Rapaport Weekly Market Comment
Jul 26, 2018
Summer lull continues, with some improvement as US dealers return from vacation. Prices slightly softer due to seasonal slowdown. Suppliers optimistic for 2H amid US and China jewelry growth, despite trade tensions. US jewelers improving efficiency with customization and omni-channel as 477 retailers closed in 1H vs. 445 last year. Indian cutters cautious due to weak rupee and tighter credit, as banks cut lending -10% since alleged $2B Nirav Modi fraud. De Beers 1H revenue +2% to $3.2B, underlying earnings -41% to $202M, rough prices +1.6%. Alrosa 1H production -17% to 15.9M cts. LVMH 1H jewelry and watch sales +8% to $2.3B. Federal Trade Commission classifies lab-grown as a diamond.
Fancies: Far East demand improving as Chinese consumers seek Pears and Princesses at better prices. US and European demand mixed, with curves better than squares. Ovals hot, followed by Emeralds, Pears and Cushions. Marquises and Princesses weak. Oversizes selling well. Steady demand for fine-quality 6 to 10 ct. Ovals, Pears and Emeralds, with prices firming for 3 to 5 ct. due to shortages. US supporting market for commercial-quality, medium-priced fancies under 1 ct. Off-make, poorly cut fancies illiquid and hard to sell, even at very deep discounts.
United States: Buyers slowly returning from vacation. Steady demand for 1.50 to 2.50 ct., G-J, VS-SI, RapSpec A3+ goods. Cushions improving. Dealers preparing for New York Antique show. Retail sentiment positive, despite trade-war fears.
Belgium: Dealers preparing for vacation, with bourses set to close for three weeks (July 30 to August 20). Suppliers holding firm on prices, expecting stronger orders after August break. Steady demand and shortages for 3 ct., D-F, IF collections goods. 0.30 to 0.40 ct. selling well in Europe. Rough trading stable during sight week.
Israel: Activityslowing ahead of bourse summer vacation (August 5 to 17). Good demand for 3X, no-fluorescence diamonds. Steady US demand for 1 ct., G-J, SIs. High-end fancy colors doing well, commercial-quality yellows stable. Melee market quiet.
India: Fewer foreign buyers in Mumbai during summer period. Trade cautious amid tight liquidity and diminishing credit. Domestic demand weak due to higher rupee diamond prices after currency depreciation. Steady demand for 1 ct., G-J, SI-I2, RapSpec A3+ diamonds. High rough prices squeezing manufacturing profits, with factories operating below full capacity.
Hong Kong: Quiet market expected until September show amid summer slowdown. Chinese tourists cautious due to yuan depreciation. US tariffs on Chinese goods threatening consumer outlook. Dossiers selling better than 1 ct.+ goods. Steady demand for 0.30 to 0.40 ct., G-J, VS-SI. Weaker demand for 1.50 to 2 ct. goods. Jewelers see strong 2Q.
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
RAPAPORT TRADE ALERT - July 27, 2018
New US Federal Trade Commission Guidelines Still Require Full Disclosure for Synthetic Diamonds
The United States Federal Trade Commission (FTC) has issued new Guides for the Jewelry Industry. While these guidelines create confusion by expanding the definition of the word ‘diamond’ to include synthetic diamonds they continue to restrict the use of the word “diamond’ to natural diamonds unless the word is immediately preceded by a word or phrase that clearly discloses the product is not a mined diamond.
All synthetic diamonds and colored stones must be clearly disclosed. The word diamond cannot be used for synthetic diamonds without words immediately preceding indicating it is not a natural diamond. The word diamond alone without a qualifier can only be used for natural diamonds.
Please note that the following selections from the new FTC guides apply to diamonds.
§ 23.25 (a) “It is unfair or deceptive to use the unqualified words ‘‘ruby,’’ ‘‘sapphire,’’ ‘‘emerald,’’ ‘‘topaz,’’ or the name of any other precious or semi-precious stone to describe any product that is not in fact a mined stone of the type described.”
(b) It is unfair or deceptive to use the word ‘‘ruby,’’ ‘‘sapphire,’’ ‘‘emerald,’’ ‘‘topaz,’’ or the name of any other precious or semi-precious stone, or the word ‘‘stone,’’ ‘‘birthstone,’’ “gem,” ‘‘gemstone,’’ or similar term to describe a laboratory-grown, laboratory created, [manufacturer name]-created, synthetic, imitation, or simulated stone, unless such word or name is immediately preceded with equal conspicuousness by the word ‘‘laboratory-grown,’’ ‘‘laboratory-created,’’ ‘‘[manufacturer name]-created,’’ or some other word or phrase of like meaning, or by the word ‘‘imitation’’ or ‘‘simulated,” so as to disclose clearly the nature of the product and the fact it is not a mined gemstone.
§ 23.27 “Misuse of the words ‘‘real,’’ ‘‘genuine,’’ ‘‘natural,” ‘‘precious,’’ etc. It is unfair or deceptive to use the word ‘‘real,’’ ‘‘genuine,’’ ‘‘natural,’’ ‘‘precious,’’ ‘‘semi-precious,’’ or similar terms to describe any industry product that is manufactured or produced artificially.”
The Rapaport Group believes that the current FTC guidelines should be modified. They have created confusion and misunderstanding as they redefine the word “diamond” to include synthetic, man-made, non-natural, artificial, imitation diamonds that have “essentially the same optical, physical, and chemical properties as mined diamonds.” The FTC guides ignore natural as a definition of diamond, focusing on physical properties instead of scarcity and value differentiation which are key factors in product definition and vital for consumer protection.
We will be communicating a series of questions and requests for modifications to the Guides in the future. The full text of the new FTC Guides with the FTC Statement of Basis and Purpose is available here: http://bit.ly/2JZNiw1
The FTC may also be contacted directly: Reeneh L. Kim, Attorney +1-202—326-2727, Division of Enforcement, Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Ave. NW, Washingto
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Aj bez pokynov z US FTC všetci vieme, že ak má kameň rovnaké fyzikálne a chemické vlastnosti ako diamant, tak je to diamant. A to či bol vykopaný v "oficiálnej" bani alebo privezený z planéty Melmak je nepodstatné. Veľmi sa mi páči táto hra na diamantovejší diamant. Teda pokiaľ má ten správny (náš) certifikát s hologramom.
Až veľmi mi to pripomína hru na najreplikovatejšiu repliku, ktorú v súčasnosti hrá Mincovňa Kremnica s pár priekupníkmi. Replika má väčšiu cenu než originál mince, ale len so zalaminovaným certifikátom pravosti repliky.😃
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