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Rapaport Weekly Market Comment

Author: unknown - Published 04-07-2019 22:14
Diamond market quiet as US dealers take vacation. America supporting the trade with steady retail sales and expected boost from Independence Day weekend. Midstream under pressure with tight liquidity, slow orders and excess inventory. Weak sentiment continues as polished prices soften. 1 ct. RAPI -1.4% in June. Manufacturers buying polished rather than rough, as they need to focus on profitability instead of turnover. Buyers taking advantage of suppliers’ need for cash and pushing for discounts. PwC predicts Hong Kong retail sales will slide 5% in 2019 as demonstrations, reduced tourist spending, and trade war affect business. Luk Fook FY revenue +9% to $2B, profit +10% to $193M.

Why the Market for Large Diamonds Is in Free Fall

Author: unknown - Published 02-07-2019 22:09
As the who’s who in the glitzy world of high-value diamond auctions gathered in Geneva in May, there was an understated tone to this year’s pilgrimage to the Swiss city. While Sotheby’s and Christie’s played up their offerings of magnificent jewels, which usually boost market sentiment with the records they set, dealers approached the sales with some trepidation. The big-stone market, they noted, has seen better days.

GIA to offer distance education at Shanghai Jiao Tong University

Author: unknown - Published 02-07-2019 22:02
The Gemological Institute of America (GIA) distance education programs, including student workrooms, will be available in China through a cooperative program at Shanghai Jiao Tong University (SJTU). GIA's Graduate Gemologist (GG), Jewelry Design, accelerated Graduate Diamonds and accelerated Graduate Colored Stones programs are already available on campus at SJTU. Prospective students will now also have access to GIA education programs on-campus and through distance education.

Gold prices jump after sharp two-day fall

Author: unknown - Published 28-06-2019 22:40
Gold prices in India recovered today after falling sharply over two days. On MCX, gold for delivery in August contracts rose 0.70% to ₹34,401, reversing a two-day fall. The October futures contracts also traded higher at ₹34,610. In global markets, gold prices also rebounded after dipping below $1,400 per ounce on Thursday. Spot gold traded at $1,420.35 per ounce, up 0.79%, buoyed by a weak dollar and uncertainty over global trade. Gold prices had hit a six-year high of $1,438 on Tuesday.

Rapaport Weekly Market Comment

Author: unknown - Published 27-06-2019 22:49
Sentiment weak amid ongoing liquidity concerns. Polished production reduced by estimated 30% in 2019 due to high inventory, sluggish demand and tight manufacturing profits. Recent rough-price cuts not enough to reboot the market. De Beers June sales slump 33% to $390M, 1H sales -18% to $2.4B. Quiet Hong Kong fair highlights show fatigue and cautious Far East demand as geopolitical tensions fuel economic uncertainty. Gold rallies +8% to $1,402 an ounce (June 1-27) as investors seek assets with store of value. Belgium May polished exports flat at $1.2B, rough imports -16% to $761M. India May polished exports -15% to $1.9B, rough imports -35% to $1B. Tara Jewels files bankruptcy.

Gemfields Exits Amethysts, Adds Gold

Author: unknown - Published 27-06-2019 22:45
Gemfields has sold its 50% stake in a Zambian amethyst mine to enable it to focus on its core assets, it said Wednesday.

Gems & jewellery sector seeks cut in gold import duty

Author: unknown - Published 27-06-2019 22:44
In a representation, the All India Gem and Jewellery Domestic Council (GJC) said the 10 per cent import duty on gold was levied to curb current account deficit (CAD), which has narrowed to 2.5 per cent of GDP in 2019.
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