Som rád , že si v kľude.😈

Spoločnosť Krajiny Výmena Ticker Mena
Exchange Cena Rozdiel.
(%) Kapitalizácia
(výmenou meny) Kapitalizácia
(USD)
ALROSA
Rusko MICEX-RTS ALRS RUB 37404 -2091 275,479,174,425.00 7,659,965,644.00
ALROSA Nyurba
Rusko MICEX-RTS ALNU RUB 71000.000 0.000 56,800,000,000.00 1,579,379,093.00
Afri-Can Morské minerály
Kanada CVE-AFA AFA CAD 0.025 -16667 2,288,250.00 2,082,689.00
Diamond Fields International, sro
Kanada TSX Venture DFI CAD 0.025 0.000 2,962,500.00 2,696,368.00
Dominion Diamond Corporation
Kanada NYSE DDC USD 12.650 -3729 1,075,503,000.00 1,075,503,000.00
Firestone Diamonds PLC
Spojené kráľovstvo LON FDI GBX 3.600 2857 2,713,500,000.00 45,301,938.00
Gem Diamonds
Spojené kráľovstvo LON GEMD GBX 164250 -2954 22,710,847,500.00 379,158,062.00
Gemfields PLC
Spojené kráľovstvo LON GEM GBX 40375 -2917 21,802,500,000.00 363,993,182.00
KWG Resources Inc
Kanada CVE KWG CAD 0.070 -6667 48,830,600.00 44,443,979.00
Merlin Diamonds Limited
Austrália ASX MED AUD 0,075 -16667 13,183,500.00 12,375,387.00
Provincia Mountain Diamonds sro
Kanada NYSEAMEX MDM USD 4690 -1883 441,657,300.00 441,657,300.00
Peregrine Diamonds Limited
Kanada TSE PGD CAD 0,435 -1136 60,530,250.00 55,092,609.00
Petra Diamonds Ltd
Spojené kráľovstvo LON PDL GBX 145.500 -3833 74,146,800,000.00 1,237,882,337.00
Zdrojov a investície NL
Austrália ASX RNI AUD 0,095 4396 28,072,500.00 26,351,732.00
Rockwell Diamonds sro
Kanada TSE RDI CAD 0,320 -5882 15,660,800.00 14,253,936.00
Šmyková Diamonds Ltd
Kanada CVE SRM CAD 0,045 0.000 2,399,850.00 2,184,263.00
Shore Gold, sro
Kanada TSE SGF CAD 0.240 -15789 53,937,600.00 49,092,200.00
Stornoway Diamond Corporation
Kanada TSE SWY CAD 1.050 2941 147,882,000.00 134,597,251.00

Poznámka:
Tento zoznam zahŕňa spoločnosti, pre ktoré je ťažbou diamantov je hlavná činnosť.
citácie sa menia raz za týždeň.

Kua budem to musieť zmenšiť , nevyšlo to.😠

Rapaport Weekly Market Comment Apr. 18, 2014

Polished trading quiet due to holidays. Cutting center demand slows with weaker market conditions and high rough prices. ALROSA 2013 production +7% to 37M cts., revenue +12% to $4.7B, profit -5% to $885M. Rio Tinto 1Q production +13% to 3.7M cts. Luk Fook 4Q same-store sales -10%. Christies NY jewels sale achieves $61M (82% sold by lot) with 22.60ct. & 22.31ct. D, IF pair of circular-cut diamonds selling for $191K per/ct. and a 6.10ct., VVS1 fancy intense-pink rectangular-cut diamond selling for $5.8M or $945K per/ct. U.S. jewelry store sales +4% to $3B in Feb. U.S. jewelry price inflation -3% in March. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON APRIL 18 DUE TO THE JEWISH HOLIDAY OF PASSOVER.

RapNet Data: Apr. 17

Diamonds 1,023,914
Value $6,525,356,932
Carats 1,130,065
Average Discount -26.64%

www.rapnet.com

Get Current Price List | Subscribe to Rapaport | Join RapNet

RAPAPORT ANNOUNCEMENTS
Apr-May
29-8
Tue-Thu
Rapaport Melee Auction

New York & Dubai

View Details.
May
7-14
Wed-Wed
Rapaport Single Stone Auction

New York & Israel

www.rapaportauctions.com
QUOTE OF THE WEEK
By the time you try to follow [a laundered] KP certificate, it has gone through so many layers and has been exchanged numerous times; youd never be able to get to the country of origin. And the origin would, ultimately, show that licensed diamond dealer who was hired to get that certificate -- he or she would be on the certificate -- not the actual owner of the diamonds.

Eric Ives | FBIs Intl. Organized Crime Task Forces

Careers@Rapaport 	  

The Rapaport Group is growing rapidly. If you wish to work with the best and brightest, join us. We have great opportunities for trading managers, gemologists, sales assistants and entry-level positions for our offices in New York, Antwerp, Mumbai, Dubai and Shanghai. View jobs now.

INDUSTRY 	  

ALROSAs Profit -5%

ALROSAs profit fell 5% year on year to $885.3 million (RUB 31.8 billion) ‎in 2013 as foreign-exchange losses mounted due to a weakening ruble. Revenue from diamond sales grew 11% to $4.01 billion and total ‎group revenue, including non-diamond business unit sales, rose 12% to $4.69 billion. The quantity of gem-quality diamonds sold during the year rose 15% to 38 million carats. Group ‎production rose 7% to 36.9 million carats. ALROSAs cost of sales increased 19% to $2.27 billion, while group debt increase 13% to $3.85 billion. ALROSA noted that the average price of its gem-quality diamonds ‎fell 9% to $176 per carat during the year. Prices peaked at $192 per carat in the fourth ‎quarter rising from $185 per carat in the third quarter.‎

U.S. Jewelry Store Sales +4%

U.S. jewelry store sales rose 3.7% year on year to $2.914 billion in February, which included Valentines Day. The rate of sales growth was identical to that of one year ago. Meanwhile, the consumer price index (CPI) for jewelry fell 2.6% during February. The CPI fell 2.5% in March. Jewelry store sales for the first two months of 2014 have risen 5.3% to $5.041 billion.

As previously reported by Rapaport News, preliminary jewelry sales across all retail segments in February improved 6% year on year to $5.842 billion, while watch sales jumped 8.9% to $783 million. In broader retail news, advanced estimates for U.S. department store sales in March fell 5.7% year on year to $13.47 billion, marking a steeper decline than February when sales fell 4.7% to $11.843 billion.

RETAIL & WHOLESALE 	  

Luk Fooks Same-Store Sales -10%

Hong Kong-based jeweler Luk Fook Holdings reported that group same-store sales growth at its retail business dropped 10% year on year in the fourth quarter that ended on March 31. Without providing hard totals, the company reported same-store sales growth in Mainland China rose by 1%, while comparable-store sales declined 12% in Hong Kong and Macau. The groups gold product same-store sales growth fell 15% during the quarter and gem-set jewelry sales declined 2%.

Christies Jewels Sale Garners $61M

Christies New York sale of magnificent jewels achieved $60,561,125 and was 82% sold by lot. The top lot garnered $8,565,000 for a pair of circular-cut, D, internally flawless diamonds of 22.60 carats and 22.31 carats. Other top lots included a 40.43-carat, D, potentially flawless, oval-cut diamond that sold for $7,669,000; a 6.10-carat, VVS1, fancy intense pink, rectangular-cut diamond ring by Harry Winston which sold for $5,765,000 and a 20.10-carat, D, VVS1, rectangular-cut diamond by Harry Winston that sold for $2,461,000.

In May, Christies Geneva will auction "The Blue," a 13.22-carat diamond with a presale estimate of $21 million to $25 million. The diamond is internally and externally bereft of any imperfections and it has been in the owners possession for a long time. The Blue will be auctioned during the same sale as "The Ocean Dream," a 5.50-carat, fancy vivid blue-green diamond, with a presale estimate of $7.5 million to $10 million and "The Rajah" diamond, which has a presale estimate of $3 million to $5 million.

Michael Hills Comps +5%

Michael Hill International reported that preliminary revenue increased 10.5% year on year to $350 million (AUD 372.1 million) for the nine months that ended on March 31. Comparable-store sales rose 5.4%. In local currencies, revenue in Australia increased 5.4%, while same-store sales rose 1.4% and in Canada, revenue surged 30.6%, while same-store sales jumped 9.4%. In New Zealand, sales fell 2.6% and same-store sales contracted by 2.6%, while in the U.S, revenue fell 7%; however, comparable-store sales increased 2.8%.

OFAC Adds Sino Zim, Sam Pa

The U.S. Treasurys Office of Foreign Assets Control (OFAC), which lists specially designated nationals and blocked persons, all of whom U.S. citizens and businesses must avoid, added Sino Zim Development Ltd. and Sam Pa on April 17, both of which are alleged to have ties with the diamond trade. OFAC sanctions already forbid U.S. citizens and business alike from conducting trade with, among many non-diamond entities, Marange Resources, Mbada Diamonds, Oryx Diamonds, the Zimbabwe Mining Development Corporation (ZMDC) and the Minerals Marketing Corporation of Zimbabwe (MMCZ), along with dozens of politicians, including President Robert Mugabe and most of his family.

Sino Zim Development also operates as Sino Zim Holdings and Sino Zimbabwe Cotton Holdings on the third floor of Livingstone House, 48 Samora Machel Avenue, Harare, Zimbabwe with a P.O. Box 7520 and a local telephone number of 04.710.043. Pas aliases include Sam King, Samo Hui, Xu Jinghua, Tsui Kyung-Wha, Ghiu Ka Leung and Antonio Famtosonghiu Sampo Menezes. Pa was born on February 28, 1958, his nationality is from China, citizenship is from Angola and he has an alternate citizenship from the U.K. under the passport number C234897(0).

Tracking Crime, Supply Chain Threats

Crime against the U.S. diamond and jewelry industry has been greatly reduced in the past decade as a result of increased vigilance and a cooperative working relationship between Jewelers Security Alliance (JSA), the FBI and the Gemological Institute of America (GIA); however, threats do remain to both the safety of industry personnel and to the integrity of the supply chain.

Eric Ives, the unit chief for the FBIs international organized crime task forces, told Rapaport News that the free-flow of information between industry groups enables immediate tracking of crime patterns and suspicious activity. "JSA is the bridge between law enforcement and the jewelry industry," he said, and it fulfills training requests to local authorities as well as the FBI to keep on top of and identify crime patterns and suspicious activity to prevent crime.

Emerging industry threats that the FBI, JSA and the GIA are monitoring include numerous imports of fake colored gemstones and counterfeit jewelry, although there are no real clear trends yet to establish a pattern or source of origin. A second issue Ives noted, global authorities are observing Kimberley Process (KP) certificate laundering, whereas rough diamonds are removed from their original location, destined for another country and it is there they are presented for the first KP certificate.

But then these diamonds are transferred to yet another country for a second KP certificate so that the parcels country of origin will be shown as mixed. Ives noted, too, that a corrupt KP licensed diamond dealer may obtain a certificate that reflects a substantially lower value for the goods, for example listing the diamonds value at $10,000 when in fact the value may be $100,000, which then lowers the export tax due. In both cases, by the time the certificate goes through other corrupt cycles in the supply chain, the parcel of diamonds eventually reflects closer to market value but no clear indication of origin by time they reach Antwerp or New York, Ives stated.

He reminded the trade to be diligent, vigilant and to survey the environment for abnormal activity and to call police if anything appears to be suspicious. "Many jewelry crimes have been thwarted because they have read the JSAs crime alerts and call police before a crime happens to them," he said.

London Bourse Presents Membership to Shine

The London Diamond Bourse granted Varda Shine an honorary membership in recognition of her long standing service to the diamond industry. The recognition marks one of very few times the bourse granted this privilege. Shine stepped down from her role as CEO of the De Beers Groups Diamond Trading Company (DTC) at the beginning of 2014, after joining the company in 1984.

Victoria McKay, the chief operating officer of the London Diamond Bourse, said, “The London Diamond Bourse is delighted to present honorary membership to Varda Shine. Varda is a valued member of the diamond community. She brings to everything she does experience, astuteness, an incisive and clear mind, a respect for colleagues and, above all, a belief in innovation within the diamond industry. We are delighted to count her amongst our members.”

Saul Gottlieb Passes Away 

Saul Gottlieb the founder of Gottlieb & Sons passed away at the age of 88. Originally from Ladomirova, Czechoslovakia, Gottlieb survived the Holocaust, was liberated in March of 1945 and after learning the craft of jewelry making in Antwerp, resettled in Cleveland, Ohio, with only $90 and limited knowledge of the English. He eventually built one of the largest and most well respected international diamond and jewelry manufacturing companies in the U.S. Gottlieb is survived by his wife, three sons and their wives, eight grandchildren and two great grandchildren.

Friends may contribute to the Gottlieb Family Holocaust Memorial Fund c/o Bnai Jeshurn, 27501 Fairmount Blvd. Pepper Pike, Ohio, 44124 or The Survivors Initiative c/o The Jewish Community Federation of Cleveland.

Court Upholds Most of Conflict Minerals Law

Companies covered by the Dodd-Frank Act continue to prepare Securities & Exchange Commission (SEC) filings on the origin of conflict minerals, according to the Jewelers Vigilance Committee (JVC). The conflict minerals are tin, tantalum, tungsten and gold. In addition, companies covered by the law must exercise due diligence regarding their supply chains if the conflict minerals they use may have originated in the Democratic Republic of the Congo (DRC) or an adjoining country. Companies will only be able to comply with the requirements if they have the cooperation of their direct and indirect suppliers. Therefore, businesses in the supply chains of covered companies will continue to be called upon to provide information about mineral origin and to implement responsible supply chain processes.

The U.S. Court of Appeals for the District of Columbia Circuit issued an opinion that requiring certain companies to publicly report their products have “not been found to be ‘DRC Conflict-Free’” violates the First Amendment by unconstitutionally compelling speech. The ruling does not change the requirement that a disclosure must be made to the SEC if a company determines that its products contain minerals tainted by conflict. The disclosure, however, may be in language that the company chooses. The case has been returned to the District Court for further proceedings.

MINING 	  

Rio Tintos Production +13%

Rio Tintos diamond production grew 13% year on year to 3.650 ‎million carats in the first quarter that ended on March 31. The increase was mainly the result of greater production at the companys Argyle diamond mine in Australia. Production at Argyle rose 24% to 2.461 ‎million carats due to higher-grade ore from the underground mine and processing of highly concentrated tailings.

Rio Tinto’s 60% share of production from the Diavik mine in Canada decreased 4% to 1.119 million carats. Rio Tinto’s 78% share in production at the Murowa mine in Zimbabwe decline 12% to 69,000 carats during the period as a result of lower grades, slightly lower ore processed and the impact of wet weather on mining operations, which were partially offset by processing previously stockpiled material. The company expects to produce 16 million carats in 2014.

Diavik Production -4%

Dominion Diamond Corporation reported that its share of production at Canadas Diavik mine dropped 4% to 746,000 carats in the first quarter that ended on March 31. The company, which owns a 40% stake in the mine, attributed the lower amount of carats produced to mining and processing a larger amount of lower-grade ore from the A-154 North pipe during the period. On a 100% basis, Diavik produced 1.9 million carats from 600,000 tonnes of ore during the quarter compared with 1.9 million carats produced from 500,000 tonnes one year ago.

Trans Hex Tender Achieves $10M

Trans Hex reported that the March tender of its South African diamond production garnered $10 million (ZAR 106.5 million) or an average $1,684 per carat from the sale of 5,886 carats of diamonds. Nine diamonds sold for over $10,000 per carat, including a 22.50-carat diamond from the Baken mine, which sold for over $49,000 per carat. Trans Hexs South African operations produced 52,081 carats for the year that ended on March 31, with 30,232 carats being produced just between October 2013 and March. The group will report its financial results in June.

ECONWATCH 	  

Diamond Industry Stock Report

Mixed trading across the retail and wholesale sector with JCPenney (-12%) under pressure to perform better in the U.S., while Classic Diamond (+13%) and Goenka Diamond (+21%) show strong gains in India. Diamond mining shares all lower except for Firestone (+3%) and Stellar (+15%). View the extended stock report.
Apr. 17 Apr. 10 Chng.
$1 = Euro 0.723 0.720 0.003
$1 = Rupee 60.31 60.09 0.2
$1 = Israel Shekel 3.48 3.46 0.02
$1 = Rand 10.49 10.47 0.02
$1 = Canadian Dollar 1.10 1.09 0.01

Precious Metals
Gold $1,295.10 $1,318.10 -$23.00
Platinum $1,411.00 $1,449.00 -$38.00

Stock Indexes Chng.
BSE 22,628.84 22,715.33 -86.49 -0.4%
Dow Jones 16,408.54 16,170.22 238.32 1.5%
FTSE 6,625.25 6,641.97 -16.72 -0.3%
Hang Seng 22,760.24 23,186.96 -426.72 -1.8%
S&P 500 1,864.85 1,833.08 31.77 1.7%
Yahoo! Jewelry 1,027.83 1,034.56 -6.73 -0.7%

Dokonca už aj v Angole sa trochu snažia.😉

Angola arrests 37 illegal diamond miners

24.04.2014

The Angolan police have arrested 37 immigrants who were illegally mining diamonds in the central Bié Province.
State-owned news agency, ANGOP quoted a police spokesperson in Bié, chief superintendent António Hossi, as saying that the immigrants were from the Democratic Republic Congo (DRC), Mali and Congo Brazzaville.
Angola had recently introduced a programme to register and formalise activities of artisanal diamond miners to stem illegal mining.
The country’s minister of Geology and Mining, Francisco Queiroz told Rough&Polished last February that illegal immigrants were flooding mining regions.
He said that had brought management difficulties.
“We want to legalise [local] artisanal miners, however, they are several illegal immigrants. They created links, trading links, logistical and operational networks to avoid paying taxes and smuggle the money out of our country,” Queiroz said.
He said it was estimated that $150 million was being lost through illegal diamond mining and trading per annum.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

Rapaport Weekly Market Comment Apr. 25, 2014

Diamond trading very quiet during Passover and Easter holidays. Far East demand slow ahead of May 1 retail season. U.S. market stable. Good demand for GIA-dossiers with shortages due to grading delays. Liquidity problems developing in India as banks tighten credit conditions. De Beers 1Q production +18% to 7.5M cts. Petra Diamonds 3Q revenue +55% to $164M, production +15% to 743,424 cts. Lazare Kaplan 3Q revenue -6% to $14M. RapNet Melee Index (RMI) +5.4% to 137.6 in 1Q. GIA appoints Matt Crimmin VP of laboratory operations.

RapNet Data: Apr. 24

Diamonds 1,003,330
Value $6,394,010,240
Carats 1,110,593
Average Discount -26.72%

www.rapnet.com
Get Current Price List | Subscribe to Rapaport | Join RapNet
RAPAPORT ANNOUNCEMENTS
Apr-May
29-8
Tue-Thu
Rapaport Melee Auction

New York & Dubai

View Details.
May
7-14
Wed-Wed
Rapaport Single Stone Auction

New York & Israel

www.rapaportauctions.com
June
1
Sun

Rapaport Breakfast & Conference at JCK Vegas

Mandalay Bay Resort

8 a.m. to 10 a.m. | South Seas Ballroom
Breakfast and Martin Rapaports State of the Diamond Industry presentation.

10:30 a.m. to 12:30 p.m. | Banyan Ballroom
Rapaport Certification Conference with RapNet insights into grading reports.

2 p.m to 4:30 p.m. | Banyan Ballroom
Rapaport Fair Trade Conference

Register; or email conference@diamonds.net or call 1.702.893.9400. These events are free but seating is limited.

QUOTE OF THE WEEK
There was increased inter-dealer trading and market liquidity in the first quarter as dealers sought to source diamonds while prices continued to rise. Prices have stabilized over the last few weeks and we anticipate the market to remain steady going into the second quarter.

Ezi Rapaport | Rapaport Group Trading

Careers@Rapaport

The Rapaport Group is growing rapidly. If you wish to work with the best and brightest, join us. We have great opportunities for trading managers, gemologists, sales assistants and entry-level positions for our offices in New York, Antwerp and Mumbai. View jobs now.

INDUSTRY 	  

RMI +2% in 1Q14

The Rapaport Melee Index (RMI™) for small diamonds increased by 5.4% to 137.60 during the first quarter of 2014, and rose 1.9% year on year in March. In addition, Rapaport Diamond Auctions sold over 125,000 carats of diamonds for $27.4 million during the first quarter. The diamond market had a positive first quarter as polished prices firmed throughout the period.

Polished demand was spurred by jewelers restocking after Christmas and Chinese New Year holidays. The March Hong Kong show demonstrated firm Far East demand with Chinese and Indian buyers back in the market. Trading activity is expected to stabilize in the second quarter now that wholesale and retail jewelers have replenished their inventories and may restrain their buying at current higher price points. Nevertheless, sentiment remains positive after a relatively strong first quarter.

De Beers Production +18%

De Beers production rose 18% year on year to 7.532 million carats in the first quarter, an increase that was largely attributed to easy comparisons given the impact of plant maintenance at the Orapa mine in Botswana and the ongoing recovery of a slope failure at the Jwaneng mine one year ago. This quarter, production at Orapa increased 54% year on year to 3.204 million carats, while production at Jwaneng rose 4% to 2.376 million carats.

Mining across South Africa was slowed by heavy rainfall, resulting in lower results, with Venetias production down 17% to 531,000 carats and the Kimberley mine down 28% to 159,000 carats. Production at the Voorspoed mine rose 72% to 242,000 carats. Namdebs production rose 1% to 432,000 carats and De Beers Canada production from the Snap Lake and Victor mines rose 3% to 409,000 carats. De Beers maintained guidance for the year at production levels between 30 million and 32 million carats.

ALROSAs Production +6%

ALROSA’s diamond production rose 6% year on year to 7.9 million carats in the first quarter that ended on March 31. The company noted that increased output stemmed from mining higher-grade ore at the Jubilee mine and expanded production at its Aikhal, International and Arkhangelskaya mines. Revenue from rough diamond sales rose 24% to $1.5 billion. The company sold 12.7 million carats, including 9.5 million carats of gem-quality diamonds at an average price of $155 per carat and 3.2 million carats of industrial diamonds with an average price of $12 per carat. Overall, rough prices rose 4% since the beginning of the year.

RETAIL & WHOLESALE 	  

Wealthy Hold Jewelry Spending Steady 

The American Affluence Research Centers (AARC) survey of wealthy U.S. household spending expectations for 2014 suggested a very minimal decrease for the jewelry and watches category. The survey focused on 11.4 million households, representing the wealthiest 10%. To varying degrees, slight declines were also indicated for spending expectations on non-designer and designer apparel and cameras and photographic equipment. AARC expected slight increases in spending for domestic vacation travel, home furniture/furnishings, major home appliances and home computer equipment, based upon index readings.

Of those who purchased jewelry or watches in the past 12 months, the survey found that 3% plan to spend more in the coming year, while 56% expect to spend about the same and 42% plan to spend less on this category. The AARCs propriety rating system resulted in an index reading of 61 points for the jewelry and watch category, which was down two points from the fall 2013 survey, one point lower than a year ago and the lowest index reading since the fall of 2010.

The demographic results revealed that the jewelry spending index was highest (at 69 points) for the age group under 50, while it was 61 points for those in the 50 to 59 age group and at 58 points for those over 60 years old. Surprisingly, the jewelry and watch index by gender was its lowest for all product categories with a score of only 53 points for women and 66 points for men. The jewelry spending index scored its best results for households with a net worth of $1.5 million to $5.9 million at 69 points and its lowest score fell into households in the $800,000 to $1.49 million range at 56 points.

Sothebys to Narrow Loss 

Sotheby’s reported that preliminary net auction sales rose 40% year on year to $730 million for the first quarter that ended on March 31. The improvement was primarily due to a $113 million, or a 34% increase in sales of impressionist and contemporary art. Nonetheless, Sotheby’s expects to report a pre-tax loss of $6 million for the period, compared with a pre-tax loss of $32 million one year earlier. Due to the seasonal nature of the art auction market, Sothebys first quarters have historically represented a small proportion of annual sales, resulting in a net loss for the period. The company will report official results on May 7.

Simply Diamonds Acquires M.A. Reich

Simply Diamonds, a division of Jay Gems in New York, acquired color stone and diamond jewelry manufacturer and wholesaler M.A. Reich & Co. The terms of the deal were not disclosed. M.A. Reich is one of the oldest manufacturers of colored stones and mens fine jewelry dating back to its founding in 1919. Vinnie Davis and Bill Reich have stayed on with the company, which will be based out of 590 Fifth Avenue, New York City and will have a satellite office in Buffalo, New York. Simply Diamonds own the brands "Steal Her Heart"™ and "Heartbeat™".

Zale Plans Shareholder Meeting

Zale Corporation set a date for a special meeting of its shareholders to consider and vote on the proposed acquisition by longtime rival Signet Jewelers Ltd. The special meeting will be held on May 29 at 8 a.m. at Zales principal executive offices, 901 West Walnut Hill Lane, Irving, Texas 75038. Zales shareholders of record as of the close of business on April 30 will be entitled to notice of, and to vote at, the special meeting. The proposed acquisition is subject to approval by Zale’s stockholders and certain other customary closing conditions.

Hit a Home Run for the Millennial Wallet

De Beers marked a long winning streak for the jewelry industry when "Diamonds Are Forever" convinced post-WWII consumers in the U.S. to celebrate an engagement milestone with a diamond. And while this tagline worked very well for years to come, signs that the millennial generation dont buy into it presents an opportunity for jewelers to change the conversation, according to Unity Marketing.

"Millennials just arent buying the traditional jewelry marketing paradigm that worked for previous generations. They need messages that are relevant to their lifestyles and a generation that is delaying, even foregoing, marriage in growing numbers doesnt necessarily care about researching the 4Cs or spending three months salary on a chunk of pressurized charcoal," said Pam Danziger, the president of Unity Marketing.

Speak the language of the future -- jewelers today must know what type of jewelry looks great with a tattoo and they must convince millennial shoppers that a $700 piece of jewelry will bring as much pleasure as the latest tech toy. Fine jewelry need not be confined to hushed studios, hidden price tags and complicated information for it must become a fun and engaging experience, or the millennial consumer will walk right past the jewelry store and on to the next tech device, Danziger concluded.

Fairtrade Gold Opens New Scheme

The Fairtrade Foundation launched a new scheme for small jewelers, goldsmiths, silversmiths and artists in the U.K. to use ethically sourced Fairtrade gold and silver in their jewelry. A new Goldsmiths Registration Scheme represents the single most significant development in ethical sourcing since the launch of Fairtrade gold in 2011. Goldsmiths are being encouraged to register and help Fairtrade transform the lives of marginalized artisanal and small scale miners.

The Fairtrade system enables small jewelers to purchase certified Fairtrade gold and precious metals from a master licensee in a semi-finished form, such as sheet, wire, tube casting grain and use it in their work. Those who join the scheme agree to abide by certain terms and conditions that include, not being able to stamp your jewelry with the Fairtrade stamp, only using certain predetermined marketing materials and agreeing to the annual limits.

USPTO Assigns Le Vian Exotics

The U.S. Patent & Trademark Office (USPTO) issued the trademark "Le Vian Exotics" to Le Vian Corporation of Great Neck, New York on April 15 with the registration number 4514707.

Le Vian first used "Le Vian Exotics" in commerce in March 2012 and it filed for the trademark on September 18, 2013. "Le Vian Exotics" refers to bangles, bracelets, cufflinks, diamond jewelry, earrings, gemstone jewelry, necklaces, pendants, pins, rings and watches.

GENERAL 	  

DGSE Appoints New CEO

DGSE Companies Inc. appointed James D. "Dusty" Clem as chairman, president and CEO. Clem immediately replaced James Vierling, who resigned as CEO and director of the Dallas-based precious metal and jewelry wholesaler and retailer to accept a position with Elemetal LLC, DGSEs largest shareholder. Clem has served as the companys chief operating officer (COO) since December 2012. He was also vice president of sales and marketing from 2008 to 2012. The company also named its chief financial officer (CFO), Brett Burford, to the board of directors to take over Vierlings spot on the board.

In other news, DGSE completed the planned closure of all Southern Bullion locations this week. DGSE will continue to operate 12 retail locations, including nine Dallas Gold & Silver Exchange locations in Texas, one Bullion Express location in Illinois and two Charleston Gold & Diamond Exchange locations in South Carolina along with Fairchild International, the company’s wholesale watch division.

GIA Promotes Crimmin

The Gemological Institute of America (GIA) appointed Matt Crimmin as its vice president of laboratory operations. He will report to Tom Moses, GIAs executive vice president and chief laboratory and research officer, and be responsible for overseeing regional laboratory operations with a focus on Africa and the Middle East.

Crimmin helped lead operational aspects of GIA’s international lab expansion from 2006 to 2009 and has valuable experience with global management and strategic initiatives to the role. He joined GIA from multi-national consumer goods company Procter & Gamble and served as GIA’s director of laboratory strategic initiatives from 2010 to 2011.

Scio Introduces Lease Program

Scio Diamond Technology Corporation created a lease-a-diamond reactor program that essentially allows clients to guaranteed lab-created diamond supplies at regular intervals. Scio stated that it is prepared to offer up to a 5% discount over normal production costs, depending on the number of reactors leased and duration. Earlier this month, Scio announced its new 4" diamond growth technology, which claims to produce type IIa, single crystal CVD diamonds and will increase the production platform for the companys product line.

MINING

Petras Revenue +55%

Petra Diamonds reported that revenue rose 55% year on year to $163.9 million during the third quarter that ended on March 31 as production rose and rough prices firmed. The company sold 905,781 carats, representing a year-on-year increase of 36%. Seven special stones sold for over $1 million, achieving a total of $39.9 million. These included the 29.60-carat blue diamond from the Cullinan mine, which fetched $25.6 million.

Group production rose 15% to 743,424 carats due to an increased contribution from the companys Finsch mine. The rise in production came despite higher than average rainfall in South Africa, which impacted ore treatment at the Finsch, Cullinan and Williamson mines. Petra noted that rough prices have risen about 10% since the first of the year.

Mwanas Production Doubles

Mwana Africa reported that diamond production at its Klipspringer slimes retreatment project in South Africa more than doubled to 12,383 carats during the fourth quarter that ended on March 31. The project achieved an average price of $21 per carat during the period. The company treated 16,000 tonnes of fine residue tailings at an average grade of 77.4 carats per hundred tonnes from the old Marsfontein mine through the plant. Work began at the project in October 2013.

Zimbabwe to Consolidate Marange Miners

Zimbabwes state-run newspaper, The Herald, reported that the government may reduce the number of miners in Marange to just one or two, following a history of improper accounting for diamond operations and revenue. The winning firms would operate as joint ventures with the government.

Currently, seven operating diamond miners in the area are Anjin Investments, Diamond Mining Company, Gye Nyame, Jinan, Kusena, Marange Resources and Mbada Diamonds. The newspaper speculated that Marange Resources could survive as it is the only government-owned firm, managed through the Zimbabwe Mining Development Corporation (ZMDC). Mines and Mining Development Minister Walter Chidhakwa said he met the diamond miners and informed them that the changes were imminent. The decision is expected to be made by the middle of May.

ECONWATCH

Diamond Industry Stock Report

U.S. shares mainly flat except for Charles & Colvard (-9%), JCP (+9%) and Sothebys (+7%). Hong Kong lower led by Luk Fook (-5%), Europe flat except for Kering (+3%) and India mixed with Goenka (+16%) pulling ahead and Winsome (-6%) leading declines. Mining shares mostly lower led by Stellar (-8%). View the extended stock report.

Apr. 24 Apr. 17 Chng.
$1 = Euro 0.720 0.723 -0.003
$1 = Rupee 61.13 60.31 0.8
$1 = Israel Shekel 3.48 3.48 0.00
$1 = Rand 10.62 10.49 0.13
$1 = Canadian Dollar 1.10 1.10 0.00

Precious Metals
Gold $1,292.80 $1,295.10 -$2.30
Platinum $1,408.00 $1,411.00 -$3.00

Stock Indexes Chng.
BSE 22,876.54 22,628.84 247.70 1.1%
Dow Jones 16,501.65 16,408.54 93.11 0.6%
FTSE 6,703.00 6,625.25 77.75 1.2%
Hang Seng 22,562.80 22,760.24 -197.44 -0.9%
S&P 500 1,878.61 1,864.85 13.76 0.7%
Yahoo! Jewelry 1,031.28 1,027.83 3.45 0.3%

Rapaport Weekly Market Comment May 2, 2014

Diamond trading stable with good U.S. demand for commercial-quality diamonds. Sentiment improves as Dow hits record high. Far East markets quiet with cautious gold jewelry demand ahead of May Day holiday. Expectations for stable rough prices and small De Beers sight next week. Sotheby’s NY sells $44.3M (82% by lot) with 15.23ct., fancy intense orange pink, VS2 diamond sold for $6.1M ($400K/ct.). Blue Nile’s 1Q sales +7% to $104M, profit +30% to $1.1M. Belgium’s March polished exports +9% to $1.3B, rough imports +13% to $1.3B. India’s March polished exports -33% to $1.6B, rough imports -1% to $1.4B. Swiss watch March exports flat at $1.9B. UN lifts diamond ban on Cote d’Ivoire.

RapNet Data: May 1

Diamonds 1,056,965
Value $6,714,712,994
Carats 1,169,150
Average Discount -26.59%

www.rapnet.com
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8 a.m. to 10 a.m. | South Seas Ballroom
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QUOTE OF THE WEEK
The SEC’s guidance makes clear that companies in our industry covered by Dodd-Frank must be ready to submit filings by June 2, 2014. This will require cooperation from every business in their gold and tungsten supply chains. Suppliers should take steps now to implement supply chain assurance systems.

Cecilia Gardner | Jewelers Vigilance Committee

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INDUSTRY

Swiss Watch Exports Flat

Swiss watch exports were flat year on year at $1.87 billion (CHF 1.65 billion) in March. Wristwatch exports dropped 1.1% to $1.75 billion, while the number of units shipped decreased by 3.8% to 2.1 million. The value of other products grew by 19% to $45.7 million. Exports to Hong Kong rose 9.3% to $371.4 million, while exports to China decreased 1.7% to $126.3 million. Exports to the U.S. slumped 12% to $201.6 million; however, exports to Japan surged 31.5% to $120.7 million ahead of a tax increase. Exports to the United Arab Emirates rose 1.4% to $99.9 million. During the first quarter of 2014, total Swiss watch exports rose by 4.5% to $5.61 billion, providing a good start to the year for Swiss watchmakers. The number of wristwatch units sold rose 1.5% to 6.4 million units.

Cote dIvoire May Export Diamonds

The United Nations (UN) Security Council unanimously approved removing an export ban on rough diamonds from Cote dIvoire. The resolution immediately terminated diamond sanctions that were imposed in 2005 and it noted that Cote dIvoire had met the minimum requirements of the Kimberley Process Certification Scheme. An arms embargo, however, was extended again until April 30, 2015. The Security Council called upon the government to continue taking measures "to dismantle the illegal taxation networks" but it welcomed "overall progress toward restoring security, peace and stability."

Dodd-Frank Paperwork Due June 2

The U.S. Securities and Exchange Commission (SEC) expects public companies and their supply chains to comply with the Dodd-Frank Act and file forms and reports required by its conflict minerals rules on or before June 2. The Jewelers Vigilance Committee (JVC) informed the trade that the SECs guidance makes clear that the conflict minerals filings should comply with all aspects of the SEC rules, other than a specific obligation found to violate the First Amendment. Thus, covered companies must still inquire about the country of origin of conflict minerals – tin, tungsten, tantalum and gold. They must also report on their supply-chain due diligence regarding any conflict minerals that originated, or may have originated, in the Democratic Republic of the Congo or an adjoining country. JVC offers a do-it-yourself kit to implement assurance systems in the supply chain.

RETAIL & WHOLESALE 	  

U.S. Jewelry, Watch Sales +2% 

U.S. jewelry and watch sales improved slightly in March, according to preliminary statistics, and the rate of growth was revised lower for February. Sales of jewelry and watches combined increased 2.3% year on year in March as measured across all retail segments; however, the rate of growth one year ago was much stronger at 9.5%.

Government figures reflected sector growth of only 2.3% in February, following a preliminary increase of 6.4%. The revision was somewhat more in line with U.S. jewelry store sales, which increased 3.7% year on year to $2.914 billion in February. Jewelry sales in March increased 2.2% year on year to $4.968 billion, while watch sales rose 2.8% to $665 million, according to Rapaport News estimates. Meanwhile, the U.S. consumer price index (CPI) for jewelry declined 2.6% and the CPI for watches rose 0.6% in March.

Blue Niles Profit +30%

Blue Nile reported that sales rose 6.8% year on year to $103.7 million for the first quarter that ended on March 30, while cost of sales increased 6.5% to $84.6 million. Profit jumped 29.7% to $1.1 million or 8 cents per share. U.S. engagement jewelry sales rose 8% to $59.7 million, while non-engagement sales increased 7.6% to $26.1 million. International sales improved 1.9% to $17.9 million; however, the rate of growth was 6.4% at constant exchange-rates. Gross profit margin was 18.4% of sales compared with 18.2% one year ago.

Looking ahead, Blue Nile anticipates sales of between $108 million and $113 million during the second quarter, which reflects little change from the second quarter of 2013. Earnings per diluted share are projected in the range of 18 cents to 21 cents, or slightly better than one year earlier.

Charles & Colvard Reports a Loss

Charles & Colvard Ltd. reported that revenue fell 7% year on year to $6.1 million in the first quarter that ended on March 31. However, U.S. sales rose 12% to $5.7 million, primarily due to an increase in the brands direct-to-consumer business. International sales fell to just $400,000 compared with $1.4 million one year ago.

Loose jewel sales, including moissanite and Forever Brilliant® moissanite, fell 15% to $3.7 million, while finished jewelry sales rose 11% to $2.4 million. Revenue from its wholesale business fell to $5.2 million compared with $6 million one year ago. Operating expenses rose 16% to $3.6 million and Charles & Colvard reported a loss of $1.1 million or 5 cents per share, compared with profit of $300,000 or 2 cents per share in the first quarter of 2013.

Platinum Jewelry Sales +11%

Platinum Guild International (PGI) recorded strong sales growth across the platinum jewelry sector in 2013 and the group extended a positive outlook for 2014 as well. PGIs Retail Barometer report, measuring sales from retailers to consumers, indicated that platinum jewelry sales in the U.S. rose 11% year on year in 2013. PGI anticipates that platinum jewelry sales will grow 11% again in 2014.

Retail demand for platinum jewelry is forecast to grow by 5.3% combined across the four key global markets (China, India, Japan and the U.S.). PGI expects the platinum jewelry market to grow 5% in China, the industrys largest market, India’s retail platinum market is expected to increase by 35% and Japan is forecast to grow by 1.2%.

Kashmir Sapphire Sets Record Price

Sotheby’s New York auction on April 29 continued the trend of level prices for top-quality diamonds, while lower color diamonds — J,K,L — between 5 carats and 15 carats saw remarkably strong prices. These stones are still affordable for both the trade and the consumer and are a lot of look for the money. The sale tallied up $44,313,500 and was sold 81.8% by lot.

The top lot of the day was a 15.23-carat fancy intense, orangey pink diamond that sold to a U.S. private for $6,101,000, or $400,590 per carat, against a presale estimate of $6 million to $7 million. Of particular note was the second top lot of the day, a 28.18-carat Kashmir sapphire and diamond ring that sold to an anonymous buyer for $5,093,000 or $180,731 per carat, setting a world auction record per carat price for a Kashmir sapphire. Bidding throughout the day was swift and decisive with prices staying within the estimates.

Prepare for a Tough GenZ Crowd

While executing a marketing strategy to connect with the millennial shopper, start preparing for Generation Z because they will be one tough, but lucrative, crowd. Even though GenZ loosely defines teenagers today, Match Marketing determined that 29% of this age group lives in U.S. homes with annual incomes in excess of $100,000 and these young consumers have a lot of cash to spend on fashion and accessories.

However, connecting with teens could break retailers who attempt using the millennial way. Abercrombie & Fitch, American Eagle and Aéropostale, for example, are all experiencing their greatest sales declines on record, in part because GenZ are nonconformists. GenZ is multicultural, they consume hours of digital video and are fascinated with celebrity fashion but desire uniqueness in everything they wear.

“Some of the most important vehicles for retailers in this space have become haul videos, celebrity photos and bloggers’ picks,” Liz Crawford, the vice president of Match Marketing, told STORES Magazine. Two-thirds of teens shop on websites and “cherry-pick items from any number of retailers.” Digital entertainment is “emerging as a new retail channel. Teens are shopping contextually and sharing [and] celebrities have become the new mannequins.” Furthermore, the research found that given a choice between technology and fashion, teens would spend $500 on tech toys because the accessories industry fails to excite and engage them.

Mothers Day Jewelry Sales Weaken

The National Retail Federation (NRF) and Prosper Insights & Analytics determined that U.S. consumers will celebrate Mother’s Day by staying practical in their spending patterns. Overall, 84.5% of U.S. adults plan to celebrate Mothers Day and expect to spend an average of $162.94 on gifts this year, down from $168.94 one year ago, according to the survey results.

Roughly 31.7% of consumers who celebrate Mothers Day intend to purchase jewelry as a gift this year, which is down 2.7 percentage points from 2013, according to the survey. This segment of the consumer population anticipates spending $94.38 on jewelry gifts, on average, which is down from $100.55 one year ago. The NRF predicted that total jewelry spending for the occasion will amount to $3.65 billion, down from $4.23 billion in May 2013. The survey revealed that men who expect to purchase jewelry for Mothers Day will spend $113.26 on average, while female shoppers planned to spend $68.62. By age group, the NRF found that 35 to 44 year olds expect to spend the most on jewelry with an average amount per buyer of $122.67.

CTF Reiterates Gold Pricing Process

Chow Tai Fook (CTF) reiterated that it is not involved in gold price fixing following allegations in the media. Chow Tai Fook stated that it uses its own gold pricing mechanism, has never been involved in any price fixing activities and gold product prices are set based on numerous measurable factors. The group also explained that it uses the international gold price as a major reference.

This represents a second time the company has been accused of price fixing activities, with the first accusation made in July 2013, when a media report claimed that Chow Tai Fook was being investigated in a probe involving price manipulation by a number of jewelry retailers in Shanghai.

In other news, a Shanghai court ruled in favor of Chow Tai Fook in an intellectual property lawsuit against Shang Hai Li Jin Jewellery Co., and Shang Hai Zhang Liang Jeweller, regarding the brands Ping An Bao Bao product. The defendants were ordered to cease all infringement activities and pay damages to Chow Tai Fook for producing imitations of the produ

GENERAL 	  

WDC Elects Board

The World Diamond Council (WDC) elected a new board of directors that equally represent five diamond industry sectors.

Mining
• Andrey Polyakov, ALROSA Group
• Andrew Bone, De Beers Group
• James R.W. Pounds, Dominion Diamond
• Jean-Marc Lieberherr, Rio Tinto

Retail
• Kent Wong, Chow Tai Fook
• Roberto Coin, Roberto Coin
• Mark Jenkins, Signet Jewelers
• Ronnie VanderLinden, U.S. Coalition

Wholesale
• Stephane Fischler, AWDC
• Anoop Mehta, Bharat Diamond Bourse
• Shmuel Schnitzer, Israel Diamond Exchange
• Ernie Blom, WFDB

Manufacturing
• Mervin Lifshitz, BDMA
• Vipul Shah, GJEPC
• Avi Paz, IDI
• Elliot Tannenbaum, Leo Schachter

At Large
• Gaetano Cavalieri, CIBJO
• Maxim Shkadov, IDMA
• Nigel Paxman, Malca-Amit
• Edward Asscher, Royal Asscher

De Beers, Rio Tinto Receive Trademarks

The U.S. Patent & Trademark Office (USPTO) issued the trademark "Jeweller of Light" to De Beers Diamond Jewellers Ltd. of London on April 22 with the registration number 4519299. De Beers filed for the trademark on May 31, 2012 and first used "Jeweller of Light" in June 2013. The USPTO also issued the trademark "The Diamond. The Promise." to De Beers with the registration number 4516967.

In addition, the USPTO issued the trademark "Mixed Medium" on April 22 to Rio Tinto London Ltd. with registration number 4519446. The trademark refers to rough and polished diamonds and gemstones, jewelry, watches and parts, as well as wholesale and retail store services, advertising, marketing, analytics and promotion services related to the jewelry Indus

GIA Addresses Service Time

The Gemological Institute of America (GIA) changed how it expresses lab service time by publishing location and service specific “Return Date” in place of “Turnaround Time.” The return date defines when stones and reports will be ready for pickup or shipment, unlike turnaround time where it takes into account weekends and holidays and is divided by weight range. GIA will continue the Fast Track program, with allocations based on 10% of a client’s first quarter submissions. Return dates for colored diamonds and pearls will be published in similar fashion. Given a high intake volume, GIA expects to increase grading staff, expand facilities where possible, invest in new technology and continue to make the process more efficient.

MINING 	  

ALROSA Repays $820M

ALROSA issued an $820 million loan repayment three months early against long-term bank loans of $1.09 billion. Now, bank loans and public debt instruments account for $4 billion, with long-term debt share of 88%. Debt increases of $270 million were justified by creating a liquidity source for $500 million of Eurobond repayment in November 2014.

PL 117 Team Scopes New Kimberlite

Botswana Diamonds completed its initial fieldwork on the PL 117 license, a 2.9-square-kilometer area in the Orapa region of Botswana. The explorers joint-venture partner, ALROSA, identified PL 117 as a high-priority target and as expected, initial results scoped out new kimberlite pipes, particularly in the north of the block. Two drill targets have already been identified and Botswana Diamonds anticipated that further drill targets will be sought as the second batch of mineralogical samples is fully analyzed. A specific drilling program will then target areas of highest potential.

A team of senior geologists and geophysicists from both companies identified drill targets on the license by conducting magnetic and electromagnetic geophysical surveys to reveal a new map of the magnetic field. In addition, heavy mineral sampling was carried out and some of those samples have been analyzed by ALROSA. A second, larger batch of samples is currently on its way to Russia for priority mineralogical analysis.

KDL Revenue -50%

Kimberley Diamonds Ltd. (KDL) reported that revenue declined 50% year on year to $15.5 million during the companys third quarter that ended on March 31. The company sold 21,431 carats for an average $725 per carat during the period, 39% less than one year ago. Management explained that the company sold fewer carats as it processed lower-grade stock piles from the Ellendale 9 (E9) pit as a result of a rock slippage underneath the main haul ramp in June 2013. Group production dropped 39% to 22,280 carats.

Firestone Extends Lease Agreement

Firestone Diamonds signed an agreement with Lesotho extending its lease on the Liqhobong diamond mine and reducing initial royalty payments, while committing to pay withholding tax. Under the agreement, the initial license period on the companys mine lease has been extended until June 31, 2021.

Firestone also has the option to renew the license for two more stretches of 10 years each, which would extend its ownership of the mine site until 2041. Firestone owns a 75% stake in the mine with the remaining interest held by the government of Lesotho. Lesotho agreed to reduce the royalty rate paid by the mining company on diamond sales of first production from 8% to 4% until the company earns $20 million from the royalty rate reduction. Thereafter, the royalty rate will revert to 8% of diamond sales.

STATS 	  

Belgium

March $Mil. %Chng. YTD $Mil. %Chng.
Polished exports $1,320 9% $3,920 18%
Polished imports $1,459 15% $3,654 14%
Net exports ($139) $266 108%

Rough imports $1,340 13% $4,050 17%
Rough exports $1,371 -2% $4,037 13%
Net imports ($30) $14

Net diamond account ($109) $253

India

March $Mil. %Chng. YTD $Mil. %Chng.
Polished exports $1,571 -33% $5,386 -8%
Polished imports $789 -30% $1,865 -15%
Net exports $782 -36% $3,521 -11%

Rough imports $1,410 -1% $4,162 12%
Rough exports $182 -8% $421 -23%
Net imports $1,231 0% $3,741 18%

Net diamond account ($449) ($221)

ECONWATCH 	  

Diamond Industry Stock Report 

U.S. shares lower except for JCPenney (+2%), Signet (+2%) and Walmart (+2%). Hong Kong and European shares flat except Kering (+4%). Indian shares mixed with Classic and Goenka (both +20%) leading gains and Winsome (-9%) leads declines. Mining shares lower except for ALROSA (+4%), Lucara (+1%) and Stellar (+4%). View the extended stock report.
May 1 Apr. 24 Chng.
$1 = Euro 0.720 0.720 0.000
$1 = Rupee 60.32 61.13 -0.8
$1 = Israel Shekel 3.46 3.48 -0.02
$1 = Rand 10.49 10.62 -0.13
$1 = Canadian Dollar 1.10 1.10 0.00

Precious Metals
Gold $1,284.30 $1,292.80 -$8.50
Platinum $1,420.00 $1,408.00 $12.00

Stock Indexes Chng.
BSE 22,417.80 22,876.54 -458.74 -2.0%
Dow Jones 16,558.87 16,501.65 57.22 0.3%
FTSE 6,808.87 6,703.00 105.87 1.6%
Hang Seng 22,133.97 22,562.80 -428.83 -1.9%
S&P 500 1,883.68 1,878.61 5.07 0.3%
Yahoo! Jewelry 1,045.32 1,031.28 14.04 1.4%

Rapaport Weekly Market Comment May 9, 2014

Polished markets stable as dealers prepare for Las Vegas shows. NY Diamond Dealers Club busy during Antwerp Diamond Week. Far East wholesale demand quiet despite robust jewelry sales during May Day holiday. Liquidity problems increasing in India. De Beers plans 5% annual price hike to meet Anglo American profit targets. Rough trading stable following small De Beers sight. April RapNet Diamond Index (RAPI™) for 1ct. -0.5%. Titan Company 4Q revenue +7% to $465M, profit +12% to $34M. U.S. March polished imports +1% to $2B, polished exports +26% to $1.9B. Antwerp Diamond Bank 2013 profit -31% to $7.9 million.

RapNet Data: May 8

Diamonds 1,057,117
Value $6,717,697,404
Carats 1,167,868
Average Discount -26.86%

www.rapnet.com

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RAPAPORT ANNOUNCEMENTS
May
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Wed-Wed
Rapaport Single Stone Auction

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Rapaport Breakfast & Conference at JCK Vegas

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8 a.m. to 10 a.m. | South Seas Ballroom
Breakfast and Martin Rapaports State of the Diamond Industry presentation.

10:30 a.m. to 12:30 p.m. | Banyan Ballroom
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QUOTE OF THE WEEK

U.S. Congress should urge the administration to work with the Kimberley Process to send review missions to the United Arab Emirates, Belgium and India for investigating the smuggling of conflict diamonds from Central Africa Republic.

Kasper Agger | Center for American Progress

Careers@Rapaport 	   	 

The Rapaport Group is growing rapidly. If you wish to work with the best and brightest, join us. We have great opportunities for trading managers, gemologists, sales assistants and entry-level positions for our offices in New York, Antwerp and Mumbai. View jobs now.

INDUSTRY 	  

Polished Prices Drop in April 

Diamond markets slowed in April although sentiment remained positive. Demand softened as jewelers reduced their buying after replenishing their inventory during the first quarter. Demand was selective and price sensitive. Far East markets were quiet with cautious gold jewelry demand, while U.S. demand was stable. Diamond trading was sporadic with many dealers taking vacations during the Passover and Easter holidays.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds fell 0.5% during the month, while RAPI for 0.30-carat diamonds declined 1.3% and RAPI for 0.50-carat diamonds dropped 0.9%. RAPI for 3-carat diamonds fell 1%. There was good demand for 0.30-carat to 0.50-carat pointer-size, SI-clarity diamonds, with shortages due to continued delays of grading by the Gemological Institute of America (GIA). Liquidity is tight in the manufacturing centers as turnover for polished diamonds has been prolonged by delays at the GIA, and as the Indian banks have tightened their credit conditions.

Rough trading softened in April after prices increased by an estimated 7% to 10% during the first quarter of 2014. Expect the market to stabilize in May and June, but trading is anticipated to remain below levels seen in the first quarter.

Gold, Silver Prices to Weaken

Global gold and silver mine production is set to achieve record highs in 2014, according to Metals Focus’ inaugural Gold & Silver Mining Focus report. In terms of prices, following poor performance in 2013, attitudes toward gold and silver among mainstream investors, have been shifting away from the one-sided selling to a more balanced perspective.

Metals Focus expects broad consolidation for gold and silver and the highest prices for these metals may have already been reached this year. On the downside, further price weakness from current levels is possible. Gold could experience a brief drop to around $1,100 per ounce. It is a broadly similar picture for silver, in part governed by gold’s moves and expect the full year average to fall just short of $20 per ounce.

RETAIL & WHOLESALE 	  

U.S. Chain-Store Sales +6%

U.S. chain-store sales rose 6% year on year in April, boosted by the Easter festival, according to the International Council of Shopping Centers (ICSC). The group estimated that a later Easter subtracted about 1% from retail sales figures in March. Comparable-store sales for March and April combined rose 4.5%, which was still above the trend so far in 2014. ICSC research forecasts that same-store sales in May should increase between 3% and 3.5%.

Kerings Jewelry Sales Rise

Kering, the parent company of several luxury brands, including Gucci, Boucheron and Bottega Veneta, reported that revenue rose 1.2% year on year to $3.3 billion (EUR 2.398 billion) in the first quarter that ended on March 31. Comparable-sales rose 4.1% but luxury division same-store sales jumped 6.3%. The retailer observed that jewelry and watch sales improved toward the end of the quarter and that Boucheron recorded good revenue growth in the first couple of months of the year.

Kering also reorganized its luxury couture and leather goods business under the direction of Marco Bizzarri and created a luxury watches and jewelry sector, which will fall under the responsibilities of Albert Bensoussan.

Retail Sales Decline for Berkshire

Berkshire Hathaway, the parent company of Ben Bridge Jeweler, Borsheims Fine Jewelry, Helzberg Diamonds and the Richline Group among many other diverse product and services brands, reported that net earnings declined 3.8% year on year to $4.7 billion for the first quarter that ended on March 31. Total company revenue rose 3.6% year on year to $45.5 billion, while costs and expenses rose 6.2% to $38.9 billion.

Berkshire’s retail division sales, which include the jewelry ‎companies, four home furnishing businesses, Pampered Chef, Oriental Trading Company and See’s Candies, experienced a 1.7% year on year decline at $970 million. Operating earnings for the retail division plunged 39.7% to $44 million.

Titans Profit +12%

Titan Company, the parent company of the Tanishq jewelry brand in India, reported that sales rose 7% year on year to $464.6 million (INR 27.86 billion) in the fourth quarter that ended on March 31. Company profit grew 12% to $34.4 million, while the companys expenses increased by 7% to $421.3 million. Jewelry sales rose 3% to $358.4 million, while watch sales grew 20% to $83.6 million. Sales from Titans other businesses, which include eyewear, precision engineering and accessories, jumped 13% to $24.4 million.

Titan expanded its retail network during the previous 12 months, adding 125 stores to close the year with 1,078 stores, representing 1.5 million square feet of retail space.

Citizen to Open in Times Square

Citizen Watch Company will debut its global flagship store in Times Square, New York City, at 1500 Broadway, marking the brands first global retail concept store in North America. Citizen hired New York-based architectural firm Mapos LLC for the project and expects to open in November, in time for Christmas-shopping season.

Forevermark Enters Turkey

Forevermark expanded its reach into Turkey with the appointment of local licensee partner, Zen Diamond. Forevermark diamonds will be exclusively available in 25 Zen Diamond stores in the key cities of Istanbul, Antalya, Ankara, Samsun and Mersin. Zen Diamond hosted the media and VIPs at a gala event in Istanbul to celebrate the partnership.

Stephen Lussier, Forevermarks CEO, explained that Zen Diamond shares De Beers passion for beautiful, rare and responsibly sourced diamonds. "We are delighted to have them on board and look forward to introducing Forevermark into this exciting market with them," Lussier said.

Millionaires Bullish on Stocks & Experiences

While U.S. affluents account for about 20% of households, those with investable assets of more than $1 million represent 8% and their spending intentions this year are focused on investment and experiences rather than jewelry, according to a CNBC and SpectremGroup survey. Top spending categories for millionaire households included entertainment, home enhancements, including furnishings, and travel destinations.

The top luxury item on the list for millionaire women was an automobile, while men favored investments. Household investment allocation placed equities first (46%), followed by fixed income (21%), short term offerings (14%), international stocks (7%), real estate (3%), precious metals (2%), hedge funds and collectibles, such as art and jewelry, at only 1%, according to survey results.

Lessons From a $70 Jacket

U.S. income demographics have basically changed forever, and affluent consumers are turned off by yesterdays symbols of wealth, according to Unity Marketing. However, this is far from signaling gloom and doom: Jewelers who capture the changed meaning of consumption in peoples lives will flourish. The middle class is severely weakened and will not be a consumption powerhouse anytime soon, and affluents, both HENRYs (incomes of $100,000 to $250,000) as well as ultra-affluents ($250,000+), are turning sympathetic to the plight of income inequality.

Affluents want understated, even modest, expressions from the fashion industry, focusing on substance and quality at a price that respects the customers intelligence, according to Pam Danziger, the president of Unity Marketing. "There is a new kind of conspicuous consumption today required in a political environment that is demonizing income inequality and the excesses of the 1%. Rather than conspicuous consumption and status symbols that proclaim ones wealth, the affluent are embracing brands that give them bragging rights to how smart a shopper he or she is," she said.

What was the hottest luxury item among U.S. affluents this past winter? The UNIQLO ultralite down jacket that retailed for $70. The successful jeweler of the future will capture this new psychology of consumers and offer understated elegance, with inherent quality and lasting value.

Ahluwalia Creates Nurture By Reena

Jewelry designer and diamond industry insider Reena Ahluwalia created the brand "Nurture By Reena" to showcase her latest designer collections. The Nurture By Reena line of jewelry will be committed to using fully disclosed, certified lab-grown diamonds that are origin-guaranteed, conflict-free and environmentally sustainable.

“The Moments Collection,” the first offering, combines diamond jewelry and wearable technology, merging style and fashion with personal meaning, according to Ahluwalia. Using QR Code technology, this offering creates a new ecosystem that allows the client to attach a precious moment to the jewel. The lab-grown diamond pieces flip to discreetly reveal a QR code that is otherwise hidden from view while the jewelry is being worn.

GENERAL 	  

Rapaport Announces Lab Take-In Service

HRD Antwerp and the Rapaport Group signed an agreement whereby Rapaport will provide global access to HRD diamond grading laboratories in Antwerp and Mumbai. The service will include everything necessary for clients to have their diamonds graded by HRD laboratories and will be initially provided to clients in New York, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong.

NY Hosts Antwerp Trade Event

The New York Diamond Dealers Club (DDC) and Beurs voor Diamanthandel noted healthy trading during the first Antwerp Diamond Week in Manhattan, which enabled members of both clubs to conduct business and build relationships. The DDC orchestrated additional festive events for attendees and both club presidents vowed to host another trade event in the not too distant future.

ADBs Profit -31%

The Antwerp Diamond Bank (ADB), a subsidiary of the KBC Bank, reported that its balance sheet fell 7% year on year to $2.4 billion (EUR 1.692 billion) in 2013. Global net interest income rose almost 13% to $73 million, while interest income from debtors accounted for $69 million as a result of increased margins in the second half of 2013. Profit fell 31% to $7.9 million. ADB confirmed a capital adequacy ratio of 11.29% during the year, compared with 10.05% in 2012. ADB is being divested from KBC through Jiangsu Yinren Group Company Ltd. The transaction is pending and subject to approval.

Sothebys, Third Point Reach a Deal

Sothebys and Third Point LLC jointly agreed to expand the board of directors of the auction house following a contentious battle for control in the past nine months. Third Points founder Daniel S. Loeb and his nominees, Olivier Reza and Harry J. Wilson, have been appointed to Sothebys board and they will now be included in the companys own slate of director nominees for election at the 2014 annual meeting of shareholders. The annual meeting will be planned later to allow for shareholders to receive updated proxy materials.

Third Point agreed to a customary standstill and voting commitments and terminated its proxy contest against Sothebys board. Sothebys will accelerate the termination of its one-year shareholder rights plan, concurrent with the 2014 annual meeting, and Third Point, whose ownership in Sothebys will be capped at 15%, has withdrawn its litigation with respect to the rights plan.

Tax Office Investigates Dealers

The Mumbai Income Tax (IT) authority confiscated paperwork and merchandise from 17 companies across the bourse following an investigation. Inside sources told The Times of India that the IT team extended a search and seizure operation to the Mahidharpura diamond market in Surat, where some of the diamond firms in Mumbai have their offices. Sources in Surats tax department added that the investigation may even be continued for some time.

MINING 	  

Lucaras Profit -18%

Lucara Diamond Corporation reported revenue of $32.8 million in the first quarter that ended on March 31, which was unchanged from one year earlier. However, the average price per carat for the rough diamonds sold rose 35.6% year on year to $305. Company profit fell 17.7% to $5.1 million or 1 cent per share.

Lucara noted that proceeds of $750,000 from rough diamond sales were received after the quarter closed and the figure will be added to second quarter results. At an average operating expense of $118 per carat, Lucaras cash operating margin during the quarter was $187 per carat. The companys cash balance on March 31 was $56.8 million compared with a net debt position of $26.2 million one year earlier. Lucaras board of directors declared the companys first semi-annual dividend of 2 cents per share payable on June 19.

Lucara renewed its revolving term credit facility with The Bank of Nova Scotia for a three year term and an increased the limit to $50 million. The facility will contain financial and non-financial covenants customary for a facility of this size and nature.

Gemfields Production -45%

Gemfields reported that production of emeralds and beryl at the Kagem mine in Zambia dropped 45% year on year to 3.6 million carats during the third quarter that ended on March 31. The decline in output was a result of unseasonably high amounts of rainfall in Zambia coupled with grade-volatility which impacted mining during the period. The company extracted 1.2 million carats of ruby and corundum during bulk-sampling at the Montepuez ruby mine in Mozambique, compared with 500,000 carats in the corresponding period one year ago.

In other news, Gemfields received $13.5 million from the auction of 268,000 carats of predominately high-quality emeralds in Jaipur.

Agnico Eagle Backs Stornoway Vote

Stornoway Diamond Corporation entered into a voting support agreement with Agnico Eagle Mines Limited, which agreed to vote in favor of a previously announced financing package. On April 9, Stornoway secured a financing agreement that includes a series of transactions, totaling $860 million (CAD 944 million) through Orion Co-Investments I Limited, Ressources Québec and the Caisse de dépôt et placement du Québec for the construction of the Renard diamond project.

Agnico Eagle owns 14,752,244 common shares of Stornoway, representing approximately 9.7% of the outstanding common shares and approximately 8.4% of the outstanding common shares and non-voting convertible shares of Stornoway.

Peregrine Completes Maiden Report

Peregrine Diamonds Ltd. estimated inferred mineral resources of 7.47 million carats of diamonds to a depth of 250 meters, based upon its maiden report of the CH-6 kimberlite pipe at the Chidliak diamond property in Canada. Production grade totaled 2.58 carats per tonne of ore and an average price of $213 per carat, modeled from within the range of $163 to $236 that was determined earlier by WWW International Diamond Consultants. The report estimated between 2.6 million tonnes and 3.47 million tonnes of kimberlite ore was worth targeting for further exploration and Peregrine is planning a core drilling program at CH-6 in an effort to convert the tonnage estimate into an inferred resource.

STATS 	  

USA

Mar. $Mil. %Chng. YTD $Mil. %Chng.
Polished imports $1,974 1% $5,456 6%
Polished exports $1,883 26% $4,973 11%
Net imports $91 -80% $483 -28%

Rough imports $82 115% $209 97%
Rough exports $55 150% $142 109%
Net imports $26 63% $65 81%

Net diamond account $117 -75% $548 -22%

ECONWATCH 	  

Diamond Industry Stock Report

U.S., Hong Kong and European shares all lower with the exception of JCP, Tiffany and LVMH all up 1% or less. Indian shares mixed with Goldiam (+26%) and Rajesh Exports (+12%) pulling ahead. Little change in mining shares except for Stornoway (-17%) and Stellar (-25%). View the extended stock report.
May 8 May 1 Chng.
$1 = Euro 0.722 0.720 0.002
$1 = Rupee 59.94 60.32 -0.4
$1 = Israel Shekel 3.45 3.46 -0.01
$1 = Rand 10.34 10.49 -0.15
$1 = Canadian Dollar 1.08 1.10 -0.02

Precious Metals
Gold $1,289.80 $1,284.30 $5.50
Platinum $1,432.00 $1,420.00 $12.00

Stock Indexes Chng.
BSE 22,344.04 22,417.80 -73.76 -0.3%
Dow Jones 16,550.97 16,558.87 -7.90 0.0%
FTSE 6,839.25 6,808.87 30.38 0.4%
Hang Seng 21,837.12 22,133.97 -296.85 -1.3%
S&P 500 1,875.63 1,883.68 -8.05 -0.4%
Yahoo! Jewelry 1,065.21 1,045.32 19.89 1.9%

Rapaport Weekly Market Comment May 16, 2014

Indian market optimism surging ahead of expected Modi victory. Surat lays foundation for diamond bourse in effort to shift trading from Mumbai. Rough markets stable following estimated $560M De Beers May sight. Auction markets for large stones booming. Christie’s Geneva sells $154.2M (85% by lot) with pear, 13.22ct., fancy vivid blue diamond selling for $23.8M ($1.8M/ct.). Sotheby’s Geneva sells $141.5M (89% by lot) as cushion, 100.9ct., fancy vivid yellow diamond fetches $16.3M ($163K/ct.). Gem Diamonds YTD sales +70% to $82M, average Letšeng price +70% to $2,723/ct. Sarine 1Q revenue +21% to $24M, profit +13% to $9M. Edward Asscher elected president of World Diamond Council.

RapNet Data: May 15

Diamonds 1,059,790
Value $6,770,665,929
Carats 1,176,834
Average Discount -26.57%

www.rapnet.com

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RAPAPORT ANNOUNCEMENTS

May-Jun
19-2
Mon-Mon

Rapaport Jewelry Sale

New York & Las Vegas

View Details.

June 1 Sun

Rapaport Breakfast & Conference at JCK Vegas

Mandalay Bay Resort

8 a.m. to 10 a.m. | South Seas Ballroom
Breakfast and Martin Rapaports State of the Diamond Industry presentation.

10:30 a.m. to 12:30 p.m. | Banyan Ballroom
Rapaport Certification Conference with RapNet insights into grading reports.

2 p.m to 4:30 p.m. | Banyan Ballroom
Rapaport Fair Trade Conference

Register; or email conference@diamonds.net or call 1.702.893.9400. These events are free but seating is limited.

June
2-11
Mon-Wed
Rapaport Single Stone Auction

New York & Israel

www.rapaportauctions.com
QUOTE OF THE WEEK
The board and I will give new energy to implement the Kimberley Process, which has been so successful in preventing conflict diamonds getting into the trade. Consumers must remain able to maintain confidence in our products and the wellbeing of all who are involved in the diamond trade must be the focus of our mission. That is the legacy which I want to be able to pass onto the next generation of young adults who work in the diamond industry, wherever they are in the world.

Edward Asscher | World Diamond Council

Careers@Rapaport 	  

The Rapaport Group is growing rapidly. If you wish to work with the best and brightest, join us. We have great opportunities for trading managers, gemologists, sales assistants and entry-level positions for our offices in New York, Antwerp and Mumbai. View jobs now.

INDUSTRY 	  

De Beers Sight Estimated at $560M 

De Beers May sight closed with an estimated value of $560 million as the rough diamond market remains steady. Sightholders reported that prices on some boxes were adjusted slightly; however, on average, prices and assortments were basically unchanged.

Overall market conditions signal high rough price levels, very little manufacturing profit margins but goods are selling and demand is stable. Dealers noted that rough trading on the secondary market has slowed with boxes selling at premiums of around 5%. The rough and polished markets have entered a more typical slow season pattern. Liquidity remains tight but the ability to sell a high volume of polished is also subdued from the backlog at the Gemological Institute of America (GIA).

Rapaport Fair Trade Jewelry Conference

Leading organizations and members of the jewelry industry will be meeting in Las Vegas on June 1 to discuss what can and should be done to improve social responsibility in the diamond and jewelry trade. This is your opportunity to learn about what you can do to ensure the legitimacy of your supply chain and develop strategies that will help you increase your business with socially conscious consumers.

The conference is free and open to all. Rapaport is pleased to announce that Vipul Shah, the chairman of the Gem & Jewellery Export Promotion Council (GJEPC) of India will address attendees for the first time.

Panelists will include:
Ruben Bindra, AGTA
David Bonaparte, Jewelers of America
David Bouffard, Signet Jewelers
Eric Braunwart, Columbia Gem House
Gaetano Cavalieri, CIBJO
Douglas Hucker, AGTA
Ngomesia Mayer-Kechom, DDI
Christina Miller, Ethical Metalsmiths
Kenneth Porter, ARM
Martin Rapaport, Rapaport Group
Vipul Shah, GJEPC
Ronnie VanderLinden, WDC, IDMA, DMIA
Register now to reserve a seat and receive the agenda.

RETAIL & WHOLESALE 	  

Christies Jewels Sale Tops $154M

Christies Geneva sale of magnificent jewels achieved a record $154,193,622 and was 85% sold by lot. Harry Winston Inc. bought the top lot, a 13.22-carat, pear-shaped blue diamond that sold for $23,795,372 or $1,799,953 per carat, an auction record price for a blue diamond. Harry Winston named the diamond "The Winston Blue."

Other top lots included a Belle Epoque diamond devant-de-corsage brooch made by Cartier in 1912 that sold for $17,581,612, and a cut-cornered square-cut light pink, VVS1 diamond necklace of 76.51 carats, by Leviev, which established a new world auction record price for a light pink diamond, selling for $10,000,825, or $130,712 per carat. The "Ocean Dream," a 5.50-carat, SI1 triangular-cut fancy vivid blue-green sold for $8,633,798, a new auction record price for a blue-green diamond.

Sothebys Jewels Sale Tops $141M

Sothebys spring sale of magnificent jewels and noble jewels in Geneva achieved $141,492,079 and was 88.7% sold by lot. The top lot was "The Graff Vivid Yellow," a 100.09-carat, VS2, cushion-shaped, fancy vivid yellow diamond ring that sold for $16,347,847, a new world auction record for a yellow diamond. The second top lot was a 70.33-carat, D, flawless, type IIa, cushion brilliant-cut diamond that sold for $14,201,354.

A new world auction record price per carat was achieved by the sale of a 25.32-carat, D, IF round brilliant-cut diamond graded by GIA as type IIa with excellent polish, cut and symmetry, which sold for $6,246,702, or $246,710 per carat. Two other price-per carat records were set with a 12.07-carat, internally flawless, fancy pink marquise-cut diamond ring at $601,228 per carat and a 10.11-carat, VS2, fancy light pink, round brilliant-cut diamond that sold for $393,071 per carat.

Richemonts Profit +3%

Richemont reported that sales rose 5% year on year to $14.6 billion (EUR 10.649 billion) for the fiscal year that ended on March 31. Profit rose 3% to $2.8 billion and included $292 million of currency hedging gains. Jewelry sales at the companys maisons, including Cartier and Van Cleef & Arpels, increased 4% year on year to $6.1 billion as the segment benefited from additional store openings with strong demand for jewelry and moderate demand for watch collections at Cartier tempered by lower wholesale orders. Specialty watchmaker sales rose 9% to $4 billion with improved sales at Baume & Mercier.

Pandoras Profit +61%

Pandoras revenue rose 29.5% year on year to $478 million (DKK 2.59 billion) in the first quarter that ended on March 31. Profit jumped 60.7% to $129.9 million. Gross margin as a percentage of sales improved to 69.1% compared with 65.6% one year earlier. The number of unit sales during the quarter rose 26.6%, while the average sales price per unit increased slightly to $24.17.

In local currency, sales increased 9.2% in the U.S. but surged 42.1% for the other regions of Pandoras Americas division. Sales jumped 16.1% in Australia; however, the increase was in excess of 200% for the other markets across the groups Asia-Pacific region. In Europe, Pandoras sales in local currency rose 52.3% in the U.K. and 12% in Germany, while other markets in Europe jumped 55.2%.

U.S. Jewelry Store Sales +2%

U.S. jewelry store sales rose 2.2% year on year to $2.376 billion in March. The increase was in line with overall U.S. jewelry and watch sales growth during the month, which improved 2.3% to $5.633 billion, according to preliminary estimates reported by Rapaport News on May 1. However, price pressure on jewelry continued to ease in March, as the consumer price index dropped 2.6%. Jewelry store sales have risen 4.7% year on year to $7.335 billion for the first three months of 2014.

Meanwhile, advanced estimates for retail sales at U.S. department stores in April revealed an increase of 3.4% year on year to $13.01 billion. Retail and food services sales in April rose 4% to $434.6 billion. Retail trade sales improved 4.2% and nonstore retail sales jumped 6.5%.

U.S. Online Sales +12%

U.S. online retail sales as measured through desktops rose 12% year on year to $56.1 billion in the first quarter that ended on March 31, according to comScore Inc. Sales that were conducted through a mobile device rose 23% to $7.3 billion. Top performing categories during the period were apparel and accessories, consumer packaged goods, sport and fitness, digital content and subscriptions, and home and garden, all of which experienced at least a 13 percent increase compared with the first quarter of 2013. Desktop ecommerce accounted for 11.7% of consumers’ discretionary spending, which comScore stated was the highest share on record.

The jewelry and watch category, which recorded "strong sales growth," ranked No.12 in dollar value by comScores measure of total sales, just behind sports and fitness items and ahead of flowers and gifts.

Cash Americas Profit +4%

Cash America International Inc. reported that revenue increased 5.3% year on year to $493.1 million in the first quarter that ended on March 31. Expenses rose 8.4% to $210.9 million. Profit improved 4.1% to $45.7 million or $1.55 per diluted share. Overall, there were lower losses from online consumer loans, strong ecommerce revenue and weaker net proceeds from the sale of commercial jewelry. The value of jewelry held for one year or less jumped 26.7% year on year to $108.1 million, while the value of jewelry held for more than one year increased 61.4% to $5.2 million. Total merchandise held for disposition increased 32.2% to $194.2 million.

DGSE Reports a Loss

DGSE Companies Inc. reported that revenue plunged 32% year on year to $19.9 million in the first quarter that ended on March 31 due to significant decreases in both bullion and scrap sales as a result of weak gold prices. However, gross profit margin rose to 22.3% compared with 18.1% in large part due to an increase in high-margin jewelry sales, coupled with improved margins on bullion and scrap sales. DGSE recorded a loss of $523,000 or 4 cents per share compared with a profit of $300,000 or 2 cents per share one year earlier.

U.S. Jewelry CPI -4%

The U.S. consumer price index (CPI) for jewelry declined 3.7% year on year to 169.63 points in April, which was the lowest in 39 months and ended the longest stretch on record of readings in excess of 170 points. The CPI for watches, meanwhile, was basically flat in April, down by 0.3% to 121.12 points. The average price of gold in April was down about 11% year on year, while platinum was down nearly 4%. The RapNet Diamond Index (RAPI), the global benchmark for polished prices, fell 3% year on year for 1-carat diamonds, while RAPI for 3-carat diamonds dropped 2.3%. However, RAPI for 0.30-carat diamonds jumped 10.8% and the index increased 4.2% for 0.50-carat stones.

Tiancheng Plans June Sale

Tiancheng International will hold its spring sale of jewelry and jadeite on June 8 in Hong Kong, featuring a "no reserve" section of 70 lots included in 360 lots of Chinese and Western jewels that are expected to achieve more than $40 million (HKD 300 million). The jadeite section encompasses top old-mine jadeite, designer jadeite and a series of jadeite cabochons.

Some of the highlights include a five-strand natural saltwater pearl and diamond necklace; a 39.24-carat natural, untreated Pamir spinel and diamond ring and a natural jadeite leaf, ruby and yellow diamond and diamond pendant, with a pair of matching pendent earrings.

TIG Seeks to Prevent Zales Acquisition

TIG Advisors LLC, which owns approximately 9.5% of Zales shares, seeks to block the jewelers merger with Signet, citing a "grossly unfair" price per share offering at $21 along with several problematic issues in how Signet valued Zale and proposed the deal. TIG argued that Zale was trading at an EV/EBITDA multiple of 9.1 times 2016 analyst estimates, implying a $31 share price, or worst case $25 before the merger was announced.

Zale and its financial advisor, Merrill Lynch, Pierce, Fenner & Smith Inc. relied on stale financial forecasts prepared before July 31, 2013 in evaluating fairness to stockholders. Additionally, TIG believes Golden Gate’s representative on Zales negotiation committee created an inherent conflict of interest and that BofA Merrill Lynch was conflicted and not in the best position to provide a fairness opinion on the proposed merger given its prior involvement with Signet. Zale never explored interest in a sale and no parties sought competitive bids. TIG intends to pursue an appraisal claim against Signet to compel additional consideration for its interest.

GENERAL 	  

U.S. Confirms Fake KP Certificates

The U.S. government warned that several scams are involving Kimberley Process (KP) Certificates. Traders were invited to Sierra Leone to view rough diamonds that were later evaluated as fake and were provided with a fake KP certificate numbered Sierra Leone (SL) 004199, issued in either April or May 2014. Variations of certificate SL 004199 have been presented to prospective diamond purchasers in the past three weeks. Diamond traders and business community members are also urged to be on alert for that fake certificate. Report fake certificates to the U.S. Customs and Border Protection at kpmailbox(at)dhs.gov and to the Department of State at uskimberleyprocess(at)state.gov.

In the past year, fake KP certificates have also been arriving in the U.S. from Guinea, Ghana and Sierra Leone through an online advance-fee scheme that defrauds people of thousands of dollars.

WDC Elects Asscher as President

The board of directors for the World Diamond Council (WDC) elected Edward Asscher, a fifth generation diamantaire who heads the Royal Asscher Diamond Company of the Netherlands, as its new president. Additionally, the WDC elected Andrew Bone, the head of government and industry relations for De Beers Group, as vice president and Ronnie VanderLinden, the representative of the U.S. coalition and the president of the Diamond Manufacturers and Importers Association of America (DMIA), as treasurer.

Asscher will serve as president for a single two-year term, following which he will be succeeded by the sitting vice president.

Sarines Profit +13%

Sarine Technologies Ltd. reported that revenue grew 21% year on year to $24.4 million during the first quarter that ended on March 31. Profit rose 13% to $9.1 million. Sarine noted that revenue rose across most geographic segments and stemmed mainly from increased sales of its Galaxy family of products, as well as increased sales of the companys traditional products.

MINING

Letseng Sales Rise

Gem Diamonds Limited reported that revenue from the Letšeng mine in Lesotho rose 75% year on year to $81.9 million from the first three diamond tenders of the year. Sales by volume rose 4% to 30,060 carats, while the average price jumped 70% to $2,723 per carat. Altogether, 81% of the mine’s revenue during the quarter was generated from the sale of 171 rough diamonds that were greater than 10.8 carats. Production at Letšeng rose 39% to 26,055 carats during the first quarter.

Brazil Minerals Earns $500K

Brazil Minerals Inc. generated $500,000 from the sale of diamonds, common stock and two-year options to four investors. The diamonds, which the company stated were graded by the Gemological Institute of America (GIA), can be delivered through December 31, 2015. Brazil Minerals began selling a portion of its production as polished diamonds this year in an effort to tap higher margins from the market and the company has received more than $1.5 million from this strategy so far this year. Brazil Minerals mines rough diamonds and gold, and owns interests in titanium, vanadium and iron projects in Brazil.

Stellars Tongo Grade Increases

Stellar Diamonds reported that ongoing bulk sampling at its Tongo kimberlite dyke 1 project in Sierra Leone has yielded a 12% higher diamond grade than previously reported. To date, 730 carats were recovered at a grade of 134 carats per hundred tonnes (cpht). The company expects that the grades will further increase after re-processing the sample material. The JORC resource currently stands at 1.1 million carats at a grade of 120 cpht for just one of four kimberlite dykes within the license area.

Gemfields Partners With Select Jewelry

Gemfields will partner with jewelry manufacturer Select Jewelry Inc. for distribution of specialty jewelry pieces at big box retailers in North America and Canada. Select Jewelry will design and produce jewelry collections with emeralds and rubies that are sourced from Gemfields. The mining company chose the manufacturer for its reputation and track record of creating and delivering high-quality, modern jewelry.

ECONWATCH 	  

Diamond Industry Stock Report

U.S. and Hong Kong shares mixed, with Charles & Covlard (+26%) rising on analyst reports that it was bargain; Signet (-3%), Tiffany (-3%) and Chow Sang Sang (-2%) led declines. Europe mainly higher except for Damiani (-10%). Indian shares mixed with Titan (+14%) and Classic (-15%) defining the spread. Mining shares lower except for ALROSA (+10%), Firestone (+3%) and Rio Tinto (+5%). View the extended stock report.
May 15 May 8 Chng.
$1 = Euro 0.729 0.722 0.007
$1 = Rupee 59.43 59.94 -0.5
$1 = Israel Shekel 3.46 3.45 0.01
$1 = Rand 10.41 10.34 0.07
$1 = Canadian Dollar 1.09 1.08 0.01

Precious Metals
Gold $1,296.40 $1,289.80 $6.60
Platinum $1,462.00 $1,432.00 $30.00

Stock Indexes Chng.
BSE 23,905.60 22,344.04 1,561.56 7.0%
Dow Jones 16,446.81 16,550.97 -104.16 -0.6%
FTSE 6,840.89 6,839.25 1.64 0.0%
Hang Seng 22,730.86 21,837.12 893.74 4.1%
S&P 500 1,870.85 1,875.63 -4.78 -0.3%
Yahoo! Jewelry 1,076.44 1,065.21 11.23 1.1%

Rapaport Weekly Market Comment May 23, 2014

All eyes on Vegas with expectations that the JCK show will signal healthy U.S. demand. Rough markets steady despite tight liquidity and polished supply backlog. Indian stock markets and rupee strengthen following election, RBI relaxes gold import rules. Jewelers improve margins in 1Q: Tiffany sales +13% to $1B, profit +50% to $126M; Signet sales +6% to $1.1B, profit +5% to $97M; Zale revenue -3% to $431M, profit +75% to $9M. Belgium’s April polished exports -11% to $1B, rough imports -7% to $1.3B. Hong Kong’s 1Q polished imports +10% to $4.9B, polished exports +19% to $3.5B. Dominion sells 841,000 cts. for $175.5M in 1Q. Global 1Q gold jewelry demand -18% to $23.7B.

RapNet Data: May 22

Diamonds 1,098,508
Value $6,901,284,787
Carats 1,215,836
Average Discount -26.59%

www.rapnet.com

Get Current Price List | Subscribe to Rapaport | Join RapNet

RAPAPORT ANNOUNCEMENTS

May-Jun
19-2
Mon-Mon
Rapaport Jewelry Sale

New York & Las Vegas

View Details.

June
1
Sun

Rapaport Breakfast & Conference at JCK Vegas

Mandalay Bay Resort

8 a.m. to 10 a.m. | South Seas Ballroom
Breakfast and Martin Rapaports State of the Diamond Industry presentation.

10:30 a.m. to 12:30 p.m. | Banyan Ballroom
Rapaport Certification Conference with RapNet insights into grading reports.

2 p.m to 4:30 p.m. | Banyan Ballroom
Rapaport Fair Trade Conference

Register; or email conference@diamonds.net or call 1.702.893.9400. These events are free but seating is limited.
June
2-11
Mon-Wed
Rapaport Single Stone Auction

New York & Israel

www.rapaportauctions.com

QUOTE OF THE WEEK
The CanadaMark program provides assurance that a diamond was mined in Canada and in a responsible manner. It represents the company’s commitment to category marketing of Canadian diamonds. Through this program, the company aims to highlight the long-term environmental stewardship and social responsibility of the Canadian diamond mining industry, which ultimately will help achieve the highest prices for the company’s diamond production.

Robert Gannicott | Dominion Diamond

Careers@Rapaport 	  

The Rapaport Group is growing rapidly. If you wish to work with the best and brightest, join us. We have great opportunities for trading managers, gemologists, sales assistants and entry-level positions for our offices in New York, Antwerp and Mumbai. View jobs now.

INDUSTRY 	  

Mokaila and Shah to Address Rapaport Event

The honorable Onkokame Kitso Mokaila, Botswanas Minister of Minerals, Energy and Water Resources, will address the international jewelry trade at the annual Rapaport Breakfast at JCK Vegas on Sunday, June 1, from 8 a.m. to 10 a.m. in the South Seas Ballroom, Mandalay Bay Hotel. The minister will provide a brief presentation outlining Botswana’s strategic role and aspirations for the diamond and jewelry industry.

In addition, a brief presentation will also be made by Vipul Shah, the chairman of India’s Gem and Jewellery Export Promotion Council.

Martin Rapaport’s annual “State of the Diamond Industry” address at the breakfast will highlight “The Last 18 Inches,” emphasizing the vital role played by retail jewelers who sell diamonds across their 18-inch showcase to their customers. His talk will include a strategic analysis of the challenges and opportunities confronting jewelers who face a rapidly changing consumer demographic. He will also address what must be done to maintain the “diamond dream” that is fundamental to diamond demand.

RBI Relaxes Gold Import Rules

The Reserve Bank of India (RBI) will allow star trading houses (STH) and premier trading houses (PTH) to import gold under the 20:80 scheme. The decision follows recent presentations made by jewelers, bullion dealers, authorized dealer banks and trade bodies in an effort to ease restrictions on gold imports. RBI initially implemented the 20:80 scheme to help combat the countrys current account deficit (CAD) and banned nominated banks and agencies, premier or star trading houses from importing gold for use in the domestic market in June 2013.

The RBI will also permit banks to provide gold metal loans (GML) to domestic jewelry manufacturers out of the eligible domestic import quota of 80% to the extent of GML outstanding on their books as of March 31, 2013. This means that no credit sale of gold in any form will be allowed for domestic use, except for GML.

Gold Jewelry Demand -18%

Global demand for gold jewelry fell 18% year on year to $23.73 billion in the first quarter that ended on March 31, according to the World Gold Council (WGC). The decrease was price related as gold demand for jewelry by volume actually rose 3% to 570.7 tonnes, representing the strongest start to the year for jewelry since the first quarter of 2005.

WGC noted a 10% increase in demand for gold jewelry from China, which became the largest market for gold in 2013. The average weighted price of gold for the period fell 21% year on year to $1,293.10 per ounce. Overall, gold demand, including supplies for jewelry, technology, investment and from central banks, fell 21% to $44.67 billion, while by volume, demand held steady at 1,074 tonnes. Demand for gold jewelry in India dropped 9% by weight to 145.6 tonnes, mainly as a result of ongoing import restrictions coupled with further import obstacles as a result of the countrys government elections. By value, Indias demand fell by 28% to $6.053 billion.

RETAIL & WHOLESALE 	  

Tiffanys Profit Pops

Tiffany & Co. reported that sales increased 13% year on year to $1.012 billion for the first quarter that ended on April 30. The retailers cost of sales rose 7.7% to $422.6 million and profit jumped 50.2% to $125.6 million or 97 cents per share. One year ago, Tiffany & Co. recorded a pre-tax expense of $9 million for staff and occupancy reductions, which impacted profit. Gross margin rose to 58.2% compared with 56.2% in the first quarter of 2013. The increase reflected favorable product costs and price increases across all product categories and regions, according to the company.

Comparable-store sales in the retailers first quarter improved 9% worldwide and by region, same-store sales rose 7% in the Americas, 8% for Asia-Pacific, 21% in Japan and 4% in Europe. The value of inventory increased 6% to $2.42 billion, short-term borrowing rose 11% to $241 million, while long-term debt was reduced by 0.8% to $750.8 million.

Signets Profit Improves

Signet Jewelers reported that revenue rose 6.3% year on year to $1.06 billion in the first quarter that ended on May 3. Comparable-store sales improved 3.3%, while ecommerce sales surged 24.4% to $38.7 million. Cost of sales increased 6.2% to $648.9 million, while profit improved by 5.2% to $96.6 million or $1.20 per diluted share. Gross margin as a percentage of sales was slightly higher at 38.6% compared with 38.5% one year ago. The value of Signets inventory increased 6.9 percent year on year to $1.52 billion.

By region, Signets U.S. division sales rose 5.4 percent to $903.5 million and same-store sales increased 3.2%. The retailer observed stronger consumer demand for fashion diamonds, bridal brands and watches. In the U.K., revenue improved 3.2% in local currency, which at $151.7 million, translated into a 12.4% improvement. Same-store sales rose 4.1% and sales increases were driven primarily by fashion jewelry, bridal brands and fashion watches.

In other news, Signet closed an offering of $400 million senior unsecured notes, due 2024 by Signet U.K. Finance PLC, bearing an annual interest rate of 4.7% and matures on June 15, 2024. Signet intends to use the net proceeds to pay a portion of the consideration for its proposed acquisition of Zale. J.P. Morgan Securities LLC, Fifth Third Securities Inc. and PNC Capital Markets LLC acted as joint book-running managers for the offering.

Zales Profit Rises

Zale Corporation reported that its revenue slipped 2.6% year on year to $431 million for the third quarter that ended on April 30. Nonetheless, Zale narrowed its cost of sales 9.5% to $189.8 million, resulting in improved gross margin of 56% compared with 52.6% one year earlier. Profit surged 74.6% to $8.8 million. Comparable-store sales rose 0.6%. Inventory levels rose 2% to $845.4 million and long term debt fell 2.7% to $454 million.

Movados Profit Declines

Movado Group reported that revenue increased 10% year on year to $120.9 million in the first quarter that ended on April 30, led by sales growth in the groups licensed brand category. Cost of sales rose 10% to $55.7 million, so gross margin as a percentage of sales slipped to 53.9% compared with 54.5% one year ago. Movados profit dropped 9% to $7.4 million. Sales were driven by licensed brands, as well as from the companys retail outlet stores, across all geographies.

Jewelers Sued for Patent Infringement

Tiffany & Co., Zale Corporation and 160 other major retailers in the U.S. were sued for patent infringement as plaintiff eDekka LLC claimed that each defendant derived substantial revenue from their online "shopping cart" function. The complaint centers on United States Patent No. 6,266,674, the "674 Patent," which was filed in March 1992 and reissued on July 24, 2001.

The patent, titled "Random Access Information Retrieval Utilizing User-Defined Labels" covers a method and apparatus for storing information, wherein a user inputs and defines the data structure. However, nowhere in the patent description does it specify website function or a shopping cart, signaling a classic hallmark from "patent troll" litigation, which the National Retail Federation (NRF) claims costs the average retailer an 18 month court battle and roughly $2 million to adjudicate.

The NRF said that patent trolls cost the U.S. economy $30 billion a year, which is why the organization expressed deep concern when the U.S. Senate Judiciary Committee shelved its patent reform bill on May 21.

David French, the senior vice president of the NRF, said, “Trolls’ claims not only affect ecommerce applications and the everyday use of technology, but also the storefront operations of traditional brick-and-mortar retailers. Withdrawing the patent reform bill is a victory for patent trolls. Small business owners, retailers, grocers, banks, coffee shops and restaurants need patent relief now, and without Senate action the problem will only grow worse."

Aaron Group Acquires Armadani

The Aaron Group acquired the assets of Armadani Inc. for an undisclosed sum. Armadani is a designing and manufacturing brand for custom jewelry, specializing in bridal designs and proprietary color fashion jewelry. In a joint statement, Kevin Brosh and Art Jacoby, of Armadani, confirmed that by joining the Aaron Group the brand can leverage sourcing and manufacturing strengths, while utilizing the Aaron Groups existing capital base and infrastructure to enhance the business. Brosh and Jacoby will continue in their leadership roles and join the Aaron Groups executive team.

Dominion Revamps CanadaMark

Dominion Diamond Corporation revitalized its CanadaMark™ diamond hallmark program, which tracks each stage of the diamonds journey. Through an independently audited process, the CanadaMark diamond hallmark provides assurance that a polished diamond originated in Canada, was cut from rough that was responsibly mined in the Northwest Territories, and is natural and untreated. Dominion created an action plan that it believes will significantly raise the CanadaMark profile and increase marketing activity to the diamond trade over the next two years with the aim of establishing the brand as a premier diamond hallmark.

Each CanadaMark diamond is laser-inscribed with the CanadaMark logo, a unique serial number and is accompanied by a CanadaMark diamond certificate card. The unique serial number can be verified on the CanadaMark website. An electronic business-to-business trading platform is also under construction to provide a way for diamond jewelry wholesalers and retailers to source CanadaMark polished diamonds.

A. Jaffe and Don Basch Receive Trademarks

The U.S. Patent & Trademark Office (USPTO) issued the trademark "The Opulent Diamond" to A. Jaffe Inc. of New York on May 13 with the registration number 4530637. A. Jaffe filed for the trademark on February 7, 2013. "The Opulent Diamond" refers to diamond jewelry and it was first used in commerce in February 2014.

The USPTO reissued the trademark "Don Basch Jewelers" to Don Basch Jewelers Inc. of Ohio on May 13 with the registration number 4527946. Don Basch Jewelers also received approval for the trademark "Gabes Designs" with the registration number 4527933. "Gabes Designs" refers to jewelry and it was first used in commerce in November 2013.

GENERAL 	  

Killion Joins Libbeys Board 

Theo Killion, the CEO of Zale Corporation, was elected to the board of directors at Libbey Inc., a manufacturer of glass tableware that recorded almost $819 million in sales in 2013. Libbeys board numbers nine members, eight of whom are independent directors. The company is based in Toledo, Ohio. Killion joined Zale in January 2008 and he also serves on the board of Express Inc.

DBC Elects Board

The Diamond Bourse of Canada (DBC) reelected David Gavin as president and elected officers to the board of directors on May 8 for a new two-year term. Allen Shechtman was reelected as vice president and Jeffrey Brenner was reelected as secretary. Others elected to the board of directors included Greg Jacobson, Samuel Chmielash and Sampat Poddar and past president Bhushan Vora. Gavin has served on the DBC board since its inception in 2009. He later assumed the office of treasurer and served until his appointment to president in 2012 and subsequent reelection this

MINING 	  

Dominions Rough Sales Near $176M

Dominion Diamond Corporation achieved a total of $175.5 million from the sale of 841,000 carats from its Ekati and Diavik diamond mines, during the first quarter that ended on April 30. The company sold 259,000 carats from its Ekati mine for $92.8 million and 582,000 carats from the Diavik mine for a total of $82.7 million. Additionally, the company sold 100,000 carats, which were not included in total Ekati sales for the period, from the Misery south and southwest kimberlite pipes for $6.9 million or an average $75 per carat .

Lucara Recovers Several Large Stones 

Lucara Diamond Corporation has recovered 13 diamonds since April 1 that were larger than 100 carats, while two even exceeded 200 carats in size. Eight rough diamonds were classified as gem-quality, with the largest at 259 carats, two at 153 carats and one at 133 carats. Since the beginning of the second quarter, Lucaras Karowe diamond mine in Botswana has produced 239 diamonds larger than 10.80 carats, including 27 diamonds within the 50-carat and 100-carat range. The company is planning to host an exceptional stone tender on July 18, with client viewing being scheduled both in Antwerp and in Gaborone.

STATS 	  

Belgium

Apr. $Mil. %Chng. YTD $Mil. %Chng.
Polished exports $1,028 -11% $4,949 10%
Polished imports $1,224 21% $4,878 15%
Net exports ($195) $71 -72%

Rough imports $1,328 -7% $5,378 10%
Rough exports $1,490 -3% $5,527 9%
Net imports ($162) ($149)

Net diamond account ($33) $220 -53%

Hong Kong

1Q $Mil. %Chng.
Polished imports $4,928 10%
Polished exports $3,511 19%
Net imports $1,416 -7%

Rough imports $534 15%
Rough exports $550 -21%
Net imports ($16)

Net diamond account $1,400 -16%

ECONWATCH 	  

Diamond Industry Stock Report

The big story of the week was how much shares gained for several Indian firms, led by Gitanjali (+58%). U.S. and European shares were mainly higher, Nordstrom and Tiffany & Co. both up 10%, Damiani up 8%. Losers outnumbered gainers for mining shares, with Rockwell (+12%) and Gem Diamond (-5%) defining the spread. View the extended stock report.
May 22 May 15 Chng.
$1 = Euro 0.730 0.729 0.001
$1 = Rupee 58.39 59.43 -1.0
$1 = Israel Shekel 3.48 3.46 0.02
$1 = Rand 10.33 10.41 -0.08
$1 = Canadian Dollar 1.09 1.09 0.00

Precious Metals
Gold $1,294.90 $1,296.40 -$1.50
Platinum $1,486.00 $1,462.00 $24.00

Stock Indexes Chng.
BSE 24,374.40 23,905.60 468.80 2.0%
Dow Jones 16,543.08 16,446.81 96.27 0.6%
FTSE 6,820.56 6,840.89 -20.33 -0.3%
Hang Seng 22,953.75 22,730.86 222.89 1.0%
S&P 500 1,892.49 1,870.85 21.64 1.2%
Yahoo! Jewelry 1,116.48 1,076.44 40.04 3.7%