1 = Euro 0.87 0.88 -0.01
$1 = Rupee 66.56 66.42 0.14
$1 = Israel Shekel 3.78 3.77 0.01
$1 = Rand 14.97 14.41 0.56
$1 = Canadian Dollar 1.28 1.26 0.02
Precious Metals Chng.
Gold $1,277.28 $1,246.15 $31.13 2.5%
Platinum $1,054.25 $1,018.00 $36.25 3.6%
Silver $17.38 $17.34 $0.04 0.2%
Stock Indexes Chng.
BSE 25,262.21 26,055.58 -793.37 -3.0%
Dow Jones 17,651.26 17,990.32 -339.06 -1.9%
FTSE 6,111.90 6,274.94 -163.04 -2.6%
Hang Seng 20,449.82 21,361.60 -911.78 -4.3%
S&P 500 2,051.12 2,091.70 -40.58 -1.9%
Yahoo! Jewelry 1,062.09 1,109.20 -47.11 -4.2%
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Rapaport Weekly Market Comment May 12, 2016
Market sentiment improving despite lackluster May trading. Polished inventory rising as new production comes on stream. Rough trading slow with reduced supply reported at ALROSA sale, while sightholders anticipate stable prices at next week’s De Beers sight. Lucara sells 813 ct. rough diamond for $63M ($77,649/ct.). Sarine 1Q revenue +27% to $16M, profit triples to $3M. Titan Company FY sales -5% to $1.7B, profit -16% to $104M. Blue Nile 1Q sales -3% to $103M, profit -9% to $1M. U.S. March polished imports -5% to $2B, polished exports -15% to $1.5B. Belgium April polished exports -14% to $899M, rough imports +34% to $1.2B.
RapNet Data: May 11
Diamonds 1,179,664
Value $8,093,700,251
Carats 1,283,305
Average Discount -28.57%
www.rapnet.com
The RapNet Diamond Index (RAPI™) is the average asking price in hundred $/ct. of the 10 percent 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 - Rapaport Diamond Trading Network.
Get Current Price List | Subscribe to Rapaport | Join RapNet
RAPAPORT ANNOUNCEMENTS
May 11-23 Wed-Mon
Rapaport Single Stone Auction
New York & Israel
View Details May 17-25 Tue-Wed
Rapaport Melee Auction
New York & Dubai
View Details
June 2-5 Thu-Sun
Las Vegas Antique Jewelry & Watch Show
Las Vegas, NV, USA
Booth: 1500
View Details
June 3-6 Fri-Mon
JCK Las Vegas
Las Vegas, NV, USA
Booth: B55051
View Details
QUOTE OF THE WEEK
The strength of the company’s brands was tested in an environment of subdued sales across all retail formats. Weak consumer sentiment had an impact on retail sales across all businesses.
S. Ravi Kant, executive vice-president for corporate communications at Titan Company, on the India-based jeweler’s decline in annual revenue and profit
MARKETS
United States: The market remains quiet. Cautious expectations for 2H due to restrained consumer spending and uncertainty caused by the upcoming election…
Belgium: Polished trading stable with dealers concerned about lagging consumer demand. Polished supply rising but demand is selective…
Israel: Polished trading steady but activity declines as bourse closes for Memorial Day and Independence Day.Sentiment improving as dealers prepare for Las Vegas shows…
India: Market slow with some dealers taking vacation during ongoing school holiday. Dealers focused on filling U.S. orders with rising expectations for Las Vegas shows…
Hong Kong: Weak consumer sentiment impacting jewelry sales. Jewelry retailers relying on steady sales in Mainland China to compensate for sluggish Hong Kong market...
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INSIGHTS
Lucara’s Diamond Sale of a Lifetime
In a somewhat understated announcement this week, Lucara Diamond Corporation unveiled the most expensive rough diamond ever sold. Under normal circumstances, Lucara would be making a bigger brouhaha about the sale. But the company, along with the diamond and investment communities, knows this was a mere curtain raiser...
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INDUSTRY
Rapaport Group Appoints John Costello Publisher
The Rapaport Group has appointed John Costello as Publisher, heading the company’s Information Services Division. His responsibilities include the management and development of all content creation and distribution through Rapaport’s print and digital channels. He will also drive and manage product development, and spearhead the company’s digital strategy.
Prior to joining Rapaport, Costello ran his own content consulting business, where he worked with trade magazines, national newspapers and blue chip companies. Based in Rapaport’s office in Ramat Gan, Israel, he will also oversee the company’s New York publishing division, which publishes the Rapaport Magazine.
Manufacturing Revival Lifts Sarine Sales
Sarine Technologies revenue jumped 27% to $15.5 million in the first quarter driven by a recovery in the diamond manufacturing sector. Profit more than tripled to $3 million as the sales increase outpaced modestly higher expenses incurred by the supplier of equipment used in diamond manufacturing.
Increased manufacturing activity and renewed investment in equipment drove sales after manufacturers drastically reduced polished production in 2015. Sarine’s revenue slumped 45% and profit plunged 87% last year.
Swiss Jeweler Buys Rights to 404ct. Diamond
De Grisogono, a Swiss jeweler, acquired the rights to market a 404-carat rough diamond from Dubai-based trader Nemesis International, Bloomberg reported.
The stone was discovered at Lucapa Diamond Company’s Lulo mine in Angola, Nickolas Polak, a director of Nemesis said in the report. Lucapa sold a 404-carat diamond for $16 million (AUD 22.5 million) in February with Nemesis thought to be the buyer. Polak declined to disclose details of the sale to De Grisogono.
Belgium’s April Rough Trading Climbs
The Antwerp World Diamond Centre (AWDC) said a surge in rough trading in Belgium in April warranted cautious optimism about the health of the diamond market.
Imports of rough diamonds soared 34% to $1.22 billion, while rough exports surged 30% to $1.27 billion.
Results over the past few months “are certainly cause for optimism,” according to AWDC spokesperson Margaux Donckier, but the Belgian industry is “not jumping to the conclusion that a full-blown diamond-industry recovery is underway.”
KP, OECD to Co-Host Rough Valuation Forum
De Beers and ALROSA will take part in a forum this month aimed at reaching a consensus on universal rough diamond valuation and pricing.
The May 23 event, hosted by the Kimberley Process (KP) and the Organisation for Economic Co-operation and Development (OECD), will engage companies, governments and non-profits in the discussion. The organizers expect to improve the understanding of rough valuation, the office of the KP chair said.
U.S. Polished Imports -5% in March
U.S. polished diamond imports declined 5.3% year on year in March as a drop in average price per carat outweighed flat volume. Shipments into the U.S. fell to $2.04 billion as the average price decreased 5.3% to $1,895 per carat. Polished diamond exports slumped 15% to $1.48 billion, driving net imports up 33% to $559 million.
In the first three months of the year, polished imports fell 3% to $5.56 billion and polished exports fell 4% to $4.7 billion.
RETAIL & WHOLESALE
Titan Sales Hit by Indian Jewelers’ Strike
Titan Company blamed weak consumer sentiment and an Indian jewelers’ strike for a drop in annual sales and profit. Revenue fell 5.3% to $1.69 billion (INR 112.8 billion) in the fiscal year that ended March 31, while net profit slumped 16% to $103.5 million.
Titan also said it will pursue the acquisition of a majority stake in Carat Lane Trading, a startup online jewelry retailer. A deal is still in negotiations.
Pandora Raises Expectations after Strong 1Q
Pandora increased its revenue guidance for the year as sales surged in the first quarter due to strength in Europe and Asia Pacific. Revenue jumped 34% to $724.7 million (DKK 4.74 billion) and profit more than tripled to $199.7 million in the three months to March 31.
Pandora raised its revenue forecast for 2016 to more than $3.06 billion, which would be an advance of at least 19% from last year. Its previous guidance was for sales to exceed $2.9 billion.
Frederick Goldman Ties Up with Karl Lagerfeld
Karl Lagerfeld has struck a deal with jewelry manufacturer Frederick Goldman to bring the German fashion house’s jewelry to the U.S. and other major markets.
Under the licensing agreement, Frederick Goldman will produce and distribute Karl Lagerfeld-branded engagement and wedding band collections in the U.S., Canada, Australia and the U.K. The first collection will launch in the fall of 2016, featuring precious metals and diamonds.
Sotheby’s Swings to 1Q Loss
Sotheby’s revenue in the first quarter slumped from a high base last year. Total sales nosedived 32% to $106.5 million and the company swung to a $25.9 million loss from a profit of $5.2 million a year earlier.
Record art sales in January through March 2015 led to an “atypically profitable” comparable quarter, Sotheby’s said. The company didn’t disclose separate jewelry sales.
MINING
Lucara Sells 813ct. Stone for Record Price
Lucara Diamond Corp. broke a world record for the sale of a rough diamond as an 812.77-carat stone from its Karowe mine in Botswana fetched $63.1 million.
Dubai-based Nemesis International paid $77,649 per carat for the rights to 90% of the diamond, named ‘The Constellation.’ Lucara will retain a 10% interest in the net profit received from the sale of the resultant polished diamonds. Lucara discovered the diamond in November alongside a 1,109-carat gem later labelled the Lesedi La Rona.
Lesedi La Rona Weighed 1,500cts. Before Breakage
Lucara Diamond Corp.’s 1,109-carat diamond originally weighed about 1,500 carats before it broke into two pieces. A 374-carat stone that Lucara recovered a day after it found the Lesedi La Rona was actually a part of the latter, William Lamb, Lucara’s chief executive officer, told investors.
“So we were looking at something which is most probably closer to 1,500 carats,” Lamb said, adding that it was impossible to tell how it broke.
GENERAL
Israel Bourse Unveils Expansion Plans
The Israel Diamond Exchange (IDE) is seeking building rights to expand the bourse complex by creating an additional office tower or adding floors to existing buildings.
IDE management signed an agreement with Yashar Architects who will plan the new site in the coming years, according to a post on the bourse’s website.
Fiera di Vicenza, Rimini Fiera in Merger Talks
Fiera di Vicenza, which manages and oversees the VicenzaOro jewelry shows, is in merger talks with specialist trade-fair organizer Rimini Fiera.
The aim of the deal is to set up a national trade-show organizer in Italy, which will subsequently be listed on the stock market, the companies said.
ECONWATCH
Diamond Industry Stock Report
Lucara Diamond (+14%) led mining stocks on news of a record sale of a rough diamond and growing buzz around next months auction of its Lesedi La Rona. In the U.S., Sothebys (+6%) headed the increases but most retailers were stable or declined, the heaviest drop being JCPenney (-10%). Indian stocks were mixed, while Singapore-listed Sarine (+3.9%) rose on improved 1Q results.
View the detailed industry stock report.
May 11 (8:35 GMT) May 5 (12:40 GMT) Chng.
$1 = Euro 0.88 0.87 0.00
$1 = Rupee 66.69 66.56 0.13
$1 = Israel Shekel 3.77 3.78 -0.01
$1 = Rand 15.28 14.97 0.31
$1 = Canadian Dollar 1.29 1.28 0.01
Precious Metals Chng.
Gold $1,272.46 $1,277.28 -$4.82 -0.4%
Platinum $1,061.83 $1,054.25 $7.58 0.7%
Silver $17.30 $17.38 -$0.08 -0.5%
Stock Indexes Chng.
BSE 25,616.18 25,262.21 353.97 1.4%
Dow Jones 17,928.35 17,651.26 277.09 1.6%
FTSE 6,138.56 6,111.90 26.66 0.4%
Hang Seng 20,055.29 20,449.82 -394.53 -1.9%
S&P 500 2,084.39 2,051.12 33.27 1.6%
Yahoo! Jewelry 1,087.12 1,062.09 25.03 2.4%
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Grofik toho jsem si nevšimnul. Já ve zprávách slyšel o růžovém diamantu. tak jsem to popletl. Asi se mluvilo o tomto diamantu. https://www.blesk.cz/clanek/zpravy-svet/394737/unikatni-ruzovy-diamant-se-vydrazil-za-750-milionu-je-vsazeny-do-prstenu.html
Tento šperk má nový rekord
Aukčné kladivo sa zastavuje na takmer 58 miliónov $ čo je za 14,62 ct diamant Oppenheimer modrej farby nový svetový rekord pre akýkoľvek šperk predaný v aukcii pri tejto karátovej váhe drahého kameňa.
- MÁJA 2016
Obrázky:
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Rapaport Weekly Market Comment May 19, 2016
World Diamond Congress focuses on transparency, responsibility, sustainability with discussions about financing and regulatory requirements for compliance auditing. 2016 looking better than 2015 but demand still sluggish. Mixed expectations for Las Vegas shows with U.S. consumers cautious in election year. Steady rough demand and stable prices at De Beers sight. Namibia signs 10-year supply deal with De Beers. Chow Tai Fook warns 1Q profit down 40-50%. Sotheby’s Geneva sells $175M (83% by lot) with pear-shape, 15.38 ct., fancy vivid pink, VVS2 diamond fetching $31M ($2.1M/ct.). Christie’s Geneva sells $149M with rectangle, 14.62 ct., vivid blue, VVS1 ‘Oppenheimer Blue’ selling for $57.5M ($3.9M/ct.). WFDB adds GJEPC as member, re-elects Ernie Blom president. Ronnie Vanderlinden elected IDMA president.
RapNet Data: May 19
Diamonds 1,190,138
Value $8,152,529,882
Carats 1,293,233
Average Discount -28.75%
www.rapnet.com
The RapNet Diamond Index (RAPI™) is the average asking price in hundred $/ct. of the 10 percent 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 - Rapaport Diamond Trading Network.
Get Current Price List | Subscribe to Rapaport | Join RapNet
RAPAPORT ANNOUNCEMENTS
May 11-23 Wed-Mon
Rapaport Single Stone Auction
New York & Israel
View Details
May 17-25 Tue-Wed
Rapaport Melee Auction
New York & Dubai
View Details
June 2-5 Thu-Sun
Las Vegas Antique Jewelry & Watch Show
Las Vegas, NV, USA
Booth: 1500
View Details
June 3-6 Fri-Mon
JCK Las Vegas
Las Vegas, NV, USA
Booth: B55051
View Details
QUOTE OF THE WEEK
We must all contribute, cooperate and do all we can to maintain and strengthen consumer confidence in natural diamonds, for the benefit of the entire diamond supply pipeline.
Ronnie Vanderlinden, newly elected president of the International Diamond Manufacturers Association, speaking to delegates at the World Diamond Congress in Dubai this week
MARKETS
United States: Sentiment is weak as New York trading slows. Dealers concerned about profitability as demand softened in the past month, particularly for 3 to 4 ct. diamonds…
Belgium: Steady business despite slower buyer traffic in Antwerp. Dossiers selling well with good demand for 0.30 to 1.25 ct., D-J, VS2-SI1, 3X diamonds…
Israel: Polished trading seasonally quiet. Large delegation traveling to Las Vegas with mixed expectations for JCK show. Liquidity squeezed with suppliers cautious to give clients credit while bank lending is tight…
India: Stable market but trading relatively quiet during summer holiday period. Steady U.S. and Far East demand. Dealers looking for goods ahead of Las Vegas shows and expect trading to improve in June…
Hong Kong: Polished trading slowed from previous weeks. Steady demand from China with steady inquiries for 1 to 2 ct., D-J, VS-SI RapSpec A2 diamonds...
Click here for deeper analysis
INDUSTRY
Diamond Congress Raises Compliance, Marketing Concerns
The biennial World Diamond Congress (WDC) took place in Dubai with a focus on transparency, responsibility, and sustainability that will help improve bankability of the diamond industry. Discussions outlined the need for stronger financial and compliance auditing and for the trade to implement “know-your-supplier” measures that will inspire confidence that diamonds are ethically sourced and responsibly managed.
The three-day congress, which is a joint gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), also stressed an urgent need to boost consumer demand through effective marketing. The trade urged the Diamond Producers Association to work with the WFDB and IDMA sponsored World Diamond Mark in its marketing initiatives.
During the congress, Ernie Blom was elected to a fourth term as WFDB president, while Ronnie Vanderlinden was elected IDMA president.
GJEPC Joins World Federation of Diamond Bourses
The World Federation of Diamond Bourses (WFDB) accepted India’s Gem and Jewellery Export Promotion Council (GJEPC) as its 31st member organization.
The council had to adjust its bylaws to comply with WFDB requirements given that it is not a traditional bourse, WFDB president Ernie Blom told Rapaport News at the World Diamond Congress. The GJEPC now has the federation’s largest member base representing more than 6,000 diamond and jewelry exporters.
Gold Jewelry Demand Slides as Prices Rise
Global gold-jewelry demand slumped in the first quarter as the price of the metal rose and Indian jewelers went on strike, according to the World Gold Council.
Demand slid 19% year on year to 481.9 tonnes in the first three months of the year compared with the same quarter a year ago. The price of gold jumped 17% from the previous quarter to $1,237 per ounce. Demand in India fell 41% and in China by 17%.
Kingold Jewelry Sees Sales Jump
China’s Kingold Jewelry reported revenue and profit surged in the first quarter because of a stronger showing by the company’s branded products.
Total revenue soared 37% year on year to $282.2 million and profit more than doubled to $15.2 million. Gross margin climbed to 10.1% from 5.2% as the unit price of branded sales rose and costs fell.
RETAIL & WHOLESALE
‘Oppenheimer Blue’ Breaks Auction Record
Christie’s smashed the world auction record for a jewel as it sold the ‘Oppenheimer Blue’ diamond ring for $57.5 million (CHF 56.8 million) in Geneva.
The rectangular-cut, 14.62-carat, fancy vivid blue, VVS1 diamond went for well above Christie’s upper estimate of $46.1 million, fetching $3.9 million per carat. Christie’s sold $148.6 million of jewelry at the Magnificent Jewels auction or 100 percent by lot.
The auctioneer also expects a cut-cornered rectangular modified brilliant, 5.03-carat, fancy vivid green, VS2 diamond dubbed the ‘Aurora Green’ to fetch up to $20 million (HKD 155 million) in Hong Kong later this month.
Pink Diamond Sells for $32M at Sothebys
Sotheby’s claimed to set a new record for any jewelry auction bringing in a total of $175.1 million at its Magnificent Jewels and Noble Jewels sale in Geneva. The auction sold 83% by lot.
Leading the sale was a pear-shape, 15.38-carat, VVS2, fancy vivid pink diamond which sold to an Asian buyer for $31.6 million (CHF 30.8 million), or $2.1 million per carat. In addition, a 7.32-carat, fancy vivid blue, internally flawless diamond ring went for $17.1 million, or $2.3 million per carat, and a fancy intense blue diamond brooch fetched $13.7 million
Chow Tai Fook Profit Set to Slump
Chow Tai Fook warned profit is expected to plummet 40 to 50% in the fourth fiscal quarter because of weaker consumer sentiment in Greater China.
Gross profit margin was negatively affected by the unrealized hedging loss on gold loans versus a gain last year and a change in the product mix to more gold sales. Sales declined 26% in the three months to March 31.
Macy’s Targets Jewelry to Drive Sales Rebound
Macy’s is embarking on a nationwide initiative to offer better-quality jewelry and improve the skills of its selling staff to mitigate tough market conditions.
The department store plans to roll out the project across 350 stores by year-end 2016. The program was piloted in 40 outlets in fall of last year. Macy’s sales declined 7.4% from a year ago to $5.77 billion in the first fiscal quarter that ended April 30.
U.S. Jewelry Prices Rise in April
The U.S. consumer price index (CPI) for jewelry rose 1.5% in April from the previous month as prices returned to an upward trend that was briefly interrupted in March.
Prices have now advanced in each month since December with the exception of March, when the index fell 3.1%. The April CPI figure is a 5% jump from a year ago, according to seasonally unadjusted data from the U.S. Bureau of Labor Statistics.
MINING
De Beers and Namibia Strike Long-Term Deal
De Beers and Namibia signed a 10-year sales agreement that will “significantly increase” the quantity of rough diamonds made available for beneficiation in the country.
Under the deal, $430 million worth of diamonds will be offered each year to Namibia-based sightholders through the Namibia Diamond Trading Company. All special stones recovered by Namdeb – the De Beers-government diamond mining joint venture – will be made available for sale in Namibia.The pact also provides for 15% of run-of-mine production from Namdeb to be made available for independent sales through Namib Desert Diamonds, a newly created parastatal.
Gem Diamonds Letšeng Sales Leap
Gem Diamonds reported revenue from its Letšeng mine in Lesotho rose in the first three tenders of the year. Sales jumped 13% to $87.8 million compared with the first three tenders last year. Sales volume surged 26% to 45,311 carats, outweighing a 10% drop in the average price to $1,938 per carat.
Production at Letšeng soared 28% to 28,698 carats in the first quarter. Meanwhile, output from the company’s Ghaghoo mine in Botswana fell 5% to 11,029 carats as it slowed the mine’s development during the weak mar
ALROSA’s Diamond Reserves Jump 8%
ALROSA’s diamond reserves grew 8% to 658 million carats as of January 1 compared to its last assessment in 2013. The miner reported a higher evaluation of its Mir and International pipes, while the inclusion of alluvial deposits such as AO Nizhne-Lenskoe also contributed to the increase.
The evaluation was undertaken in accordance with the Joint Ore Reserves Committee (JORC) code. An earlier evaluation that followed Russian state classification standards showed reserves of 1.11 billion carats.
Lucapa Sells More Lulo Diamonds
Lucapa Diamond Company reported an average price of $1,150 (AUD 1,580) per carat from a sale of diamonds recovered at the Lulo mine in Angola, a frequent source of large diamonds. The miner sold a parcel of 1,862 carats for $2.1 million.
Since the sale, Lucapa recovered three more “special” stones from the mine, weighing 60 carats, 35 carats and 21 carats, as well as a 13-carat fancy yellow diamond. The company also announced a $7 million upgrade plan for the mine.
Renard Mine Development Beats Expectations
Stornoway Diamond Corporation said progress on its Renard Diamond Project in Canada has been better than expected as it aims to start production this year.
At the end of April, progress was at 92.1% versus a plan of 84.1%. First ore processing is expected by the end of September.
GENERAL
Massive Rough Diamond to Star at Israel Show
The Diavik Foxfire, the largest rough diamond ever found in North America, will feature at the third International Rough Diamond Week in Israel next week. The show is scheduled to be held at the Israel Diamond Exchange (IDE) in Ramat Gan from May 22 to 26.
Rio Tinto discovered the 187.7-carat diamond at its Diavik mine in Canada’s Northwest Territories last fall. It is being shown at select diamond centers around the world ahead of an auction next month.
New Graduate Jewelry Scheme in India
The Indian Institute of Gems & Jewellery (IIGJ) introduced a graduate scheme that it said is the first to combine jewelry design and manufacturing with management.
The IIGJ has tied up with the Welingkar Institute of Management to offer budding jewelers a three-year course. The IIGJ is a project of India’s Gem & Jewellery Export Promotion Council (GJEPC).
ECONWATCH
Diamond Industry Stock Report
There were sweeping declines in industry stocks this past week, especially in the U.S. amid speculation that the Federal Reserve could increase interest rates. Nordstrom (-26%) suffered the steepest decrease. Mining stocks mostly fell, led by Stellar Diamonds (-11.5%), with Lucara Diamond Corp. (-6.8%) losing value after large rough diamond discoveries and sales had given it a boost in previous weeks. India was generally stronger, headed by Goldiam Intl. (+8.9%).
View the detailed industry stock report.
May 19 (11:01 GMT) May 11 (8:35 GMT) Chng.
$1 = Euro 0.89 0.88 0.01
$1 = Rupee 67.36 66.69 0.67
$1 = Israel Shekel 3.86 3.77 0.09
$1 = Rand 15.85 15.28 0.56
$1 = Canadian Dollar 1.31 1.29 0.02
Precious Metals Chng.
Gold $1,254.12 $1,272.46 -$18.34 -1.4%
Platinum $1,018.35 $1,061.83 -$43.48 -4.1%
Silver $16.66 $17.30 -$0.64 -3.7%
Stock Indexes Chng.
BSE 25,399.72 25,616.18 -216.46 -0.8%
Dow Jones 17,526.62 17,928.35 -401.73 -2.2%
FTSE 6,082.35 6,138.56 -56.21 -0.9%
Hang Seng 19,694.33 20,055.29 -360.96 -1.8%
S&P 500 2,047.63 2,084.39 -36.76 -1.8%
Yahoo! Jewelry 1,053.05 1,087.12 -34.07 -3.1%
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