Rapaport Diamond Industry Stock Tracker
Retail & Mining Shares
Apr 1, 2021 8:59 AM By Rapaport News
Global stocks strengthened amid optimism for an economic recovery. Signet (+10%) and Macy’s (+6%) led US retail equities, while Chow Tai Fook (+15%) headed the gains in Hong Kong. European shares also rode the wave, with Kering (+6%) the best performer in the luxury space. However, most miners had a negative week, with Mountain Province (-5%) losing ground after reporting heavy losses.

April 1, 2021 (7:19 a.m. EST) March 25, 2021 (7:46 a.m. EST) Chng. Chng.
Stock Indexes
BSE 50,029.83 48,440.12 1,589.71 3.3%
Dow Jones 32,981.55 32,420.06 561.49 1.7%
FTSE 6,747.91 6,663.75 84.16 1.3%
Hang Seng 28,938.74 27,899.61 1,039.13 3.7%
S&P 500 3,972.89 3,889.14 83.75 2.2%

USA
Birks Group $3.34 $3.59 -$0.25 -7.0%
Macys $16.19 $15.26 $0.93 6.1%
Signet $57.98 $52.52 $5.46 10.4%
Walmart $135.83 $133.11 $2.72 2.0%

Far East
Chow Sang Sang (HKD) 12.30 11.20 1.10 9.8%
Chow Tai Fook (HKD) 12.40 10.80 1.60 14.8%
Luk Fook (HKD) 20.85 19.44 1.41 7.3%
Sarine (SGD) 0.62 0.61 0.02 2.5%

Europe
LVMH €567.50 €549.70 €17.80 3.2%
Kering €595.40 €562.70 €32.70 5.8%
Richemont €91.28 €88.62 CHF 2.66 3.0%
Swatch Group €275.20 €266.50 CHF 8.70 3.3%
Pandora DKK 679.60 DKK 647.80 CHF 31.80 4.9%

INDIA (rupee)
PC Jeweller 27.65 26.70 0.95 3.6%
Titan 1,558.50 1,450.55 107.95 7.4%

AUSTRALIA
Michael Hill AUD 0.64 AUD 0.65 -AUD 0.02 -2.3%

MINING STOCKS
ALROSA RUB 104.74 RUB 106.00 -RUB 1.26 -1.2%
Lucapa Diamond AUD 0.06 AUD 0.07 AUD 0.00 -3.1%
Lucara Diamond CAD 0.72 CAD 0.74 -CAD 0.02 -2.7%
Mountain Province CAD 0.56 CAD 0.59 -CAD 0.03 -5.1%
UK (pence)
Anglo American 2,868.50 2,725.50 143.0 5.2%
Gem Diamonds 64.40 66.02 -1.6 -2.5%
Petra Diamonds 1.46 1.41 0.1 3.5%
Rio Tinto plc 5,519.20 5,352.00 167.2 3.1%

Financial Data
Metals
Gold $1,730.08 +0.09%

Silver $24.91 +0.09%

Platinum $1,206.22 -0.54%

Palladium $2,676.25 +0.50%

Currencies
Euro $1.18 -0.08%

Pound $1.38 -0.41%

Yuan($) 6.55 -0.26%

Rupee($) 73.37 +0.20%

Stocks
Signet Jewelers $57.32 -1.14%

Chow Tai Fook HKD 12.40 +4.38%

Chow Sang Sang HKD 12.30 +2.33%

Titan INR 1,559.35 +0.08%

Richemont CHF 92.10 +1.50%

LVMH €571.70 +0.63%

Swatch Group CHF 276.90 +1.84%

Anglo American GBX 2,898.50 +1.97%

Petra Diamonds GBX 1.48 +1.37%

Lucara Diamond CAD 0.73 +1.39%

Gem Diamonds GBX 64.80 -2.99%

Rapaport Weekly Market Comment
Apr 8, 2021 11:30 AM By Rapaport News
Polished trading slower after robust 1Q. Concerns about high Covid-19 infections in Europe and India. Bharat Diamond Bourse sharply restricts activity. Surat manufacturing and exports continue. US jewelers optimistic as consumer confidence grows in March. Vaccine rollout and $1,400 stimulus checks fueling retail spending. Rough market cooling. Cutters anticipate rise in polished inventory as GIA releases backlog. De Beers sells $440M of rough in Mar./Apr. vs. zero last year. Lucara extends exclusive large-stone rough supply deal with HB Antwerp for two years. Signet acquires jewelry rental company Rocksbox. Israel 1Q polished exports +12% to $828M.

Fancies: Market for fancies seeing upturn. Some higher prices as consumers seek alternative shapes at more affordable prices than rounds. Dealers witnessing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds and Radiants above 2 ct. Cushion, Princess and Marquise improving. Buyers showing preference for elongated shapes with the right proportions. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Demand for loose diamonds slowed in recent weeks. Market choppy; dealers filling orders for specific items. Seasonal slowdown expected during second quarter amid May 17 tax-return deadline. Retail jewelers optimistic with good bridal sales ahead of summer wedding months. Conference Board’s Consumer Confidence Index jumps to 109.7 in March from February’s 90.4 reading.

Belgium: Sentiment slightly weaker than in previous months. Steady demand for 0.30 to 0.50 ct. SIs. Increasing inventory of 0.30 to 0.50 ct., D-H, IF-VS goods among local suppliers. 1 ct., H-J, IF-VVS selling well. Dealers hoping US and Chinese buyers will turn to Antwerp instead of India during Mumbai lockdown. Rough trading relatively quiet after smaller De Beers and Alrosa sales.

Israel: Businesses return after Passover holiday as country lifts most commerce-related Covid-19 restrictions. Dealers optimistic despite seasonal slowdown. Steady demand for 1 to 2 ct., G-H, VVS-VS goods. Emerald-cut, 1.50 to 3.99 ct. diamonds popular even as prices firm. Suppliers starting to travel again to reconnect in person with buyers after successful vaccination drive.

India: Mumbai lockdown and severe bourse restrictions creating concerns as Covid-19 cases rise. Government limiting staff numbers in offices but allowing polishing factories to operate. China and Hong Kong demand still strong; Europe weaker. Some movement in local retail market. Buyers showing appetite for round, 0.30 to 0.40 ct., J-K, SI goods. Manufacturers refocusing on natural diamonds after drop in lab-grown prices.

Hong Kong: Market quiet due to Easter break and slow season. Engagement ring demand supporting the sector; steady movement in 0.80 to 1 ct., D-G, VS-SI, 3X categories. Chinese jewelry factories restocking amid low inventories. Some confidence that border with mainland will reopen, lifting major barrier to trade. Drop in local coronavirus cases driving optimism. Hong Kong sales of jewelry and other valuable items more than doubled in February after heavy slump a year earlier.

Rapaport Weekly Market Comment
Apr 15, 2021 11:30 AM By Rapaport News
Polished market seasonally slow. Uncertainty over impact of Mumbai lockdown as Maharashtra state tightens restrictions. GIA backlog expected to grow as Surat continues to produce diamonds. Concerns in colored-diamond market as GIA detects treatment in green stones. US retail upbeat as Mar. jewelry sales +106%, reports Mastercard. Signet 1Q forecast for revenue +88% to $1.6B. LVMH 1Q jewelry and watch sales +138% to $2.3B. Christie’s NY garners $35M (94% by lot), with 2.17 ct., fancy vivid purplish-pink diamond sold for $3.5M ($1.6M/ct.). Rapaport Research Report highlights improved trade liquidity and diamond financing.

Fancies: Market for fancies seeing upturn. Some higher prices as consumers seek alternative shapes at more affordable prices than rounds. Dealers witnessing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds and Radiants above 2 ct. Cushion, Princess and Marquise improving. Buyers showing preference for elongated shapes with the right proportions. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Retail sentiment positive. Consumer spending getting boost from stimulus checks, tax refunds, and return to stores after vaccine rollout. Signet planning marketing drive to counter expected revival of travel sector and to compete with jewelers offering discounts. Dealer trading slower than 1Q. US February polished imports fell 7% to $1.4 billion while exports dropped 27% to $1 billion. Ovals and emeralds continue to improve.

Belgium: Outlook remains mixed. Suppliers to US and China optimistic, but Europe weak as lockdowns keep many jewelers closed. Steady demand for 0.30 to 0.50 ct. SIs. Some shortages of 1 to 2 ct. diamonds as GIA backlog and India restrictions cause delays in new manufactured goods. Rough market quiet ahead of next week’s Alrosa sale.

Israel: Polished trading slow. Shorter week due to Memorial Day and Independence Day holidays. Some dealers limiting purchases from India due to Mumbai lockdown concerns. Focus on filling positive US and Chinese demand. Solid interest in 1 to 2 ct. diamonds. Continued uptrend in lower colors for smaller dossier goods.

India: Dealers cautious as Mumbai goes into tighter lockdown until May 1. Surat manufacturing still going despite rise in Covid-19 cases. Jewelry sector subdued and focused on enhancing e-commerce channels. Rupee depreciation to nine-month low of INR 75.4/$1 may ease pressure on large exporters but could increase expenses for local suppliers. Stable orders for round, 0.30 to 0.40 ct., J-K, SI goods.

Hong Kong: Wholesale market relatively quiet. Sentiment improving amid city’s plans to relax travel restrictions and potentially reopen China border crossing. Some jewelers rolling out new collections for Mother’s Day. China retail robust. Chow Tai Fook’s FY4Q (January to March) sales for mainland rose 174%; Hong Kong and Macau up 47%.

Hmmm, India to má vážne zlé...🙄

Rapaport Weekly Market Comment
Apr 22, 2021 12:00 PM By Rapaport News

TRADE ALERT: India is undergoing a severe Covid-19 crisis that will impact the global diamond trade. India manufactures about 92% of the world’s diamonds. While the Indian government is doing everything possible to support continued diamond manufacturing and exports, shortages and price volatility are expected to intensify over the next few months. This is a good time to support Indian suppliers. The disruption to the supply chain will be significant once current goods being processed by the GIA are put on the market. We anticipate a 30% to 40% reduction in Indian production during the months prior to the holiday season. Our hearts and prayers go out to the Indian diamond community. May they stay safe and recover swiftly.

Market uncertain due to rise in India Covid-19 cases. US and China jewelry sales up, with optimism for Mother’s Day. Supply concerns as GIA India reports backlog of over a month. Polished prices firm. Dealers with strong online channels and good reputations getting better prices. Rough market expected to cool; major miners likely to keep supply low and prices stable. De Beers 1Q sales volume +52% to 13.5M cts., production -7% to 7.2M cts. Alrosa 1Q sales +28% to $1.2B, prices +7%. Sotheby’s NY totals $21M (93% by lot), with 41.50 ct., D, FL diamond ring selling for $4.9M ($117,108/ct.).

Fancies: Market for fancies seeing upturn. Some higher prices as consumers seek alternative shapes at more affordable prices than rounds. Dealers witnessing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds and Radiants above 2 ct. Cushion, Princess and Marquise improving. Buyers showing preference for elongated shapes with the right proportions. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: New York market stronger than other global centers. Dealers doing well, with steady stream of memo calls. Sold items difficult to replace amid supply shortages due to GIA backlog in India. Stable demand for 1 ct., G-J, VS-I1 diamonds. Jewelers optimistic for Mother’s Day sales as retail opens up after vaccination drive.

Belgium: Dealer trading quiet. Focus on exports to the US. Good demand for 1 ct., E-G, SI goods. Europe remains slow due to pandemic. Buyers cautious about sourcing from India as tightening of Mumbai’s Covid-19 restrictions sparks payment concerns. Rough market subdued during this week’s Alrosa sale.

Israel: Bourse back to full activity. Trading limited due to lower availability from India. Dealers looking for goods and relying on online platforms for sourcing needs even as travel resumes. Suppliers making trips to renew personal contact with US clients after year of web-based consultations. Steady orders for 1 to 1.50 ct., D-J, VS-SI diamonds.

India: Concerns increasing as Covid-19 cases escalate. Mumbai enters stricter lockdown. Diamond and jewelry industry allowed to operate. Polished production continues at lower levels since Surat remains open. Solid US and Far East demand for certified goods. Local retail market likely to weaken as stores close in major cities.

Hong Kong: Wholesale trade stable amid expectations of Indian production shortages. Local inventories low. Good orders for 0.30 to 1 ct., D-G, VS-SI, 3X diamonds. Retail sentiment improving as drop in coronavirus cases raises hopes of China border reopening. Mainland jewelry manufacturers increasing operations, with emphasis on colored gemstones.

Rapaport Weekly Market Comment
Apr 29, 2021 12:00 PM By Rapaport News
Diamond markets mixed. US and China recovery fueling optimism, but uncertainty remains due to worrying coronavirus situation in India. Europe relatively weak. Supply volatility expected in short term. Polished inventory levels declining as manufacturers reduce capacity and GIA backlog rises. Cutters focused on 1 ct. polished and larger. Small De Beers sight projected for next week. US consumer confidence +12% to pre-pandemic levels in April, reports Conference Board. National Retail Federation predicts record Mother’s Day jewelry sales. China 1Q polished imports +393% to $722M. WFDB launches fundraising campaign to help India with Covid-19 battle: campaign.wfdb.com.

Fancies: Market robust. Upturn in prices for 0.30 to 0.99 ct. across various shapes. Shortages of 1.25 to 3.99 ct., F-J, VVS2-SI2 fancies. Retailers offering wider product ranges as consumers seek alternative shapes at more affordable prices than rounds. Dealers witnessing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princess, long Radiants and Marquise. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Dealers positive amid stable trading. Melee strengthening in G-I, VS-SI ranges that are popular in wedding bands and fashion-jewelry pavé settings. 1 to 2 ct., G-I, VS-SI diamonds for engagement rings performing nicely. Fancy shapes improving as shoppers seek distinctive looks in post-pandemic period. Rising expectations for Mother’s Day (May 9) amid April jump in consumer confidence.

Belgium: Sentiment upbeat. Suppliers to US and China doing well. European market still cautious due to Covid-19. Pandemic also affecting supply from India. Good demand for 1 ct., E-G, VVS-SI1 stones. Rough trading subdued ahead of De Beers sight.

Israel: Steady activity in the bourse. Dealers looking for goods locally as sourcing from India becomes difficult. Focus on US; more dealers traveling to meet customers. Solid orders for 1 to 1.50 ct., G-J, VS-SI diamonds for engagement rings. Fancy shapes robust.

India: Lockdowns in Mumbai and Surat restricting diamond trading and manufacturing. Diamond and jewelry markets allowed to operate but working at reduced capacity due to spike in Covid-19 infections. Stable demand from US and China. Supply shortages emerging, especially in -2 small goods. Fancy shapes moving well. Concerns growing about longer billing cycles during virus outbreak.

Hong Kong: Retail sales improving as Covid-19 cases fall and employment levels rise. Pandemic regulations starting to ease. Government green-lights travel bubble with Singapore beginning May 26. Mainland China stores seasonally quiet after strong start to year. Steady demand for 1 ct., D-H, VS2-SI2, 3X diamonds. 2 ct. and larger slower.

Financial Data
Metals
Gold $1,776.15 +0.22%

Silver $26.11 +0.03%

Platinum $1,201.40 -0.15%

Palladium $2,959.16 +0.03%

Currencies
Euro $1.20 -0.67%

Pound $1.39 -0.65%

Yuan($) 6.47 +0.03%

Rupee($) 73.99 -0.15%

Stocks
Signet Jewelers $59.75 -1.52%

Chow Tai Fook HKD 12.54 -0.32%

Chow Sang Sang HKD 13.24 +0.15%

Titan INR 1,491.65 -1.01%

Richemont CHF 93.64 -0.43%

LVMH €626.20 -1.49%

Swatch Group CHF 279.60 -0.82%

Anglo American GBX 3,070.00 -2.28%

Petra Diamonds GBX 1.59 -2.33%

Lucara Diamond CAD 0.79 +6.76%

Gem Diamonds GBX 66.00 -1.79%

Rapaport Weekly Market Comment
May 6, 2021 12:00 PM By Rapaport News
Diamond market activity slower due to spike in Covid-19 cases in India. Many small-scale Surat factories shut because of health concerns and lack of workers. Drop in polished production supporting prices. 1 ct. RAPI +2.5% in April. Cutters focused on larger, better-quality goods. Dealers struggling to replace inventory. Solid rough buying at De Beers sight as sightholders expect shortages; fewer goods on offer due to mining issues. US and China driving demand. Jewelers optimistic for Mother’s Day (May 9). Tiffany & Co. launches engagement rings for men. Pandora swaps natural for lab-grown diamonds, claiming move aligns with sustainability goals.

Fancies: Market robust. Upturn in prices for 0.30 to 0.99 ct. goods of various shapes. Oversizes trading at higher prices than usual. Shortages of 1.25 to 3.99 ct., F-J, VVS2-SI2 fancies. Retailers offering wider product ranges as consumers seek alternative shapes at more affordable prices than rounds. Dealers witnessing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Sentiment mixed. Suppliers with large inventories doing well and filling orders. Smaller businesses seeing specific demand and struggling to find the right goods. Sold items proving difficult to replace. Strong engagement ring sales supporting market for 1 ct., D-K, VS-SI diamonds.

Belgium: Dealers optimistic and looking for goods to meet steady US demand. Europe slow as coronavirus cases remain relatively high. Solid interest in 1 to 2 ct., G-H, VS-SI diamonds. Emphasis on better qualities and larger sizes. Some supply concerns due to India restrictions and lower availability of De Beers rough.

Israel: Upbeat mood and good activity in the bourse. Dealers keen to buy and sell but limited by scarcities. Smaller operations under pressure as travel restrictions prevent them from sourcing in India. Larger companies with existing inventory are gaining market share. Stable demand for 1 to 1.49 ct., G-H, VS-SI items. Fancies below 1 ct. seeing uptrend.

India: Strong overseas orders supporting market during ongoing Covid-19 crisis. Local activity subdued. Liquidity concerns increasing. Larger manufacturers maintaining high polished production while smaller businesses continue to shut down. Shortages emerging in lower sizes. Melee moving better than stars. Traders expecting to cancel summer vacations to compensate for current slowdown.

Hong Kong: Trading stable during low season in mainland China. Solid demand for 1 ct., D-H, VS2-SI2, 3X diamonds in rounds and fancy shapes. Local retail improving as Covid-19 situation eases. Hong Kong-based sales of jewelry, watches, clocks and other valuable gifts up 81% year on year in March but still well below 2019’s numbers due to decline in tourism. Gold jewelry strong in Chinese stores following price drop.

Rapaport Weekly Market Comment
May 13, 2021 10:00 PM
Diamond market restrained due to supply bottleneck as Covid-19 spike in India curbs manufacturing. Trading shifting to Antwerp and other centers. Surat production focusing on larger goods as factories struggle with absenteeism and social distancing rules. Steady interest in 1 to 2 ct., D-J, VS-SI diamonds. Good US demand; April jewelry sales +255%, Mastercard reports. China seasonally quiet. Rough market firm amid polished shortages. Alrosa April sales $401M vs. $16M a year earlier. US 1Q polished imports +21% to $4.5B, exports -3% to $3.4B. Christie’s Geneva sells $63.5M (91% by lot), with rectangular step-cut, 100.94 ct., D, IF diamond going for $14.2M ($141,000/ct.).

Fancies: Market robust. Upturn in prices for 0.30 to 0.99 ct. goods of various shapes. Oversizes trading at higher prices than usual. Shortages of 1.25 to 3.99 ct., F-J, VVS2-SI2 fancies. Retailers offering wider product ranges as consumers seek alternative shapes at more affordable prices than rounds. Dealers seeing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Optimistic mood on 47th Street. Steady memo orders. Good demand for 1 to 3 ct., D-I, VS-SI ranges. Commercial-quality (G-H, SI) stars and melee also selling well. Shortage of well-cut diamonds. Consumer confidence up following rollout of vaccines and stimulus checks.

Belgium: Local dealers busy since India Covid-19 lockdown shifted some activity from Mumbai to Antwerp. Foreign buyers scarce due to Belgium’s quarantine requirements. Emphasis on online and remote selling. Solid demand for 1 to 3 ct., D-J, IF-SI diamonds. Rough market stable.

Israel: Fewer people in the bourse due to escalation of missile attacks on the country; trading floor closed Wednesday. US driving orders. Focus on 1 ct., G-J, VS-SI center stones for engagement rings. Sourcing goods difficult due to India Covid-19 spike and travel restrictions in Europe. Online platforms remain important outlet.

India: Manufacturing continuing despite partial restrictions in Surat. Trading limited during coronavirus wave, creating cash-flow problems. Steady demand and supply shortages supporting market. Strong polished sales to US and Far East, with 1 to 2 ct., D-J, VS-SI diamonds moving well. Lower clarities performing best.

Hong Kong: Trading slow during quiet season for Chinese retail. Local sentiment improving as infection rates drop and optimism for economy rises. Solid interest in 1 ct., H-J, VS-SI2 diamonds. Goods above 2 ct. moving sluggishly. Sellers maintaining prices amid low inventory levels.

Rapaport Weekly Market Comment
May 20, 2021 10:30 AM By Rapaport News
Diamond market seasonally slow. US and China retail recovery driving demand. Multi-channel offerings stimulating growth as consumers return to stores. Polished inventory declining due to India supply constraints. Shortages supporting prices. Rough market stable after smaller De Beers May sight valued at $380M. Alrosa 1Q revenue +44% to $1.2B, profit up nearly eightfold to $326M. Hong Kong 1Q polished imports +47% to $3.4B, polished exports +56% to $3.3B. GIA notes rise in lab-grown stones with counterfeit inscriptions passing as natural. Chow Tai Fook and Natural Diamond Council launch campaign to reach young Chinese consumers.

Fancies: Market robust. Upturn in prices for 0.30 to 0.99 ct. goods of various shapes. Oversizes trading at higher prices than usual. Shortages of 1.25 to 3.99 ct., F-J, VVS2-SI2 fancies. Retailers offering wider product ranges as consumers seek alternative shapes at more affordable prices than rounds. Dealers seeing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Upbeat sentiment amid steady dealer trading. Retail sales fueling positive mood; branded jewelry gaining market share after strong online showing during the pandemic. Steady memo orders, particularly for bridal collections. Good demand for 1 to 3 ct., D-I, VS-SI ranges.

Belgium: Optimistic outlook in Antwerp. Dealers filling US orders and focusing on commercial-quality 1 ct., D-J, VS-SI diamonds. Suppliers holding prices firm amid shortages. More US jewelers carrying lab-grown collections, frustrating suppliers of natural diamonds. Rough trading steady. Fewer goods available after smaller De Beers sight.

Israel: Shorter week due to Shavuot holiday. Bourse activity quiet as missile attacks on the country continue. Some shipments delayed as the violence forces Ben Gurion Airport to close. Suppliers looking to US market. Emphasis on online and remote selling. Dealers eyeing August Las Vegas shows to reconnect with clients.

India: Cautious mood as country deals with second wave of coronavirus infections. Mumbai Covid-19 situation improving. Reduced manufacturing impacted De Beers May rough sales. Cutters focusing on 1 ct. goods and larger. April polished exports hit $2.3 billion compared to $35 million a year earlier; rough imports at $1.7 billion versus $0.

Hong Kong: Dealers gaining confidence as local Covid-19 cases continue to decline. Foreign buyers still scarce due to travel restrictions. Growing demand for lower-color diamonds (H and below). Jewelry sales improving but still restrained by lack of Chinese luxury shoppers. China retail seasonally slow; April retail sales up 18% year on year but still short of expectations.