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Týždenný prehľad zaujímavostí vo svete diamantov .

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RAPAPORT NEWS SERVICE | MARCH 5, 2010 www.rapaport.com | news@rapaport.com


Industry Retail Mining EconWatch India Jobs


RapUp March 5, 2010


India market hot. Prices firming as trade looks forward to Hong Kong show. JA-NY shows slight improvement but U.S. suppliers fearful about higher market prices. Rough market slows on concern that high prices cannot be sustained. ALROSA sells $667m in Jan. and Feb. Berkshire Hathaway 2009 jewelry revenues -12%. Finlay posts $6.5m Jan. loss. Sotheby’s 4Q revenues +31% to $218.3m, net income of $73.6m vs. net loss of $9.3m a year ago. Abbey Chikane confirmed as KP monitor for Marange, Zimbabwe.



RapNet Data: March 5, 2010

Diamonds 645,649

Value $4,121,170,409

Carats 737,229

Average Discount -28.72%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


March
5-9
Fri-Tue
Rapaport at Hong Kong Jewellery Show

Hong Kong Convention and Exhibition Centre
Booth 3GB42
Wanchai, Hong Kong

For information contact Ofira Gutman:
+852-9222-7001 or email ofira.gutman@diamonds.net


March
7
Sun
"The Diamond Decade: New Opportunities"
Martin Rapaport Presentation: Hong Kong

11:00 am - 12:30 pm
Grand Hyatt Hong Kong
Salon III-IV-Mezzanine Floor
1 Harbour Road, Hong Kong

Reserve your seat: hongkong@diamonds.net

March
15-18
Mon-Thu

Rapaport Tender Auctions
New York

Diamond Melee Tender
Over 45,000cts of polished round and fancy diamonds ranging in size from -2.5 sieve plate to 1ct +. Qualities vary from commercial to very fine. Excellent buying opportunity for diamond and jewelry manufacturers.

By Appointment Only

Contact: Jackie Tan
Email: tenders@diamonds.net
Phone: 1-212-354-9800


March
18-25
Thu-Thu
Rapaport at Baselworld 2010

Messe Basel
Hall 3.1 Stand F01

For information contact Francesco Lopresti:
+39-02-40047274 or email francesco.lopresti@diamonds.net


March
19
Fri
Rapaport Conference at Baselworld 2010

"State of the Diamond Industry"
Martin Rapaport Presentation
9:30 a.m.-11 a.m.

Rapaport Fair Trade Conference
1:30 p.m.-4 p.m.

Congress Center/Montreal Hall

Reserve your seat: basel@diamonds.net





QUOTE OF THE WEEK:
It appears the U.S. consumer is rebuilding their appetite for consumption -- or at least willing to pay full price again. While mall traffic is projected to be flat for the month, it does sound like increased conversion and lower markdowns were key to the gains.

Brian Tunick | Retail Analyst at J.P. Morgan






INDUSTRY


Petra Sells Cullinan Heritage Diamond for $35M

Petra Diamonds sold its 507.50-carat Cullinan Heritage rough diamond for $35.3 million, or about $69,600 per carat. The diamond was purchased at a tender in South Africa by Chow Tai Fook Jewellery Company Limited of Hong Kong. The price achieved for the rough stone reflected the incredible rarity of the diamond, which combines its remarkable size with exceptional color and clarity. The sale proceeds will be applied to the miner's balance sheet, underground operations at Cullinan and expansion at its Williamson mine.

Johan Dippenaar, Petra’s chief executive officer (CEO), said, “It is fitting that the Cullinan Heritage should achieve a sale price of $35.3 million, the highest sale price on record ever achieved for a rough diamond, as it has the potential to produce one of the world’s most important polished gems. The sale proceeds further bolster Petra’s treasury and will be invested in the growth of our core assets.”







Rapaport Broadcast

WATCH NOW JA's New York Winter Show 2010 reflected stronger buying activity than the past few shows, as well as showcasing new diamond jewelry designs. In this broadcast, JA's New York Trade Show group director, Drew Lawsky (pictured), Cindy Edelstein, the president of Jeweler's Resource Bureau, and Mendel Rotenberg, the president of Sara Blaine Jewelry and Fusion Jewelry, share details about the show.











RETAIL


U.S. Feb. Retail Sales Rise

Consumers were rather limited in their willingness to shop this past week, based upon the weekly sales index compiled by the International Council of Shopping Centers (ICSC) and Goldman Sachs. U.S. chain-store sales rose by 0.7 percent year over year, but fell 0.8 percent compared with the previous week. For the month of February, ICSC reported that comparable store sales rose 3.7 percent.

Leaner inventories enabled retailers to sell more goods for full price during February, while easy comparisons against 2009 sales, which were low due to the recession, created strong gains. ShopperTrak estimated that retail sales rose 1.3 percent year over year for the month. MasterCard Advisors’ SpendingPulse found that most retail sectors reported year-over-year growth during February, with online sales rising 16.7 percent and luxury sales, excluding jewelry, up 15.2 percent.






Berkshire Hathaway's Jewelry Revenue -12%

Berkshire Hathaway’s jewelry retail division, comprised of Borsheim's, Helzberg and Ben Bridge Jeweler, saw its revenue decline by 12 percent in 2009 and posted a pre-tax loss for the year. The company's total revenue rose 4 percent to $112.5 billion during 2009, while its net income increased by 61 percent to $8.06 billion for the year.






LJ Intl. Reports 56% Rise in Retail Sales

LJ International (LJI) reported that sales at its ENZO stores in China rose 56 percent to $16.7 million in the fourth quarter that ended on December 31, 2009. Based upon this strong performance, LJI revised its total revenue and earnings guidance for the period, which still fell short of its 2009 projections.

The company estimated that its total revenue declined by 6 percent to $39 million in the fourth quarter and by 16 percent to $110 million for the full year, “with lower sales in LJI's wholesale operations offsetting gains in its retail division,” according to the company's quarterly statement. LJI previously forecasted sales of $30 million and $100 million for the respective periods.






Finlay Posts $6.5M Net Loss for January

Finlay Enterprises reported a net loss of $6.45 million for January 2010 after failing to record any sales during the month. The jewelry retailer's loss since filing Chapter 11 in August 2009 stood at $91.5 million, while its total sales have reached $236.13 million since then.

Finlay collected $5.77 million in receipts during the month of January, its weakest collection since the bankruptcy filing. The retailer's total accounts payable came to $24.6 million in January, while its cash on hand stood at $74 million at the end of the month.






Dalumi Launches Fancy Yellow 'Eclipse' Collection

Dalumi introduced the first ultra-premium line of its top-selling "Eclipse" fancy yellow diamond collection. The new line features exquisitely crafted, 18-karat, white gold rings and pendants boasting 1.5- to 3-carat fancy yellow diamonds crowned by smaller, brilliant white stones — an arrangement designed to intensify the impact of the yellow hues. Available in radiant, cushion, oval, heart and pear shapes, these items are intended for women interested in making their presence known.






Kiah Diamonds Opens Third Showroom

Kiah Diamond Jewellery launched its third exclusive showroom in Mumbai on Warden Road near Kemps Corner. The new showroom offers a stunning range of traditional and contemporary diamond jewelry. Kiah's designs are futuristic and practical, designed to appeal to the young, fashion-forward shopper, as well as professional women. The retailer has a network of eight showrooms in India.










GENERAL


KP Appoints Chikane to Monitor Marange Diamonds

The Kimberley Process (KP) appointed Abbey Chikane as its Zimbabwe monitor. Chikane (pictured) visited Zimbabwe this week on a fact-finding mission intended to verify the progress that has been attained on the country's agreed upon compliance plan. Under the plan, Zimbabwe vowed to withhold exports of diamonds from Marange and to ensure “full and unhindered access” to all relevant diamond production and processing sites, as well as to all relevant stakeholders, including representatives of government, industry and civil society, from mining to exportation. Chikane’s appointment comes amidst increased controversy at the Marange mine, including fresh charges of corruption.






Sotheby's to Auction De Beers 'Millennium' Diamond

Sotheby’s expects to sell the De Beers Millennium Blue Diamond for between $4.6 million and $5.8 million when the stone goes under the hammer in Hong Kong on April 7, 2010. The pear-shaped, internally flawless, fancy vivid blue diamond will be the first piece from the De Beers Millennium Jewels collection to be auctioned and is currently owned by an important private collector.

The Millennium Jewels collection is comprised of 11 rare blue diamonds cut and polished by the Steinmetz Diamond Group. Of the 11, nine were graded by the Gemological Institute of America (GIA) as fancy vivid, the highest grade level for a color diamond.










MINING


ALROSA's 2010 Sales Hit $667M

ALROSA reportedly sold $667 million worth of rough diamonds in the first two months of 2010, noting a strong demand for these stones in the current market. The company reported that it sold approximately $300 million worth of rough in January, indicating that February sales reached $367 million.

ALROSA has signed long-term agreements with seven manufacturers in India and plans to forge long-term relationships with 30 more in the future. It expects to produce more than 33 million carats of diamonds this year.






Dianor Secures $30M Line of Credit

Dianor Resources secured a $30 million equity line of credit from Kodiak Capital Group and will use the funding to advance bulk sampling at its Leadbetter diamond project near Wawa in Ontario, Canada. The bulk sampling program is expected to recover diamonds, rubies, sapphires and gold. During the next three years, Dianor may draw down the equity funds at its sole discretion.










ECONWATCH


For the week ending Mar 4, 2010:

Mar. 4 Feb. 25 Chng.
$1 = Euro 0.737 0.739 -0.002
$1 = Rupee 45.85 46.50 -0.6
$1 = Israel Shekel 3.78 3.80 -0.02
$1 = Rand 7.48 7.88 -0.40
$1 = Canadian Dollar 1.03 1.06 -0.03

Precious Metals
Gold $1,131.60 $1,105.80 $25.80
Platinum $1,576.00 $1,530.00 $46.00

Stock Indexes Chng.
BSE 16,971.70 16,254.20 717.50 4.4%
Dow Jones Avg. 10,443.24 10,322.02 121.22 1.2%
FTSE 5,527.16 5,278.23 248.93 4.7%
Hang Seng 20,575.78 20,399.57 176.21 0.9%
S & P 500 1,122.81 1,102.98 19.83 1.8%
Yahoo! Jewelry Index 1,039.59 1,003.05 36.54 3.6%

USA
Birks & Mayors $0.67 $0.63 $0.04 6.5%
Blue Nile $54.55 $51.33 $3.22 6.3%
Charles & Colvard $1.35 $1.36 -$0.01 -0.7%
DGSE Companies, Inc. $2.01 $1.68 $0.33 19.6%
Fuqi International $18.79 $17.98 $0.81 4.5%
JCPenney $29.44 $28.00 $1.44 5.1%
Kohl's $53.81 $54.15 -$0.34 -0.6%
LJ International $2.74 $2.59 $0.15 5.8%
Macy's $19.91 $19.33 $0.58 3.0%
Man Sang $2.55 $2.95 -$0.40 -13.6%
Movado Group $13.42 $13.08 $0.34 2.6%
Nordstrom $38.39 $36.93 $1.46 4.0%
Saks $7.23 $7.24 -$0.01 -0.1%
Signet $29.25 $28.90 $0.35 1.2%
Sotheby's $29.87 $23.52 $6.35 27.0%
Tiffany $45.49 $43.69 $1.80 4.1%
Walmart $53.96 $54.19 -$0.23 -0.4%
Zale $2.42 $2.45 -$0.03 -1.2%

EUROPE
Bulgari €5.98 €5.63 €0.35 6.2%
Bijou Brigitte €138.55 €138.50 €0.05 0.0%
Damiani €0.95 €0.92 €0.03 3.3%
LVMH €84.01 €76.76 €7.25 9.4%
PPR €88.20 €81.55 €6.65 8.2%
Richemont SA CHF 38.77 CHF 35.50 CHF 3.27 9.2%
Swatch Group CHF 316.00 CHF 293.80 CHF 22.20 7.6%
Theo Fennell (pence) 40.00 44.00 -4.00 -9.1%

INDIA (rupee)
Classic Diamond 21.30 20.30 1.00 4.9%
Gitanjali Gems 118.30 115.95 2.35 2.0%
Goldiam Int'l 46.20 46.40 -0.20 -0.4%
Rajesh Exports 101.65 101.60 0.05 0.0%
Ren. Jewellery 75.10 71.15 3.95 5.6%
Su-Raj Diamonds 48.75 47.10 1.65 3.5%
Titan 1,865.65 1,722.70 142.95 8.3%
Zodiac JRD 24.15 23.95 0.20 0.8%
Suashish Diamonds 297.45 298.00 -0.55 -0.2%

NEW ZEALAND
Michael Hill NZD 0.69 NZD 0.71 -NZD 0.02 -2.8%

MINING STOCKS
CANADA
Harry Winston CAD 10.51 CAD 10.55 -CAD 0.04 -0.4%
Lucara Diamond CAD 1.02 CAD 1.03 -CAD 0.01 -1.0%
Mountain Province CAD 2.19 CAD 2.14 CAD 0.05 2.3%
Peregrine Diamonds CAD 1.55 CAD 1.52 CAD 0.03 2.0%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.90 CAD 0.90 CAD 0.00 0.0%
Stornoway Diamond CAD 0.47 CAD 0.46 CAD 0.01 2.2%
True North Gems CAD 0.09 CAD 0.09 CAD 0.00 0.0%
UK (pence)
African Diamonds 40.00 43.75 -3.8 -8.6%
Anglo American 2,590.50 2,306.50 284.0 12.3%
BHP Billiton 2,126.50 1,961.00 165.5 8.4%
Firestone Diamonds 38.25 38.75 -0.5 -1.3%
Gem Diamonds 247.80 232.50 15.3 6.6%
Gemfields 5.25 5.50 -0.3 -4.5%
Mwana Africa 11.08 11.98 -0.9 -7.5%
Namakwa Diamonds 33.77 33.00 0.8 2.3%
Petra Diamonds 66.00 58.75 7.3 12.3%
Rio Tinto plc 3,604.50 3,244.00 360.5 11.1%
Stellar Diamonds 18.00 18.00 0.0 0.0%
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
PRIEMYSEL: De Beers: Produkcia diamantov by sa mohla tento rok zvýšiť o 22 %
New York 13. II.2010 Juhoafrická spoločnosť De Beers, najväčší producent diamantov na svete, nevylučuje, že tento rok zvýši produkciu diamantov o viac než 22 %, keďže dopyt po týchto drahokamoch sa na trhu opäť začína zvyšovať.
"Zaznamenali sme výrazné posilnenie dopytu po neopracovaných diamantoch a očakávame, že ceny by sa čoskoro mohli priblížiť úrovni z konca roka 2008," povedal tento týždeň v rozhovore pre agentúru Bloomberg výkonný riaditeľ spoločnosti Gareth Penny.
De Beers, ktorá produkuje zhruba 25 % z celkového objemu diamantov vo svete, výrazne znížila produkciu minulý rok, keď nástup svetovej krízy zredukoval záujem spotrebiteľov o drahokamy a iné finančne náročné produkty.

Produkcia neopracovaných diamantov firmy De Beers klesla v roku 2009 o 49 % na 24,6 milióna karátov (1 karát = 0,2 g) a tržby z predaja diamantov o 44 % na 3,84 miliardy USD (2,83 miliardy eur). Ďalší veľký producent diamantov, ruská Alrosa, sa dostal do finančných ťažkostí a ruská vláda v úsilí pomôcť jej prečkať krízu nakúpila diamanty za 1 miliardu USD.
Zníženie produkcie a neskoršie zotavenie ekonomík však zasa viedlo k zvýšeniu cien. Alrosa v novembri 2009 informovala, že zaznamenala nedostatok surových diamantov, keďže dopyt po nich v posledných mesiacoch minulého roka začal rýchlo rásť.
Pomohli aj vianočné sviatky. Podľa De Beers sa v USA, ktoré sú najväčším maloobchodným trhom s diamantmi, zvýšil ich predaj o 1 až 2 % oproti roku 2008. Penny očakáva, že produkcia De Beers by sa tento rok mohla zvýšiť na 30 miliónov a v roku 2011 na 40 miliónov karátov.
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
RAPAPORT NEWS SERVICE | MARCH 19, 2010 www.rapaport.com | news@rapaport.com


Industry Retail Mining EconWatch India Stats Jobs


RapUp March 19, 2010


Polished prices firm after Hong Kong show bringing positive mood to trading centers. Baselworld opens with mixed expectations as luxury manufacturers anticipate strong resistance to high large-stone prices. ALROSA 2009 output of 34m ct. ranks it as world’s largest diamond miner; signs $490m 3-year rough supply deal with three Indian companies. Gem Diamonds 2009 revenues -18% to $244m, net profit $25m vs. net loss of $552m. Bulgari posts 4Q net loss of $18m vs. net profit of $7m. Japan’s Jan. polished diamond imports -25% to $50m. Hong Kong Jan. precious jewelry exports +19% to $307m, imports +41% to $378m. Nicky Oppenheimer uses Anglo American shares as security for loan.



RapNet Data: March 19, 2010

Diamonds 619,788

Value $4,028,422,964

Carats 710,016

Average Discount -32.42%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


March
19
Fri
Rapaport Conference at Baselworld 2010

"The Diamond Decade: New Opportunities"
Martin Rapaport Presentation
9:30 a.m.-11 a.m.

Rapaport Fair Trade Conference
1:30 p.m.-4 p.m.

Basel Congress Center/Montreal Hall

Reserve your seat: basel@diamonds.net


March
18-25
Thu-Thu
Rapaport Exhibits at Baselworld 2010

Messe Basel
Hall 3.1 Stand F01

For information contact Francesco Lopresti:
+39-02-40047274 or email francesco.lopresti@diamonds.net


March
20-22
Sat-Mon
Rapaport at South India Jewellery Show (SIJS)

Sree Kanteerava Indoor Stadium
Booth 150
Bangalore, India

For information contact Nilan Singh:
+91-22-6628-2700 or email nilan.singh@diamonds.net





QUOTE OF THE WEEK:
[Bulgari's] 2009 financial results were heavily influenced by the global crisis in financial markets and its effects on the demand for goods and services: In this highly negative macro-economic context.

Francesco Trapani | Bulgari CEO






INDUSTRY


ALROSA Ranks as Top 2009 Producer

ALROSA produced 34 million carats of diamonds in 2009, surpassing De Beers output for the year. The Russian diamond miner reported earlier that production was $2.23 billion for 2009 in keeping with its practice of only reporting production value, but not volume. Longtime top producer De Beers saw its production decline by 49 percent to 24.6 million carats for the year. De Beers mothballed its mines in an effort to keep its supply in line with the diminished market demand, while ALROSA maintained its production levels and sold half of its stock to the state repository, Gokhran, to compensate for the lower industry demand.





Oppenheimer Uses Anglo Shares to Secure Loan

Nicky Oppenheimer, chairman of the De Beers Group, has placed 27.3 million Anglo American shares that will serve as security for a loan facility. The shares were valued at approximately $1 billion (GBP 739.8 million) when the agreement was transacted, based upon the share closing price in London on March 10. E. Oppenheimer & Son International Limited holds 70 percent of the shares and the remainder are owned by Gartland Limited.

In December 2009, shareholders agreed to proportionally invest $1 billion in De Beers to reduce the level of debt it required for refinancing. De Beers is in the process of renewing a $1.5 billion bank loan facility that expires at the end of this month.






Rapaport Weekly Broadcast

WATCH NOW: Brilliant Earth claimed that consumers are being misled by the "conflict-free" diamond jewelry label and devised a new initiative to educate jewelry shoppers. Beth Gerstein, the co-founder of Brilliant Earth, explains how jewelers and dealers can guarantee responsibly sourced diamonds to consumers. This week's broadcast also tracks weekly chain-store sales and ShopNBC's performance where jewelry sales faltered.









RETAIL


Bulgari Posts $18M Loss for 4Q

Bulgari posted a net loss of $17.9 million in the fourth quarter of 2009, compared with a profit of $6.9 million one year ago. The company previously reported that its total sales fell 5.1 percent to $409 million during the fourth quarter, with jewelry being its strongest unit. However, jewelry sales were flat at $178 million for the month.

For the full year, the net loss was $64.8 million, compared with a net profit of $114.1 million. Revenue fell across all of Bulgari's sales units, with jewelry down 10.3 percent to $554 million.






Zale Faces Citibank Penalty

Zale Corporation must decide whether to pay Citibank a $6 million penalty for inadequate credit card sales or risk an early end to its deal with the bank, which provides financing for 40 percent of its U.S. purchases based upon certain requirements, including a minimum credit card sales level. Zale spokespersons noted that if the retailer were to lose the sales that are currently financed through its Citibank-backed, private label cards, "the adverse consequences would be material and would likely impact our ability to continue to operate."

Citibank already told Zale that it will not renew their agreement when it ends in March 2011 and threatened to push up this end date by six months. The retailer's U.S. and Canada agreements with the bank "require us to maintain a minimum volume of credit sales...that we currently do not meet," Zale said in the filing.






Robbers Seize Gems and Cash in Diamond District

Two armed men robbed Royal Gems, located at 55 West 47th Street, in Manhattan just before noon on Saturday, March 13. No one was injured in the holdup, but minutes after it occurred, paramedics responded to a report of a ''noncritical injury'' at the store. The robbers used zip ties to bind the hands of three store employees and a customer before absconding with the jewelry, most of which contained diamonds, and cash. Police at the scene noted that determining the value of the stolen gems and cash would require some time.





Rio Tinto to Host Business Development Symposium

Rio Tinto will hold an inaugural jewelry business development symposium and design showcase in Chicago from July 16 to July 18, 2010. The event will bring together many of Rio Tinto’s Select Diamantaires, jewelry retailers and key jewelry buying groups. The symposium will focus on building better relationships throughout the diamond distribution channel, as well as providing a collaborative forum on the key issues facing diamond jewelry businesses today. Select Diamantaires will also showcase their latest designs for top U.S. retailers and obtain market feedback in the process.






FUQI Seeks Extension to File Financial Report

FUQI International sought to delay filing final fourth quarter and year end results following an internal audit that identified costs were greater than reported during the first three quarters of 2009. The company filed an extension for its Form 10-K for year 2009 with the Securities and Exchange Commission. FUQI also lowered its estimated fourth quarter revenue to $175 milion to $180 million, compared with its original forecast of $182 million to $191 million.

FUQI has been conducting an assessment of its internal controls, in accordance with Sarbanes-Oxley Act compliance procedures, and "believes that at least one of the identified deficiencies" related to its compliance audit, constituted a material weakness. FUQI identified accounting errors and stated these would impact the previously issued quarterly profits.









STATS


U.S. Jewelry Prices Flat in Feb.

The consumer price index (CPI) for jewelry in the U.S. was flat in February, based upon statistics provided by the Bureau of Labor Statistics (BLS). The February 2010 reading of 155.533 points was 0.074 points lower than one year ago, representing the first time the measure has actually fallen, albeit very slightly, since March of 2006. The January reading was 155.92 points.

This past month's reading also marked the 25th consecutive cycle for which the jewelry CPI registered more than 150 points. The index is based upon the reference point of average prices in 1986, which is set at 100 points.





Japan's Polished Diamond Imports -25% in Jan.

Japan’s polished diamond imports fell 25 percent to $50.3 million in January 2010 compared with one year ago. Imports from all of Japan's major diamond sources declined during the month, including a 28 percent drop from India to $22.6 million. Polished imports from Belgium decreased by 35 percent to $10.9 million, while those from Israel fell 53 percent to $4.4 million. Increases were registered in imports from China, which were up 59 percent, from Hong Kong, which gained by 6.5 percent, and the U.S., which jumped 17 percent.

The country’s gold jewelry imports dropped by 18 percent in January to $39.4 million, while its platinum jewelry imports rose by 36 percent to $31.6 million. Imports of silver jewelry to Japan declined by 26 percent to $11.6 million during the month.






Hong Kong's Precious Jewelry Exports +19% in Jan.

Hong Kong’s precious metal jewelry exports rose by 19.1 percent in January 2010. The country's precious metals jewelry imports increased by 40.6 percent to $378 million, while jewelry items in this category that remained in the domestic market grew 43 percent to $63 million. Re-exports of precious metal jewelry were up by 14 percent to $244 million for the month.

For the full year of 2009, precious metal jewelry exports dropped 24 percent, while precious metal jewelry imports were down by 14 percent to $3.97 billion.









MINING


Gem Diamonds Posts $25M Profit for 2009

Gem Diamonds reported a net profit of $25.4 million for 2009 compared with a net loss of $552.2 million in 2008. The company's revenues fell 18 percent to $244.4 million and were generated primarily from rough sales of its production from the Letseng mine in Lesotho and the Ellendale mine's E9 pipe. Gem Diamonds placed its other operations on care and maintenance for most of 2009 in response to the financial downturn.

The company sold a total of 206.6 carats of polished diamonds for $12.5 million for the year. Of special note, the Letseng mine produced more than 700 gem-quality diamonds larger than 10.8 carats in 2009, with 68 stones selling for over $20,000 a carat.






Satya Capital Buys 5% of Namakwa Diamonds

Satya Capital has purchased a 5 percent stake in Namakwa Diamonds. Satya, a strategic investor in African businesses, subscribed for 5,981,905 new ordinary shares valued at 35 pence a share, or a total of $3.2 million. Namakwa is a vertically integrated diamond company with mining operations in South Africa, the Democratic Republic of the Congo (DRC), Namibia and Angola, as well as a rough dealership and diamond polishing business.






De Beers Places Jagersfontein on the Market

De Beers is inviting "expressions of interest" from other mining companies for the Jagersfontein Diamond Property in the Free State of South Africa. Jagersfontein is a mine of historical significance that predates the Kimberley discoveries. "In its day, it was the source of some of the world’s largest diamonds, notably the Excelsior of 995.20 carats discovered in 1893," the company stated.

Jagersfontein operated from 1870 to 1971, yielding a tailing mineral resource of more than 13 million tons, with an average grade of 12.8 carat per hundred tons (cpht). De Beers believes these tailings may pique the interest of a mining company or mining consortium with Black Empowerment credentials and a solid tailings processing history.





Stellar to Boost Production at Guinea Mine

Stellar Diamonds plans to acquire additional mining equipment to boost production at its Mandala and Bomboko diamond mines in Guinea, which will enable the junior miner to meet its near-term forecasts of producing 2,000 carats per month from Bomboko and 12,500 carats per month from Mandala. Output at Mandala has reached 64,800 carats since mid-2009 and 60,800 carats were sold, generating $1.7 million. Across three diamond sales of 1,816 carats from Bomboko, prices increased from $114 per carat to $126 per carat.






Rockwell to Purchase Etruscan’s Blue Gum Project

Rockwell Diamonds agreed to purchase a 74 percent stake in Etruscan Diamonds’ Blue Gum diamond operation in South Africa for $4.5 million. The remaining 26 percent of the project is owned by Black Economic Empowerment partners. The Blue Gum alluvial diamond deposit's estimated mineral resources are 25 million cubic meters, with a grade of 2.37 carats per 100 cubic meters, and 15 million cubic meters in inferred resources, with a grade of 2.37 carats per 100 cubic meters. The project was placed on care and maintenance in late 2008 as a result of the severe drop in rough diamond prices that occurred at that time.





Firestone to Run Namdeb Toll Treatment Project

Firestone Diamonds will construct and operate a dredge and floating treatment plant project for Namdeb, supplying the plant and operating it on a toll treatment basis. A joint feasibility study of the project is currently underway and will be presented to Namdeb’s board later this year, at which time the contract negotiations will be finalized. The plant has a target production capacity of 11.5 million tons per year, with a minimum life span of 15 years. Production is scheduled to commence in 2012, Firestone noted.

The diamond company also intends to apply for a secondary share listing on the Botswana Stock Exchange (BSE) and appointed Capital Securities of Botswana as the sponsoring broker for the proposed listing. Firestone already trades on London’s Alternative Investment Market (AIM).










ECONWATCH


For the week ending Mar 18, 2010:

Mar. 18 Mar. 11 Chng.
$1 = Euro 0.734 0.730 0.004
$1 = Rupee 45.46 45.56 -0.1
$1 = Israel Shekel 3.73 3.74 -0.01
$1 = Rand 7.31 7.41 -0.10
$1 = Canadian Dollar 1.01 1.03 -0.02

Precious Metals
Gold $1,126.70 $1,109.40 $17.30
Platinum $1,627.00 $1,609.00 $18.00

Stock Indexes Chng.
BSE 17,519.26 17,167.96 351.30 2.0%
Dow Jones 10,788.94 10,611.84 177.10 1.7%
FTSE 5,642.62 5,617.26 25.36 0.5%
Hang Seng 21,330.67 21,228.20 102.47 0.5%
S&P 500 1,165.82 1,150.24 15.58 1.4%
Yahoo! Jewelry 1,093.18 1,047.72 45.46 4.3%

USA
Birks & Mayors $0.72 $0.82 -$0.10 -12.2%
Blue Nile $54.12 $55.61 -$1.49 -2.7%
Charles & Colvard $1.79 $1.78 $0.01 0.6%
DGSE Companies $2.00 $2.26 -$0.26 -11.5%
Fuqi Intl. $11.96 $20.45 -$8.49 -41.5%
JCPenney $31.14 $30.21 $0.93 3.1%
Kohl's $54.44 $53.25 $1.19 2.2%
LJ Intl. $2.96 $2.90 $0.06 2.1%
Macy's $21.36 $21.06 $0.30 1.4%
Man Sang $2.45 $2.69 -$0.24 -8.9%
Movado Group $11.41 $13.82 -$2.41 -17.4%
Nordstrom $40.23 $38.94 $1.29 3.3%
Saks $8.49 $7.98 $0.51 6.4%
Signet $29.35 $29.54 -$0.19 -0.6%
Sotheby's $30.70 $30.21 $0.49 1.6%
Tiffany $47.58 $45.60 $1.98 4.3%
Walmart $55.91 $53.97 $1.94 3.6%
Zale $3.70 $3.03 $0.67 22.1%

EUROPE
Bulgari €5.72 €6.18 -€0.46 -7.4%
Bijou Brigitte €128.80 €135.80 -€7.00 -5.2%
Damiani €0.96 €0.93 €0.03 3.1%
LVMH €87.18 €85.76 €1.42 1.7%
PPR €96.15 €93.14 €3.01 3.2%
Richemont CHF 41.73 CHF 40.33 CHF 1.40 3.5%
Swatch Group CHF 333.80 CHF 327.50 CHF 6.30 1.9%
Theo Fennell (pence) 38.00 38.00 0.00 0.0%

INDIA (rupee)
Classic Diamond 20.65 21.05 -0.40 -1.9%
Gitanjali Gems 116.00 118.10 -2.10 -1.8%
Goldiam Intl. 43.75 43.75 0.00 0.0%
Rajesh Exports 104.60 104.90 -0.30 -0.3%
Ren. Jewellery 87.70 75.20 12.50 16.6%
Su-Raj Diamonds 48.20 47.95 0.25 0.5%
Titan 1,809.70 1,814.35 -4.65 -0.3%
Zodiac JRD 24.80 24.35 0.45 1.8%
Suashish Diamonds 290.05 295.05 -5.00 -1.7%

NEW ZEALAND
Michael Hill NZD 0.71 NZD 0.73 -NZD 0.02 -2.7%

MINING STOCKS
CANADA
Harry Winston CAD 10.08 CAD 10.30 -CAD 0.22 -2.1%
Lucara Diamond CAD 1.01 CAD 1.01 CAD 0.00 0.0%
Mountain Province CAD 2.13 CAD 2.05 CAD 0.08 3.9%
Peregrine Diamonds CAD 1.75 CAD 1.65 CAD 0.10 6.1%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.90 CAD 0.91 -CAD 0.01 -1.1%
Stornoway Diamond CAD 0.50 CAD 0.50 -CAD 0.01 -1.0%
True North Gems CAD 0.08 CAD 0.09 -CAD 0.01 -11.1%
UK (pence)
African Diamonds 41.88 41.65 0.2 0.6%
Anglo American 2,733.00 2,678.50 54.5 2.0%
BHP Billiton 2,206.50 2,200.00 6.5 0.3%
Firestone Diamonds 40.00 37.90 2.1 5.5%
Gem Diamonds 243.10 240.00 3.1 1.3%
Gemfields 5.18 5.00 0.2 3.6%
Mwana Africa 10.35 10.81 -0.5 -4.3%
Namakwa Diamonds 32.00 32.97 -1.0 -2.9%
Petra Diamonds 69.00 67.50 1.5 2.2%
Rio Tinto plc 3,729.50 3,754.00 -24.5 -0.7%
Stellar Diamonds 16.11 16.50 -0.4 -2.4%
_______________
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RAPAPORT NEWS SERVICE | MARCH 26, 2010 www.rapaport.com | news@rapaport.com


Industry Retail Mining EconWatch India Stats Jobs


RapUp March 26, 2010


Large stone prices stable at Baselworld with sellers refusing offers below replacement costs and buyers rejecting speculative prices based on rough. Strong demand for fine quality 1-3 ct. and large, round capes. DTC March sight estimate at $420m with prices stable but premiums high. De Beers renews loan facilities reducing bank debt through 2013 by 26% to $2.89b. Russia and Israel negotiating $300m annual rough supply from ALROSA. Abdullah brothers fined $3m and banned from business in Dubai. Signet 4Q sales +7% to $1.2b, net profit of $180m vs. net loss of $367m previous year. Tiffany & Co. 4Q sales +17% to $981m, net profits +352% to $140m. India’s Feb. polished exports +59% to $1.4b, rough imports +362% to $984m. Israel’s Feb. polished diamond exports +39% to $437m, total rough and polished imports +195% to $593m. Rapaport Price List will not be published next week April 2 due to the Passover Holiday.



RapNet Data: March 26, 2010

Diamonds 609,167

Value $3,946,151,424

Carats 690,373

Average Discount -32.22%






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ANNOUNCEMENTS


April
9-12
Fri-Mon
Rapaport at Jewelry Shanghai 2010

Shanghai New International Expo Center
Shanghai, China

Rapaport Representative - Julius Zheng:
tel: +86-21-6160-2380
email: julius.zheng@diamonds.net


April
24-26
Sat-Mon
Rapaport at The Smart Jewelry Show

Navy Pier
Chicago, Illinois

Rapaport Representative - John Colletta:
tel: +91-22-6628-2700
email: john.colletta@diamonds.net





QUOTE OF THE WEEK:
Customer reaction [to the 2,500sqft store concept] has been quite good, and we've gained meaningful insights from it. At the same time, we have continued to open full-line 5,000-square-foot Tiffany stores. We now believe that it is appropriate to combine the best attributes of both formats into a new but smaller-sized full-line store. As a result, the five U.S. stores we plan to open in 2010 will offer a relatively full range of products and will average about 3,700 square feet each.

Michael Kowalski | Tiffany & Co. CEO






INDUSTRY


DTC March Sight Estimated at $420M

The Diamond Trading Company's (DTC) March sight had an estimated value of $420 million as both prices and assortments remained consistent. Sightholders were satisfied with the DTC boxes, saying that De Beers is currently offering the best value on the market. One sightholder added that: "The more you see of outside goods, the cheaper DTC looks."

De Beers pledged during the February sight to keep prices stable in the short term, barring “any further major changes in market conditions.” Sightholders said they expect this stability to last at least until the JCK Las Vegas show in June.






Large Stone Prices Stable at Basel

The price of large stones remained stable during the Baselworld 2010 show as sellers refused offers below their replacement costs and buyers refrained from paying prices based upon the state of speculative rough. There was not enough energy at Basel to cause prices to move either way, but nothing justified "the rough speculation" either, according to one market professional.

Vendors noted strong demand for fine-quality, 1- to 3-carat stones and large cape rounds, as well as improved demand for D-G, VS1+ qualities. One exhibitor added that 3-carat and 10-carat diamonds were “crazy.” Severe shortages of high-quality larger stones limited sales. The show's attendance rose about 5 percent compared with 2009 to 100,000 visitors.





Israel-Russia Negotiate $300M Supply Deal

ALROSA pledged — in principle — to supply $300 million worth of rough diamonds a year to Israel’s manufacturing sector. There were a number of top industry officials involved in the deal, including Israel's trade minister, Benjamin Ben Eliezer, Avi Paz, the president of the Israel Diamond Exchange (IDE), and David de Toledo, the vice president of the Israel Diamond Manufacturers Association (IDMA).

The direct supply from ALROSA would enhance the economic standing of Israel's diamond polishing sector. Earlier this month, the Russian miner signed a deal to supply $490 million worth of rough to three firms in India.





Rapaport Weekly Broadcast

WATCH: Rockwell Diamonds' chief executive John Bristow (pictured) shared his long-term forecast for the diamond producer in the wake of a challenging 2009. Rough prices at the company's recent diamond tender were good and there has been significant improvement in rough diamond prices compared with one year ago. Demand for larger, better-quality rough diamonds has improved, while the market for cheaper goods remains a little depressed. Bristow's long-term view reflects the steady increases in rough prices that are expected to occur in the next two to four years. Rockwell Diamonds has an ambitions five-year plan to achieve production of 10,000 carats a month, which could yield annual revenue of about $100 million.









RETAIL


U.S. Chain-Store Sales +4%

U.S. chain-store sales rose 3.7 percent on a year-to-year basis during this past week, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. Chain-store sales were flat when measured against the previous week. ICSC Research expects March 2010 sales to increase by 3 percent to 3.5 percent.





Signet's Fiscal 4Q Sales +7%

Signet's sales during the fourth quarter of fiscal 2010 rose 7 percent to $1.2 billion, while its cost of sales was up by just 3 percent to $769.5 million. The jewelry chain's same-store sales rose 5.2 percent and it reported a net income of $117.2 million compared with a reported loss of $424 million one year ago. Signet incurred an impairment charge of $517 million in the fourth quarter of fiscal 2009, resulting in the loss. U.S. fourth-quarter sales rose 6.8 percent to $921 million in fiscal 2010, while revenue from the U.K. rose 8 percent to $283 million.

Fiscal-year 2010 revenue dropped 1.6 percent to $3.29 billion and Signet lowered its cost of sales by 2.2 percent to $2.2 billion. The company's same-store sales fell 0.4 percent. Its fiscal-year net profit was reported as $164 million compared with a loss of $394 million for fiscal year 2009, which was caused by the impairment charge. U.S. sales rose 0.9 percent to $2.56 billion and U.K. sales fell by 0.1 percent at constant exchange rates, although in dollars, the figure was 9.3 percent lower at $733 million.






Tiffany's 4Q Sales +17%

Tiffany & Co. reported that fourth-quarter sales rose 17 percent to $981.4 million while cost of sales increased by 19 percent to $406 million. At constant exchange rates, the retailer's net sales improved by just 13 percent. Tiffany's worldwide comparable-store sales rose 11 percent during the fourth quarter, which included the Christmas season, and its profits increased to $140.4 million compared with $31 million one year ago.

Tiffany's fiscal-year sales fell 5 percent to $2.7 billion through January 31, 2010. On a constant exchange basis, its comparable-store sales dropped 8 percent. Net earnings for the fiscal year rose by 20 percent to $264.8 million.






LJ Int'l.'s 4Q Revenue -6%

Fourth-quarter revenue for LJ International dropped 6.4 percent to $39.2 million, while its cost of goods fell by 12 percent to $27 million. The company's net income rose 65 percent to $2.2 million for the period.

LJ International reported that its fiscal-year revenue fell 19 percent to $110.5 million as its profits increased 46 percent to $3.7 million. The company's ENZO retail chain in China experienced a 39 percent sales increase during the fiscal year, exceeding $50.8 million, and its comparable-store sales were up 25 percent. Revenues from its wholesale division fell 40 percent to $59.7 million for the fiscal year.






Zale Considers Sun Capital Deal

Zale is considering an investment offer by private equity firm Sun Capital Partners totaling between $50 million and $100 million, a company insider told the Wall Street Journal. Zale rejected an earlier offer from Apollo Management to buy a stake in the jeweler. In a filing submitted to the Securities and Exchange Commission (SEC), Zale confirmed that Citibank, which issues Zale's private-label credit cards, would not renew its agreement because Zale had failed to meet the required volume of credit sales and must therefore pay Citibank approximately $6 million by April 1 to compensate for this low volume, which the jeweler said would severely impact its operations.







Abdullah Bros. Face Penalties

The Abdullah brothers of the Damas firm were banned from the board of any Dubai International Financial Centre (DIFC) listed company for 10 years and fined $3 million after they were found to have withdrawn Damas funds for their own personal use — without disclosing these withdrawals to the board.

DIFC criticized the brothers for what it termed a "failure to exercise appropriate corporate governance over the company" and said they owed "approximately $99.4 million (AED 365 million), plus the value of approximately 1,940,250 grams of gold" to Damas. The firm was also fined a total of $700,000. The brothers reportedly agreed to repay Damas.





Sotheby's to Hold Jewelry Auction April 20

Sotheby’s will hold its sale of Magnificent Jewels in April, as well as a single-owner auction, "Always in Style: 150 Years of Artistic Jewels," in New York on April 20. A majority of the white diamonds that will be featured there are the highly sought, wearable sizes weighing 10 carats and less. One such example is a platinum and diamond ring set with a 9.25-carat, D, internally flawless, type IIa stone graded as triple-EX and assigned a presale estimate of $1 million to $1.5 million.

One superb example of colored diamonds on offer (pictured) is a magnificent, fancy vivid yellow diamond necklace, which features 42 GIA-certified, fancy vivid yellow diamonds weighing a total of 100.17 carats and is set in a graduated riviere style. This necklace boasts a presale estimate of $2 million to $3 million and Sotheby's has contended that it will be the first of its kind — set entirely with fancy vivid yellow diamonds — to appear at auction.






Christie's to Hold Jewelry Auction April 22

Christie's New York will present two exceptional jewels — the Emperor Maximilian Diamond and the Catherine the Great Emerald and Diamond Brooch — as highlights at its first major jewelry sale of the year to be held on April 22, 2010. The 39.55-carat Emperor Maximilian Diamond and the Catherine the Great Emerald and Diamond Brooch (pictured), which is set with a Colombian emerald larger than 60 carats, both carry presale estimates of $1 million to $1.5 million.










STATS


Israel Exports

For the month of February 2010:
Feb. Chng. YTD Chng.
$Mil. $Mil.
Polished Exports $437 39% $1,003 61%
Polished Imports NA NA
Net Exports NA NA

Rough Imports NA NA
Rough Exports $244 201% $547 209%
Net Imports NA NA






India Imports & Exports

For the month of February 2010:
Feb. Chng. YTD Chng.
$Mil. $Mil.
Polished Exports $1,370 59% $3,080 77%
Polished Imports $788 17% $1,830 39%
Net Exports $582 300% $1,250 195%

Rough Imports $984 362% $1,860 331%
Rough Exports $81 79% $140 36%
Net Imports $903 438% $1,700 418%

Net Diam. Acct. ($320) ($462)










MINING


De Beers Renews Loan, Reduces Debt

De Beers renewed its bank loan facilities, which entitled it to both the renewal and an extension of its existing facilities. Thanks to an additional $1 billion in shareholder investments, the company lowered its bank debt from $3.89 billion to $2.89 billion through 2013. De Beers noted that all of its banking partners participated in this renewal and stressed that it now has the necessary capital structure in place to pursue opportunities within the diamond industry.





Gemfields Tender Nets $7M

Gemfields' first rough emerald and beryl auction of the year was held in Jaipur, India, and generated sales of $7.2 million from 28.9 million carats of principally lower-quality rough emeralds and beryl across 56 separate lots, with 49 lots sold. The company noted that emerald values decline dramatically as quality decreases. The emerald lots at the Jaipur auction ranged from approximately 3 cents per carat to $38 per carat. Gemfields expects to hold a high-quality emerald auction in London in June or July of 2010.






Tanzania Shuts London Sorting Office

Tanzania closed its London diamond sorting office now that Petra Diamonds, which purchased the Williamson Diamond mine from De Beers, sells rough from the mine directly to the overseas market. Between 1994 and 2000, De Beers paid $4.05 million to Tanzania's U.K. sorting office for 901,300 carats of diamonds, but according to government officials the funds were not remitted to the Treasury. The government provided no further details of its investigation into the sorting office.





Tiomin Completes Acquisition of Vaaldiam

Tiomin Resources acquired all outstanding common shares in Vaaldiam Resources as planned. Tiomin's common shares have also been consolidated on a 10-for-one basis and the company has changed its name to Vaaldiam Mining. Vaaldiam Resources' common shares were delisted from the Toronto Stock Exchange (TSX) on March 25. Tiomin's common shares will now trade in Toronto under the name "Vaaldiam Mining" and the symbol "VAA," effective March 26.

Vaaldiam Mining will also resume diamond and gold production at the Duas Barras project in Brazil, which had been placed on care and maintenance. The project's diamond production targets are for 20,000 carats in 2010 and 40,000 carats in 2011.










ECONWATCH


For the week ending Mar 25, 2010:

Mar. 25 Mar. 18 Chng.
$1 = Euro 0.750 0.734 0.016
$1 = Rupee 45.49 45.46 0.0
$1 = Israel Shekel 3.75 3.73 0.02
$1 = Rand 7.40 7.31 0.09
$1 = Canadian Dollar 1.02 1.01 0.01

Precious Metals
Gold $1,091.30 $1,126.70 -$35.40
Platinum $1,602.00 $1,627.00 -$25.00

Stock Indexes Chng.
BSE 17,558.85 17,519.26 39.59 0.2%
Dow Jones 10,841.44 10,788.94 52.50 0.5%
FTSE 5,727.65 5,642.62 85.03 1.5%
Hang Seng 20,778.55 21,330.67 -552.12 -2.6%
S&P 500 1,165.73 1,165.82 -0.09 0.0%
Yahoo! Jewelry 1,079.83 1,093.18 -13.35 -1.2%

USA
Birks & Mayors $0.82 $0.72 $0.10 13.9%
Blue Nile $54.93 $54.12 $0.81 1.5%
Charles & Colvard $1.89 $1.79 $0.10 5.6%
DGSE Companies $2.10 $2.00 $0.10 5.0%
Fuqi Intl. $11.43 $11.96 -$0.53 -4.4%
JCPenney $32.85 $31.14 $1.71 5.5%
Kohl's $56.30 $54.44 $1.86 3.4%
LJ Intl. $2.76 $2.96 -$0.20 -6.8%
Macy's $21.53 $21.36 $0.17 0.8%
Man Sang $2.33 $2.45 -$0.12 -4.9%
Movado Group $11.75 $11.41 $0.34 3.0%
Nordstrom $41.24 $40.23 $1.01 2.5%
Saks $8.88 $8.49 $0.39 4.6%
Signet $28.47 $29.35 -$0.88 -3.0%
Sotheby's $31.54 $30.70 $0.84 2.7%
Tiffany $47.11 $47.58 -$0.47 -1.0%
Walmart $55.74 $55.91 -$0.17 -0.3%
Zale $3.43 $3.70 -$0.27 -7.3%

EUROPE
Bulgari €5.97 €5.72 €0.25 4.4%
Bijou Brigitte €137.20 €128.80 €8.40 6.5%
Damiani €0.94 €0.96 -€0.02 -2.0%
LVMH €87.51 €87.18 €0.33 0.4%
PPR €96.90 €96.15 €0.75 0.8%
Richemont CHF 41.45 CHF 41.73 -CHF 0.28 -0.7%
Swatch Group CHF 344.10 CHF 333.80 CHF 10.30 3.1%
Theo Fennell (pence) 37.00 38.00 -1.00 -2.6%

INDIA (rupee)
Classic Diamond 20.45 20.65 -0.20 -1.0%
Gitanjali Gems 114.65 116.00 -1.35 -1.2%
Goldiam Intl. 46.85 43.75 3.10 7.1%
Rajesh Exports 107.85 104.60 3.25 3.1%
Ren. Jewellery 79.85 87.70 -7.85 -9.0%
Su-Raj Diamonds 47.70 48.20 -0.50 -1.0%
Titan 1,779.75 1,809.70 -29.95 -1.7%
Zodiac JRD 24.30 24.80 -0.50 -2.0%
Suashish Diamonds 289.20 290.05 -0.85 -0.3%

NEW ZEALAND
Michael Hill NZD 0.71 NZD 0.71 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 9.98 CAD 10.08 -CAD 0.10 -1.0%
Lucara Diamond CAD 1.00 CAD 1.01 -CAD 0.01 -1.0%
Mountain Province CAD 2.08 CAD 2.13 -CAD 0.05 -2.3%
Peregrine Diamonds CAD 1.89 CAD 1.75 CAD 0.14 8.0%
Rockwell Diamonds CAD 0.08 CAD 0.07 CAD 0.00 7.1%
Shore Gold CAD 0.93 CAD 0.90 CAD 0.03 3.3%
Stornoway Diamond CAD 0.64 CAD 0.50 CAD 0.15 29.3%
True North Gems CAD 0.08 CAD 0.08 CAD 0.00 0.0%
UK (pence)
African Diamonds 43.00 41.88 1.1 2.7%
Anglo American 2,777.00 2,733.00 44.0 1.6%
BHP Billiton 2,248.50 2,206.50 42.0 1.9%
Firestone Diamonds 37.70 40.00 -2.3 -5.7%
Gem Diamonds 249.50 243.10 6.4 2.6%
Gemfields 5.08 5.18 -0.1 -1.9%
Mwana Africa 10.25 10.35 -0.1 -1.0%
Namakwa Diamonds 31.84 32.00 -0.2 -0.5%
Petra Diamonds 70.00 69.00 1.0 1.4%
Rio Tinto plc 3,882.00 3,729.50 152.5 4.1%
Stellar Diamonds 15.50 16.11 -0.6 -3.8%
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
RAPAPORT NEWS SERVICE | APRIL 30, 2010


Retail Mining General EconWatch India Jobs


RapUp April 30, 2010


DTC April sight estimated at $470m as De Beers raises prices while production restrictions squeeze rough supply to cutters. Polished prices stable and not increasing with rough due to insufficient consumer demand. Polished trading steady with good liquidity for 0.30-0.70 ct, H+, VS+, certs. De Beers long-term production expected at 40m ct/year, well below previous peaks. Debswana considers diversifying from diamonds. ALROSA forecasts 34m ct/yr through 2012. Improved traffic but light diamond trading at Chicago Show. Amazon.com 1Q sales +46% to $7.13b, net income +68% to $299m.


RapNet Data: April 30, 2010

Diamonds 623,878

Value $4,068,131,261

Carats 714,159

Average Discount -31.30%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


June
6
Sun
Rapaport Conference at JCK Vegas 2010
New Day - Sunday, June 6
Marcello Ballroom
Venetian Hotel, Level 4

Rapaport Breakfast:
"The Diamond Decade: New Opportunities"
Martin Rapaport Presentation
8:00 a.m. - 10:00 a.m.

Diamond Certification Conference
12:00 p.m.- 2:00 p.m.

Fair Trade Jewelry Conference
2:00 p.m. - 4:00 p.m.

The Rapaport Conference is free and open to all.
To register e-mail: conference@diamonds.net
or call +1-702-893-9400





QUOTE OF THE WEEK:
I thank Hugh Hefner and Aileen Getty for their critical contributions [to Save the Hollywood Sign], along with everyone whose generous spirit moved them to join the campaign to save one of America's most famous urban spaces. The threat to its existence underscores the need for partnerships like ours with Trust for Public Land, who can work together to protect our cultural assets for future generations.

Michael J. Kowalski | Chairman of Tiffany & Co.






INDUSTRY


DTC's April Sight Estimated at $470M

De Beers sold an estimated $470 million worth of rough diamonds to sightholders at this week’s Diamond Trading Company (DTC) April sight. According to participants, DTC raised its prices by an estimated 5 percent to 7 percent, with the highest increases apparent in rough stones over 5 carats and pique goods. Increases were also noted for 3- to 4-carat rough stones and VS-SI clarities, while smaller goods and VVS stones reflected slight increases. The adjustments were based upon strong demand and DTC's belief that its prices should reflect the market, according to company spokesperson Louis Prior.

Most observers agreed that the rough market was very “confusing,” as demand remained strong even as prices rose. “It’s not a good place for manufacturers to be,” said one observer. “There are shortages of rough and at the same time, they cannot profit on the polished. So they need to decide whether to polish or not.” Sightholders were in a strong position, as they were able to sell their rough to the secondary market, he added.

Another observer contended that the level of rough De Beers brought to the table was satisfactory because if DTC resumed its 2008-level sights of $700 million or more, it would kill the market.






De Beers to Hold Production Down from Peak

De Beers is planning to keep its long-term diamond production below the peak levels it achieved in 2008, based upon the current natural supply and demand imbalance. De Beers managing director Gareth Penny said that supply cannot keep up and that this trend will become more apparent during the next 15 years. Demand from across the Asian continent is predicted to accelerate the depletion of existing mines.

De Beers production will plateau at around 40 million carats in 2011. The company's output reached 48 million carats in 2008, but fell by 49 percent to 24.6 million in 2009 as a result of the slump in demand. This year, the company's production is expected to rise to about 30 million carats.





Rapaport Weekly Broadcast

The Jewelry Consumer Opinion Council's (JCOC) results from its "When Will You Purchase Again?" study did not uncover any real change in terms of consumers' reduced spending on nonessential products. However, JCOC asked consumers to select products they will buy when they start spending again and results give products that will compete with jewelry. The survey also found that personal debt worried consumers more in 2010, whereas "the economy" in general was of great concern in 2009. The Gallup Organization confirmed some of JCOC's conclusions, as well. Although U.S. chain-store sales rose 5.5 percent this past week spending patterns just have not changed much in the past 12 months, as consumers continue to worry about their finances, the economy and the current lack of jobs. WATCH NOW










RETAIL


Amazon's 1Q Sales +46%

First-quarter sales at Amazon.com rose 46 percent to $7.13 billion, while the online retailer's cost of sales was up by 47 percent to $5.5 billion. The company benefited from a $185 million foreign exchange rate gain as its net income jumped 68 percent to $299 million. Amazon's sales across North America rose 47 percent to $3.78 billion year over year, while sales for its international segment rose 45 percent to $3.35 billion during the first quarter. Founder Jeff Bezos said the online mega-retailer remained "heads-down focused on customers" and that its sales of web services have continued to accelerate.





Christie's Dubai Sale Nets $8.6M

Christie's reported that its jewels auction in Dubai realized a total of $8,589,250 and was 72 percent sold by lot. The top lot was a 17.71-carat, D, VVS2 rectangular diamond ring by J.Roca, which sold for $1,345,500 or $75,974 per carat, followed by a 26.61-carat, rectangular, fancy intense yellow diamond ring that sold for $722,500.






Charles & Colvard 1Q Sales +15%

Charles & Colvard's sales rose by 15 percent to $2.9 million in the first quarter, while the company also managed to reduce its total costs and expenses by 28 percent to $2.7 million. Charles & Colvard reported net income of $298,385, compared with the loss of $1.3 million it posted one year ago. The company had $2.79 million in cash on hand and $5.05 million in liquid, long-term investments at the end of the quarter.

Total inventory, including long-term and consignment inventory, stood at $38.49 million, down from $39.13 million at the end of fiscal 2009. Charles & Colvard purchased $289,000 of raw material during the quarter.





Wealthy U.S. Shoppers Pick Blancpain

The Luxury Institute found that high-net-worth U.S. consumers, or those with weighted average household incomes of $845,000 and average investable assets of $16.6 million, rated Blancpain the “Best of the Best” among 33 luxury watch brands. Vacheron Constantin took second place and Breguet was ranked third in the survey.

The Luxury Institute also predicted that more watch brands will build their own direct channels to access end consumers in the future instead of relying upon retailers which are "stuck in time." Earlier this month, high-net-worth shoppers chose Graff as the "Best of the Best" jeweler.





Birks Debuts First Diamonds from Victor

Birks in Toronto debuted 100 gems from the Victor mine that were cut and polished by Crossworks Manufacturing in Ontario and ranged in price from about $1,300 to well above the cost of a one-bedroom condo. The diamonds carried a Certificate of Authenticity issued by Ontario. These diamonds will now make their way to Birks' other stores across Canada.

Birks' president, Thomas Adrushkevich, said the company is not charging premium prices for the highly sought-after Ontario, or other locally mined, diamonds. The stones from the Victor mine ensure "a continuous supply," according to the company.






Tiffany Launches Yellow Diamond Collection in Japan

Tiffany & Co. launched a new series of accessories featuring yellow diamonds in Japan and consisting of about 30 items total, including rings and pendants. The company strived to keep the line affordable by using smaller diamonds. The collection's price points begin at about $2,100. Tiffany's sales in Japan are comprised mostly of engagement rings and other wedding-related accessories, so the retailer hopes to tap new demand with this collection.

In other company news, the Tiffany & Co. Foundation recently helped to save Cahuenga Peak in Los Angeles, which happens to be the location of the famous Hollywood sign, by offering a $1 million donation to the cause in February and a matching grant of $500,000 this month. The Trust for Public Land needed $12.5 million before April 30 to buy the property from developers and in a true save-the-day twist, Playboy magazine founder Hugh Hefner donated $900,000 to the campaign, which set Tiffany's grant into motion, as well as one from Aileen Getty. As a result, the necessary funds were raised to save the property from bulldozers forever more.

Tiffany & Co.'s headquarters staff in Manhattan will be consolidated into a single space during the second quarter of 2011 to improve efficiencies and take advantage of a "green" office space available at 200 Fifth Avenue. Tiffany will sublease existing properties through 2015, but anticipates recording expenses of approximately $30 million in the fiscal year that ends in January 2012 due to the related lease obligations, which cannot be cancelled. Tiffany will incur expenses of approximately $20 million in the fiscal year that ends in January 2011 and $5 million for the fiscal year that ends January 2012, based upon the acceleration of property and equipment depreciation and the incremental rents to be incurred during this transition period.










GENERAL


Crossworks to Hold Polished Tender in Toronto

Crossworks Manufacturing will hold its first polished diamond tender May 3-5 for stones originating from the De Beers Canada Victor mine (pictured). Participation is by invitation only and the event will be held at the Diamond Bourse of Canada, which is located in Toronto. The diamonds were polished at Crossworks’ polishing facility in Sudbury and will be accompanied by a Certificate of Origin from the government of Ontario. Crossworks purchases rough through supply agreements with the Diamond Trading Company (DTC) and Rio Tinto. The company began polishing diamonds from the Victor mine in 2009.





'Jewelers That Care' to Award Industry Players

The first Jewelers That Care Awards will be held at the JCK Vegas Show on June 5 at the Venetian Hotel. Jewelers That Care’s mission is to work with the world’s most precious resource: People. Diane Warga-Arias (pictured) will serve as the master of ceremony for the event, where the winners will discuss their projects and offer advice and encouragement to the industry at large. The awards will recognize Hoover & Strong, Columbia Gem House, Lori Bonn Design Inc., Devon Fine Jewelry and Reflective Images Inc.






USKPA Launches Website to Conduct Operations

The United States Kimberley Process Authority (USKPA) launched its new website: www.uskpa.org. The website includes information on how to become a USKPA licensee authorized to use U.S. Kimberley Process Certificates to export rough diamonds from the country. The website will enable current licensees to manage their Kimberley Process Certificates in an efficient manner, to ensure compliance with appropriate U.S. legislation and regulations. The website will allow quicker processing of information, more efficient record keeping and reduction in paperwork. The website will facilitate U.S. Kimberley Process licensing, U.S. Kimberley Process Certificate issuance and record keeping for U.S. government compliance.






Jewelers Mutual Warns of Threat to Alarm Systems

Jewelers Mutual Insurance warned that burglar alarm systems used by jewelry businesses across the U.S. may be affected by a recently announced decrease in Honeywell’s AlarmNet-M radio network. Jewelers Mutual learned that Velocita Wireless, which provides the wireless backbone of Honeywell’s AlarmNet-M radio network, is de-commissioning a portion of its network that transmits one-way and two-way burglar alarm signals. Velocita cautioned that this immediate and significant decrease in their network coverage will affect about a quarter of its service area. Most alarm service providers use this network, even though it is not listed on your alarm service contract agreement.

Jewelers Mutual is working with Underwriters Laboratories (ULI) and alarm industry resources to obtain more information and identify viable alternative options. All jewelry businesses should contact their alarm service company as soon as possible to learn if their individual burglar alarm system is impacted and how their alarm service company plans to address this situation.






NY Dealers Club to Host Seminar on Crime

The New York Diamond Dealers Club has invited members and their associates to a seminar on crime awareness and prevention, May 5 at 3:30 p.m. In light of several major robberies and killings in the industry, Club executives urged members to attend the program to learn important safety measures to guard yourself, your family and the business. Speakers include FBI special agent Daniel McCaffrey and New York City detective Scott Guginsky as well as John Kennedy and Robert Frank of the Jewelers Security Alliance.










MINING


ALROSA Plans 102M Cts by 2012

ALROSA is expecting to recover 102.3 million carats of diamonds before 2012 and forecasted that its rough diamond sales will total $9.56 billion during this period. For further perspective, an average production rate of around 34 million carats per year would be in line with ALROSA's 2009 output. The company recorded sales of $2.2 billion for 2009, indicating that it expects sales to increase by 31 percent to reach its projected average for the next three years.

ALROSA's objective is to boost sales through long-term supply agreements and diversifying into new sales regions. If it is fulfilled, the company's forecast will result in an accumulated net profit of $756 million and expects to decrease its debt by $524 million to $3.1 billion by the close of 2012.





Zimbabwe Update

African Consolidated Resources (ACR) claimed that Zimbabwe’s High Court only dismissed its urgent appeal to prevent the sale of rough from the country's Marange fields, which was counter to the media reporting the court cleared these goods for sale. While the urgent appeal was dismissed, the application for Marange ownership remained on the table. Therefore, ACR contended that any sale of Marange diamonds would constitute the sale of “stolen goods” and that it would consider criminal action to prevent the trade of these stones.

In the wake of the High Court's reported decision, Global Witness warned Zimbabwe that it must not resume exports from Marange without prior permission from the Kimberley Process Certification Scheme (KPCS).

Meanwhile, Zimbabwe's Ministry of Mines and Mining Development once again barred a parliamentary investigative team from touring the Marange fields. The group was scheduled to visit the region to gather evidence following allegations that illegal activity was being conducted there by some governement associates.

Adding its view on the Marange issue, the Zimbabwe Congress of Trade Unions (ZCTU) said that the country's diamond mines must be nationalized because no single entity should exploit rough without offering benefit to the people and therefore, mining companies must accept the 50 or 51 percent local ownership rule that is currently under consideration.






Chávez Proposes Mine Nationalization

Venezuela's President Hugo Chávez proposed nationalizing the environmentally unsafe diamond and gold mining concessions in Bolívar state because gold and diamonds are being exported without taxation. He said that nationalization will help the country recoup its losses from the lack of taxation and end the concessions that are currently damaging its forests and mines.





Debswana Considers Ways to Boost Revenue

Debswana is considering diversifying from diamonds into minerals and/or energy as a means of boosting its revenues, but declined to confirm which areas it would pursue. Debswana owns a colliery that supplies Botswana Power Corporation with coal. The company's sales fell 39 percent to $1.7 billion in 2009 due to the slump in demand for rough diamonds. While the company expects stronger sales in 2010, the level achieved will remain lower than in 2008.










ECONWATCH


For the week ending Apr. 29, 2010:

Apr. 29 Apr. 22 Chng.
$1 = Euro 0.755 0.752 0.003
$1 = Rupee 44.42 44.62 -0.2
$1 = Israel Shekel 3.73 3.74 -0.01
$1 = Rand 7.36 7.46 -0.10
$1 = Canadian Dollar 1.01 1.00 0.01

Precious Metals
Gold $1,167.10 $1,142.00 $25.10
Platinum $1,730.00 $1,741.00 -$11.00

Stock Indexes Chng.
BSE 17,503.47 17,573.99 -70.52 -0.4%
Dow Jones 11,167.32 11,134.29 33.03 0.3%
FTSE 5,617.84 5,665.33 -47.49 -0.8%
Hang Seng 20,778.92 21,454.94 -676.02 -3.2%
S&P 500 1,206.77 1,208.67 -1.90 -0.2%
Yahoo! Jewelry 972.94 999.17 -26.23 -2.6%

USA
Birks & Mayors $0.95 $1.00 -$0.05 -5.0%
Blue Nile $55.31 $56.51 -$1.20 -2.1%
Charles & Colvard $2.31 $1.65 $0.66 40.0%
DGSE Companies $2.60 $2.58 $0.02 0.8%
Fuqi Intl. $11.00 $11.29 -$0.29 -2.6%
JCPenney $31.11 $31.65 -$0.54 -1.7%
Kohl's $56.56 $58.57 -$2.01 -3.4%
LJ Intl. $2.66 $2.74 -$0.08 -2.9%
Macy's $24.68 $24.48 $0.20 0.8%
Man Sang $2.33 $2.19 $0.14 6.4%
Movado Group $13.60 $12.94 $0.66 5.1%
Nordstrom $42.91 $45.34 -$2.43 -5.4%
Saks $10.25 $9.55 $0.70 7.3%
Signet $32.47 $34.03 -$1.56 -4.6%
Sotheby's $35.11 $38.10 -$2.99 -7.8%
Tiffany $49.95 $50.91 -$0.96 -1.9%
Walmart $53.70 $54.49 -$0.79 -1.4%
Zale $3.39 $3.20 $0.19 5.9%

EUROPE
Bulgari €6.34 €6.51 -€0.17 -2.6%
Bijou Brigitte €130.20 €138.20 -€8.00 -5.8%
Damiani €0.94 €0.95 -€0.01 -1.1%
LVMH €86.93 €87.17 -€0.24 -0.3%
PPR €102.00 €109.00 -€7.00 -6.4%
Richemont CHF 40.27 CHF 39.96 CHF 0.31 0.8%
Swatch Group CHF 322.10 CHF 325.50 -CHF 3.40 -1.0%
Theo Fennell (pence) 36.00 37.00 -1.00 -2.7%

INDIA (rupee)
Classic Diamond 23.00 24.60 -1.60 -6.5%
Gitanjali Gems 115.95 119.05 -3.10 -2.6%
Goldiam Intl. 46.60 48.80 -2.20 -4.5%
Rajesh Exports 125.15 131.00 -5.85 -4.5%
Ren. Jewellery 79.35 81.20 -1.85 -2.3%
Su-Raj Diamonds 49.50 51.05 -1.55 -3.0%
Titan 2,111.05 2,049.15 61.90 3.0%
Zodiac JRD 37.40 40.85 -3.45 -8.4%
Suashish Diamonds 229.05 229.95 -0.90 -0.4%

NEW ZEALAND
Michael Hill NZD 0.73 NZD 0.73 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 10.93 CAD 10.09 CAD 0.84 8.3%
Lucara Diamond CAD 0.97 CAD 0.99 -CAD 0.02 -2.0%
Mountain Province CAD 2.65 CAD 2.56 CAD 0.09 3.5%
Peregrine Diamonds CAD 2.50 CAD 2.34 CAD 0.16 6.8%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.86 CAD 0.93 -CAD 0.07 -7.5%
Stornoway Diamond CAD 0.64 CAD 0.66 -CAD 0.02 -3.0%
True North Gems CAD 0.08 CAD 0.10 -CAD 0.02 -15.8%
UK (pence)
African Diamonds 37.25 38.50 -1.3 -3.2%
Anglo American 2,880.00 2,800.00 80.0 2.9%
BHP Billiton 2,089.50 2,098.00 -8.5 -0.4%
Firestone Diamonds 41.50 38.25 3.3 8.5%
Gem Diamonds 290.00 286.00 4.0 1.4%
Gemfields 5.13 5.09 0.0 0.8%
Mwana Africa 10.25 10.35 -0.1 -1.0%
Namakwa Diamonds 35.15 34.00 1.2 3.4%
Petra Diamonds 83.00 80.00 3.0 3.8%
Rio Tinto plc 3,533.00 3,667.00 -134.0 -3.7%
Stellar Diamonds 13.50 14.01 -0.5 -3.6%










INDIA MARKET REPORT
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RAPAPORT NEWS SERVICE | MAY 7, 2010 www.rapaport.com | news@rapaport.com


Industry Retail Mining General EconWatch India Jobs


RapUp May 7, 2010


European financial crisis expected to reduce consumer demand and increase investor demand as euro deteriorates. Global diamond trade improving with strong activity in cutting centers. Discounts narrow amid reduced availability and high rough prices. Indian market hot for inexpensive pique goods up to 1 ct. Prices for smaller under the carat certs improving but discounts remain relatively high. Caraters firming. Large 3ct+ stone prices increase significantly with fine large XXX approaching list. Blue Nile 1Q sales +19% to $74m and profit +23% to $2.4m. Birks & Mayors 4Q sales +29% to $64m, FY10 sales -6% to $255m. India's Titan Industries FY’10 group sales +22% to $1.05b, profits +53% to $56.4m. Hong Kong March precious metals jewelry exports +36% to $353m, imports +87% to $509m. Stellar Diamonds buys full ownership of Sierra Leone Kono mine from Petra Diamonds.


RapNet Data: May 7, 2010

Diamonds 645,534

Value $4,127,787,424

Carats 733,135

Average Discount -30.45%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


May
10-14
Mon-Fri

Rapaport Tender Auctions
New York

Melee Tender
Approximately 20,000 cts of polished round and fancy diamonds ranging in size from -2.5 sieve plate to 1ct +. Qualities vary from commercial to very fine including some breakout assortments. Excellent buying opportunity for diamond and jewelry manufacturers.

Viewing by Appointment Only
Please note this tender closes at 2 p.m. May 14

Contact: Jackie Tan
Email: auctions@rapaport.com
Phone: 1-212-354-9800 ext. 8534


June
6
Sun
Rapaport Conference at JCK Vegas 2010
New Date - Sunday, June 6
Marcello Ballroom
Venetian Hotel, Level 4

Rapaport Breakfast:
"The Diamond Decade: New Opportunities"
Martin Rapaport Presentation
8:00 a.m. - 10:00 a.m.

Diamond Certification Conference
12:00 p.m.- 2:00 p.m.

Fair Trade Jewelry Conference
2:00 p.m. - 4:30 p.m.

The Rapaport Conference is free and open to all.
To register e-mail: conference@diamonds.net
or call +1-702-893-9400





QUOTE OF THE WEEK:
The latest [Luxury Consumption Index] shows that ultra-affluents [incomes above $250,000] are spending at pre-recession levels, while the aspirational consumers [incomes $100,000 to $249,999] are holding back. But even with their exuberant amounts of spending, the ultra-affluents can't sustain recovery in the luxury market alone. In order to generate real growth in the luxury market, marketers and retailers are going to have to entice the aspirationals back into spending.

Pam Danziger | President of Unity Marketing






INDUSTRY


Hong Kong Bans Rough From Cote d'Ivoire


The Diamond Federation of Hong Kong, China Ltd. (DFHK) informed the diamond trade that importing rough from Cote d'Ivoire was prohibited. The rough trade ban was approved on April 30 and is set to expire at midnight on October 31, 2010. Those in Hong Kong who do not follow this regulation face "substantial penalties, which may amount, in some cases, lead to imprisonment for seven years and/or a fine."

The UN Security Council (UNSC) has also upheld long-running diamond sanctions on Cote d'Ivoire through October, at which time the world body will again review this diamond embargo.

Stay informed on trade issues in Hong Kong by visiting DFHK's website.






Rapaport Weekly Broadcast

Buxbaum Jewelry Advisors has learned important lessons during the recession: Consumers are still buying jewelry, just with greatly reduced budgets, and that struggling retailers can certainly turn around their businesses instead of going out of business. One size does not fit all, certainly, but the key to success involves flexibility, strategic promotions and growing brand appeal across a broader spectrum of the marketplace. WATCH NOW.









RETAIL


Blue Nile 1Q Revenue +19%


Blue Nile's first-quarter sales rose 19 percent to $74.1 million, this increase was compared with an 11 percent drop one year ago. Cost of sales rose 18.5 percent to $58.3 million. Profits for the quarter improved 23 percent to $2.4 million. International sales grew 71.4 percent to $9.6 million, but excluding the impact from changes in foreign exchange rates, international sales increased 51.8 percent. This means that sales in the U.S. came to $64.5 million, an increase of 14 percent. Gross profit improved 10 basis points to 21.3 percent compared with 21.2 percent for the first quarter of 2009.







Titan's Fiscal-Year Sales +22%

Titan Industries' fiscal-year net sales rose 22 percent year over year to $1.05 billion (INR 46.77 billion), with jewelry sales up 27 percent to $786 million and watch sales increasing by 13 percent to $230.9 million. The group noted that its watch and jewelry segments also benefited from a good wedding season in the first quarter.

Titan cut its expenses by 22 percent to $973.8 million for the year, while its net profits jumped 53 percent year over year to $56.4 million. The retailer added 52 stores during the fiscal year, bringing its store total to 539.





Finlay Posts $2M Loss for March


Finlay Enterprises posted a net loss of $2.4 million in March 2010, the most recent month that the company provided operational data to bankruptcy court. Cash from liquidation sales totaled $12.2 million for the month. Since filing for Chapter 11 in August, Finlay has collected $273.9 million in merchandise sales and reported a net loss of $97.7 million.







Birks & Mayors' Fiscal-Year Sales Drop 6%

Birks & Mayors' fiscal-year sales fell by 6 percent to $255.1 million, with its comparable-store sales down by the same percentage. The company's comparable-store sales in the U.S. dropped 12 percent, while in Canada, they decreased by just 1 percent. Birks & Mayors forecasted a net loss of between $18 million and $20 million for the year.





Kristall's Profits Fall 44%


Kristall's profits fell by 44 percent in 2009 to $302,420 as its debt costs mounted and the company imported more rough during the year. ALROSA, the company's main supplier, did not sell goods in the first half of 2009, so Kristall had to import to keep up with polished demand. The company's polished sales rose slightly to $263.5 million, with 0.7 percent of goods being sold domestically, 13.5 percent was sold to Israel, 11.2 percent went to the United Arab Emirates (UAE), 8.6 percent was sold to the U.S., 4.6 percent to Hong Kong and 3.7 percent to Belgium. Kristall's inventory shrank by 56 percent to $51 million for the year.







Sotheby's Revenue Rises 89% in 1Q


Sotheby's revenue rose by 89 percent to $101.9 million in the first quarter, while its expenses fell by 15 percent to $94 million. The company reported a net loss of $2.2 million, compared with the loss of $35 million it posted one year ago.







Zale's Goal Within Reach


Zale announced in February that it had a 90-day window during which to secure as much as $150 million in new equity. Now, according to insiders, that goal is within reach and the company's plans could be made public next week. The insiders have suggested that Golden Gate Capital will secure the funds and gain two seats on Zale's board. Meanwhile, Zale was given a four-week extension by Citibank to pay a $6 million penalty while the two negotiate new credit-card-service arrangements.







Hong Kong's 1Q Jewelry Imports +53%

Hong Kong’s precious metal jewelry imports increased by 53 percent to $1.29 billion during the first quarter. Meanwhile, the country’s precious metal jewelry exports grew by 29 percent to $885 million for the quarter. Domestic exports were up by 34 percent to $195 million, while re-exports rose 27 percent to $690 million.





Luxury Goods Sales, Prices Remain Strong

MasterCard Advisors’ SpendingPulse provided data on retail sales in the U.S. for April and concluded that overall, the results were mixed. Sales for the luxury goods category, however, again enjoyed easy year-over-year comparisons and very strong price increases, with the Price Index being up 10.6 percent. Luxury good sales increased by 15.5 percent compared with April 2009.

Across retail chain-stores in the U.S., sales in April on a same-store basis rose 0.8 percent, slightly ahead of earlier predictions, according to the International Council of Shopping Centers (ICSC). When combining March and April figures to reflect Easter spending, the increase was 4.9 percent, to which ICSC called "likely above what will be sustainable for the year."





Retailers Must Entice Affluents to Spend


Unity Marketing's latest research on affluent consumers' shopping habits found that important structural changes are taking place in that consumer confidence is split according to income. Those with incomes of $250,000 or more, who are known as "ultra-affluents," increased their spending on luxury goods by 22.6 percent between the fourth quarter of 2009 and the first quarter of 2010, while the lower-income, "aspirational" affluents with incomes between $100,000 and $249,999 increased their spending by just 1.9 percent.

Since aspirational affluents comprise 21 million households in the U.S., Unity Marketing warned luxury marketers and retailers that they must entice these shoppers to spend because ultra-affluents cannot sustain the retail recovery alone. Unity also found that 78 percent of affluents felt the U.S. is still in a recession.











GENERAL


London Robbers Strike Tiffany and De Beers


Ten masked men raided boutiques of Tiffany & Co. and De Beers after hours in London's Westfield shopping center on Tuesday. The exact value of the goods stolen from the stores was not confirmed; however, estimates range from hundreds of thousands of dollars to $4 million. Thieves entered the shopping center through an unlocked fire exit door and then smashed the boutique windows with sledgehammers to gain entry and stole diamonds, jewelry and watches. The gang was in and out of the jewelry stores in 90 seconds.

Westfield was said to have the most sophisticated security in Europe, including motion alarms, CCTV, automatic plate recognition on parked cars and holding cells.







IDB Continues With Mission


The International Diamond Board (IDB) is still intact, but its generic marketing initiative is being developed without one of its founding members, ALROSA. Regular meetings are taking place between the three remaining members, however: De Beers, Rio Tinto and BHP Billiton. The concept of an industry-wide, generic marketing body was initiated by ALROSA in July 2008, but the mining giant withdrew its participation after implementing a change to its senior management team.







WDC Opens Registration for St. Petersburg


The World Diamond Council (WDC) opened registration for its seventh annual meeting, which will be held in St. Petersburg, Russia on July 14 and 15. The annual WDC meeting will begin with committee working sessions on July 14. The official opening will take place on the morning of July 15 and be immediately followed by the WDC Plenary.

Boaz Hirsch, the current chair of the Kimberley Process (KP), will be the keynote speaker. The meeting will commence the day after the conclusion of the World Diamond Congress of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), which is taking place in Moscow.







Industry Movers and Shakers


Jewelry style expert Michael O'Connor will be expanding co-marketing opportunities for Couture with other luxury brands across a variety of disciplines. Gem expert Gary Roskin will teach Gem-A's introductory foundation lab class at New York's Fashion Institute of Technology (FIT) on May 15 and May 16.

The World of Gems Conference II announced the following speakers for its October conference: James Shigley, Shane McClure, Elizabeth Strack, John Emmett, Christopher Smith, Jon Philips, Diane Flora and Michael Evers.

The JCK Vegas educational panel, titled "Diamond Dialogue — the Kimberley Process and Consumer Confidence," will be held on June 3 and feature Eli Izhakoff, Brad Brooks-Rubin, Matt Runci, Cecilia Gardner, Noora Jamsheer, John Hall and Dorothee Gizenga.











MINING


De Beers to Reduce Staff at Finsch

De Beers Consolidated Mines plans to reorganize operations at its Finsch diamond mine in South Africa, noting that its operating costs are on the increase as declines in diamond prices continue. The reorganization will also translate into a headcount reduction of 350. The Finsch mine employs 903 people, according to De Beers. The company's operations in South Africa have also been impacted by a strong rand against the dollar, which reduces influx of local currency for the mine.





FLO, ARM Approve Fair Trade Gold Standard


The Fair Trade Labelling Organizations International (FLO) and the Alliance for Responsible Mining (ARM) developed the first-ever, third-party independent certification for gold to bring about social, environmental and economic development in artisanal and small-scale mining communities. This partnership enables both organizations to meet shared strategic objectives, creating a system designed to ensure that artisanal and small-scale miners can earn better prices for their gold. The partnership will be indicated on the products via a co-labeling hallmark that utilizes both the "FAIRTRADE" and "FAIRMINED" hallmarks.







De Beers Spends $292M in North Canada


De Beers Canada spent $292 million on goods and services for its Snap Lake and Victor mine operations in 2009. The company spent $152 million on service contracts for Snap Lake, 74 percent of which was supplied by northern businesses and 51 percent of which was provided by aboriginal suppliers. At Victor, pictured, De Beers spent $119 million on goods and services, with 32 percent of this total supplied by aboriginal businesses. De Beers Canada contributed $3.7 million in corporate social investments for education, youth literacy and capacity-building for the year.











ECONWATCH


For the week ending May 6, 2010:

May. 6 Apr. 29 Chng.
$1 = Euro 0.785 0.755 0.030
$1 = Rupee 45.37 44.42 0.9
$1 = Israel Shekel 3.78 3.73 0.05
$1 = Rand 7.67 7.36 0.31
$1 = Canadian Dollar 1.03 1.01 0.02

Precious Metals
Gold $1,207.80 $1,167.10 $40.70
Platinum $1,649.00 $1,730.00 -$81.00

Stock Indexes Chng.
BSE 16,987.53 17,503.47 -515.94 -2.9%
Dow Jones 10,517.98 11,167.32 -649.34 -5.8%
FTSE 5,260.99 5,617.84 -356.85 -6.4%
Hang Seng 20,133.41 20,778.92 -645.51 -3.1%
S&P 500 1,127.77 1,206.77 -79.00 -6.5%
Yahoo! Jewelry 882.59 972.94 -90.35 -9.3%

USA
Birks & Mayors $1.70 $0.95 $0.75 78.9%
Blue Nile $51.11 $55.31 -$4.20 -7.6%
Charles & Colvard $2.43 $2.31 $0.12 5.2%
DGSE Companies $2.42 $2.60 -$0.18 -6.9%
Fuqi Intl. $9.60 $11.00 -$1.40 -12.7%
JCPenney $28.12 $31.11 -$2.99 -9.6%
Kohl's $54.87 $56.56 -$1.69 -3.0%
LJ Intl. $2.42 $2.66 -$0.24 -9.0%
Macy's $22.62 $24.68 -$2.06 -8.3%
Man Sang $1.97 $2.33 -$0.36 -15.5%
Movado Group $11.79 $13.60 -$1.81 -13.3%
Nordstrom $40.98 $42.91 -$1.93 -4.5%
Saks $9.00 $10.25 -$1.25 -12.2%
Signet $30.42 $32.47 -$2.05 -6.3%
Sotheby's $33.61 $35.11 -$1.50 -4.3%
Tiffany $45.27 $49.95 -$4.68 -9.4%
Walmart $53.52 $53.70 -$0.18 -0.3%
Zale $2.64 $3.39 -$0.75 -22.1%

EUROPE
Bulgari €6.06 €6.34 -€0.28 -4.4%
Bijou Brigitte €117.50 €130.20 -€12.70 -9.8%
Damiani €0.87 €0.94 -€0.07 -7.4%
LVMH €83.66 €86.93 -€3.27 -3.8%
PPR €98.43 €102.00 -€3.57 -3.5%
Richemont CHF 37.92 CHF 40.27 -CHF 2.35 -5.8%
Swatch Group CHF 304.60 CHF 322.10 -CHF 17.50 -5.4%
Theo Fennell (pence) 36.00 36.00 0.00 0.0%

INDIA (rupee)
Classic Diamond 22.15 23.00 -0.85 -3.7%
Gitanjali Gems 113.20 115.95 -2.75 -2.4%
Goldiam Intl. 43.15 46.60 -3.45 -7.4%
Rajesh Exports 122.50 125.15 -2.65 -2.1%
Ren. Jewellery 88.50 79.35 9.15 11.5%
Su-Raj Diamonds 48.55 49.50 -0.95 -1.9%
Titan 2,170.60 2,111.05 59.55 2.8%
Zodiac JRD 33.55 37.40 -3.85 -10.3%
Suashish Diamonds 253.50 229.05 24.45 10.7%

NEW ZEALAND
Michael Hill NZD 0.73 NZD 0.73 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 11.50 CAD 10.93 CAD 0.57 5.2%
Lucara Diamond CAD 0.86 CAD 0.97 -CAD 0.11 -11.3%
Mountain Province CAD 2.50 CAD 2.65 -CAD 0.15 -5.7%
Peregrine Diamonds CAD 2.27 CAD 2.50 -CAD 0.23 -9.2%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.80 CAD 0.86 -CAD 0.06 -7.0%
Stornoway Diamond CAD 0.59 CAD 0.64 -CAD 0.05 -7.8%
True North Gems CAD 0.08 CAD 0.08 CAD 0.00 0.0%
UK (pence)
African Diamonds 35.20 37.25 -2.1 -5.5%
Anglo American 2,545.50 2,880.00 -334.5 -11.6%
BHP Billiton 1,872.50 2,089.50 -217.0 -10.4%
Firestone Diamonds 40.00 41.50 -1.5 -3.6%
Gem Diamonds 280.00 290.00 -10.0 -3.4%
Gemfields 5.01 5.13 -0.1 -2.3%
Mwana Africa 9.12 10.25 -1.1 -11.0%
Namakwa Diamonds 36.50 35.15 1.4 3.8%
Petra Diamonds 79.25 83.00 -3.8 -4.5%
Rio Tinto plc 3,106.50 3,533.00 -426.5 -12.1%
Stellar Diamonds 13.93 13.50 0.4 3.2%
_______________
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Registrovaný uživatel
GIA identifikuje karát-plus CVD syntetický diamant hruškovitého tvaru.
10.05.2010


To G-farebný CVD syntetického diamantu, skontroloval gemologického inštitút Ameriky, váži 1,05 karátov. Fotografie: Jian Xin "Jae" Liao


New York - Prvýkrát, gemologický inštitút (GIA), americký New York laboratórium určilo blízko-bezfarebný, chemicky (CVD)-pestovaný diamant, ktorý váži viac ako karát.

Podľa autora Wuyi Wang a Kyaw SOE Moe v májovom čísle GIA Drahokamy a Gemologie Mesačný e-bulletin "eBrief", 1.05-karát, hruškovitý kameň bol predložený do laboratória pre triedenie a bol farebný hodnotených ako ekvivalent k "G." Okrem určenia inklúzie, kameň obsahoval niektoré pierrka a inkluzie po pás a jej jasnosť stupeňa bol ekvivalent k "I1".

"Je zrejmé, CVD syntetické diamanty majú lepšiu kvalitu a veľkosť sú vyrábané techniky a budú sa naďalej zlepšovať," uzatvára správa GIA.

Kým karát-plus laboratórne-pestované farebné diamanty boli k dispozícii už dlhšiu dobu, majú spoločnosti, ako je Boston-založené Apollo Diamond, sa nedostavil no mali rovnakú veľkosť úspechu s rozvojom väčších veľkostí bezfarebných a -colorless diamantmi, a to najmenej až do súčasnosti. Newsletter ; sa nevzťahuje povinosť zverejniť pôvod tohto konkrétneho CVD-pestovaného diamantu.

Okrem zisťovania farby a jasnosti, GIA poznamenáva, že žiadna fluorescencia nebola spozorovaná, keď bol kameň vystavený konvenčnému dlhému UV žiareniu, eBrief . Infračervené absorpčné spektrum ukázalo, že diamant bol vzorka typu IIa.

Snímky urobené DiamondView, ktoré používa silné ultra krátke-žiarenia, ukázali silné oranžovo-červené fluorescencie s niektorými nepravidelne tvarovanými oblastami modrej fluorescencie.

Zdroj ;Americký zlatnícky denník ;)
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RAPAPORT NEWS SERVICE | MAY 14, 2010 www.rapaport.com | news@rapaport.com


Retail Mining General Stats EconWatch India Jobs


RapUp May 14, 2010


Gold hits new high ($1,249.60/oz) with investors seeking safe haven from European financial crisis. Polished diamond traders gain confidence as prices firm and manufacturing increases. Rough premiums rise. Sotheby’s sells $54m at Geneva jewelry auction (87.9% by lot) with cushion-shape, 7.64-ct, fancy intense blue diamond ring fetching $8m ($1.1m/ct). Bulgari 1Q jewelry & watch sales +11% to $112m. Gem Diamonds 1Q sales +11% to $43m, Letseng mine April tender achieves average $2,002/ct. Zale secures loan and new bank facilities, lowers debt to $160m. U.S. March polished imports +86% to $1.6b, polished exports +68% to $1.2b. Israel’s April polished exports +417% to $483m. Japan’s 1Q polished imports flat at $174m. Botswana 1Q diamond exports +101% to $477m. DTC Botswana appoints G. Gabaake to replace Varda Shine as chairman.


RapNet Data: May 14, 2010

Diamonds 643,283

Value $4,235,817,191

Carats 738,753

Average Discount -31.06%






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ANNOUNCEMENTS


May
19-20
Wed-Thu
Shavuot Holiday

The Rapaport Price List will not be published on May 21 and Rapaport offices will be closed Wednesday and Thursday (May 19-20) due to the Jewish Holiday of Shavuot.

June
4-10
Fri-Thu

Rapaport Polished Diamond Tender Auction
at the JCK Las Vegas Show

Certified and non-certified diamonds. Single stone lots.
0.50 ct. to 5.00 ct, broad range of shapes and qualities.


The auction opens Friday June 4 at the JCK Vegas show and ends 5 p.m., June 10, at Rapaport New York office.

Viewing at the show: Rapaport Booth 3080, upper level.

Buyers: For appointment and bidder registration contact Rapaport New York Email: auctions@diamonds.net Tel: +1-212-354-9800.

Motivated sellers are invited to submit diamonds at cash prices. Deadline for delivering diamonds: Thursday May 27. Contact Myles Schakler at Rapaport New York for information.


June
6
Sun
Rapaport Breakfast and Conference Schedule
New Date - Sunday, June 6
Marcello Ballroom
Venetian Hotel, Level 4

Rapaport Breakfast 8 a.m. - 10 a.m.

Martin Rapaport keynote address: "The Diamond Decade: New Opportunities"

Find out what is really going in the diamond industry. Transform change and challenge into opportunity.

Diamond Certification Conference 12 p.m. - 2 p.m.

From counterfeits to misleading standards, are certificates being used to mislead consumers? Join the debate and share how standards affect the business.

Fair Trade Jewelry Conference 2 p.m. - 4:30 p.m.

Join an open debate on the rapidly expanding wave of socially responsible jewelers who are promoting a fair and more ethical industry.

The Rapaport Conference is free and open to all.
To register e-mail: conference@diamonds.net
or call +1-702-893-9400


June
14-17
Mon-Thu
Rapaport Pawn Shop Tender Auction
in New York

Over 35,000 carats of small to medium size diamonds in parcels.

Viewing by appointment only.

Contact: auctions@diamonds.net +1-212-354-9800





QUOTE OF THE WEEK:
I think [gold] is trying to take another bet at $1,250 again. There's always the question of a loss of confidence in paper currencies when governments have such big deficits. This loss of confidence will definitely be there to stay.

Wong Eng Soon | Phillip Futures, Singapore






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com. Visit us at the JCK Show Booth 3080.









RETAIL


Rapaport Weekly Broadcast

WATCH NOW: Gold maintains a record run. LPGA pro Cristie Kerr (pictured) partners with Kwiat on a diamond jewelry line to benefit “Birdies for Breast Cancer.” The partnership was celebrated in Manhattan at Kwiat's Madison Avenue boutique. Sotheby's Geneva sells two remarkable diamonds, a 7.64-carat fancy intense blue diamond ring for $8 million; and an emerald-cut, 52.82-carat diamond for nearly as much. U.S. weekly chain store sales and Macy's quarterly sales reflect low single-digit increases.





Bulgari Posts $11M Loss

Bulgari Group narrowed its losses to $10.6 million (EUR 8.3 million) for the three months that ended on March 31, 2010, compared with the loss of $37.3 million (EUR 29.3 million) it posted for the previous year. The company reports its financial data in euros, but in dollars, Bulgari's revenues rose 12 percent to $253.4 million during the quarter as its jewelry sales increased by 10.6 percent to $112.2 million. Watch sales fell 1.4 percent to $52.8 million. Bulgari lowered its operating costs by 7 percent and reduced its advertising and promotional expenses by 9 percent during the quarter.






LJ Intl.'s Revenue +18%

LJ International reported that its revenue rose 18 percent to $26.9 million during the first quarter of 2010 as its cost of goods increased by 13 percent to $15.7 million. The company reported a net income of $1.9 million against the $129,000 it posted one year ago. Revenue increased due, in part, to a 38 percent jump in sales at the company's ENZO jewelry stores in China, Hong Kong and Macau. ENZO revenue in the first quarter totaled $16.4 million. Meanwhile, LJ International's same-store sales were up 14 percent.

Wholesale operations registered a drop of 3 percent in sales to $10.4 million during the period. While LJ International reported that retail is the company's primary avenue of growth, they also expect wholesale revenues to reflect a healthy increase in the coming quarters.






Berkshire's Retail Sales +3%

Berkshire Hathaway's retail segment sales, which include sales registered at Borsheim’s Jewelry, Helzberg Diamonds and Ben Bridge Jeweler, rose 3 percent to $675 million in the first quarter of 2010. The segments' combined pre-tax retail earnings doubled from the first quarter of 2009 to total $32 million for the first quarter of 2010. Berkshire Hathaway's group revenues rose 41 percent to $32 billion in the first quarter, while its net earnings increased to $3.8 billion against the loss of $1.5 billion it recorded one year ago.






Damas Encounters Delay on Repayment

Damas says it is taking longer than expected to recover unauthorized funds withdrawn by the Abdullah brothers. This delay in payments does not constitute a default on its agreement with the brothers, however; the $55 million originally due on April 30 will instead be carried forward. In 2009, Tawhid Abdulla was forced to resign from Damas for conducting “unauthorized transactions” valued at approximately $165 million. The two parties reached a repayment agreement in November.






Zale Reaches Financing Goal

Zale secured a new $150 million, five-year, senior-secured-term loan from Golden Gate Capital. The lender will receive the interest and fees that accrue on the Golden Gate Capital loan and warrants in order to purchase common stock aggregating a 25 percent equity interest in Zale on a fully diluted basis, once the necessary shareholder approvals are obtained.

Zale also closed on a new bank credit facility that amended and extended its existing, asset-backed credit facility. The credit facility aggregates commitments of $650 million, including a $108 million seasonal adjustment. Zale's previous credit facility totaled $600 million, including a $100 million seasonal adjustment. After applying Golden Gate Capital's loan to the repayment of outstanding indebtedness under its existing bank facility, Zale expects to have approximately $160 million in outstanding indebtedness and available liquidity of approximately $250 million.






Asprey Cufflinks to Benefit EPCC

Actors Brad Pitt and Angelina Jolie partnered with retailer Asprey to create a limited-edition "Protector" collection of cufflinks. The white-gold, snake-motif links feature black diamonds and retail for $10,000. Proceeds from the sale of these cufflinks will benefit the Education Partnership for Children of Conflict (EPCC), a charitable trust co-founded by Jolie.









GENERAL


Lazare Kaplan's Audit Stalls

Lazare Kaplan was informed by insurers and underwriters that its request for payment on certain claims was being denied at this time. The underwriters' decision did not require Lazare Kaplan to return an interim payment of $28 million or the company's "sue and labor" costs and expenses, which were previously paid.

Given this development, Lazare Kaplan was unable to resolve the "material uncertainties" that it said had prevented it from completing an audit of its 2009 fiscal-year financial statements or the unaudited financial statements for the subsequent interim periods.






Christie's Jewels Sale in Geneva Totals $34M

Christie's Geneva spring jewelry sale generated $33.9 million, with signed period jewels proving to be the most popular items with bidders. The top lot (pictured) was a rectangular-cut, 40.21-carat, D, flawless diamond ring that sold for $5,129,100. A circular-cut diamond riviere with a total carat weight of 155.17 sold for $4,725,900, well above its high presale estimate of $2.4 million. The top lot at Christie's watch sale was a gold Patek Philippe Perpetual Calendar chronograph wristwatch with moon phases that sold for $5,708,833.






Antwerp Diamond Bank Reports Loss

The Antwerp Diamond Bank (ADB) reported a net loss of $15.3 million (EUR 12 million) for 2009, compared with the profit of $37.9 million (EUR 29.7 million) it recorded one year ago. The bank's balance sheet shrank by 24 percent to $1.66 billion, reflecting the contraction of activity within the diamond industry. The bank also took on a debtors' impairment charge of $68.9 million.





Shrenuj Opens Facility in Gaborone

Shrenuj Botswana inaugurated its diamond-cutting and polishing factory in Gaborone and also announced plans to establish a jewelry manufacturing facility in Botswana by September. The company currently employs 151 people at the facility, which has the capacity to employ about 230 people. The 15,000-square-foot factory has the capacity to process approximately $100 million worth of rough per year. Shrenuj also has a small factory in Israel. Its main manufacturing operations are based in Surat.






HRD Partners With Women's University

HRD Antwerp signed a cooperation agreement with the Jasani department of jewelry design and manufacturing at S.N.D.T. Women's University in India to conduct a diamond-grading course and a basic gemology course there. Students will receive a joint diploma issued by S.N.D.T. and HRD Antwerp certifying their diamond-grading skills as meeting qualified "diamond grader" benchmarks and their basic gemology knowledge, both of which are required by any designer or jewelry professional wishing to develop his or her skills.






Gabaake Replaces Shine as DTCB Chair

The Diamond Trading Company Botswana (DTCB) appointed Gabaake G. Gabaake to replace Varda Shine as chair. Gabaake is currently the permanent secretary in Botswana's Ministry of Minerals, Energy and Water Resources. Shine is managing director of the Diamond Trading Company (DTC), the De Beers subsidiary that owns 50 percent of DTCB in partnership with the Botswana government.






Friedman Passes Away in L.A.

Maximilian E. Friedman of Los Angeles passed away May 2, 2010, shortly after having just celebrated his 93rd birthday. As a young man, Friedman lived in Antwerp and was trained in diamond cutting. He escaped Belgium in 1937 and came to New York City to begin a new life. He founded his own business, Maximilian E. Friedman Co., in 1944 and traveled the U.S. for many years. But in the mid-1960s, he decided to relocated his family and business to California.









STATS


Israel Apr. Imports & Exports

Apr. '10 YTD '10
$Mil Chng. $Mil Chng.
Polished Exports $483 417% $1,940 88%
Polished Imports NA NA NA NA
Net Exports NA NA NA NA

Rough Imports NA NA NA NA
Rough Exports $232 114% $1,060 145%
Net Imports NA NA NA NA

Net Diamond Acct. $158 $696 45%






U.S. Mar. Imports & Exports

Mar. '10 YTD '10
$Mil Chng. $Mil Chng.
Polished Imports $1,555 86% $4,079 73%
Polished Exports $1,219 68% $3,094 55%
Net Imports $336 203% $985 171%

Rough Imports $45 137% $121 210%
Rough Exports $20 82% $52 63%
Net Imports $25 213% $69 886%

Net Diamond Acct. $361 203% $1,054 184%






Botswana's 1Q Diamond Exports

Botswana's diamond exports rose 101 percent to $477 million during the first quarter of 2010. Preliminary export statistics compiled by the Bank of Botswana revealed that January's exports were nearly $253 million, but February's exports were lower at $172 million. March was the weakest month with exports of only $53 million. Gold exports for first quarter 2010 rose 87 percent to $13.3 million.





Japan's 1Q Polished Imports

Japan’s first quarter polished diamond imports remained flat at $174 million. Polished imports from Hong Kong rose 17.6 percent to $17.2 million, while those from all other supply countries fell. Imports from India dropped 9 percent to $73 million, from Belgium they declined 27.7 percent to $41.8 million, and from Israel they decreased 14.6 percent to $20.1 million.









MINING


Gem 1Q Sales Rise on Strong Prices

Gem Diamonds rough sales rose 11 percent to $42.9 million in the first quarter of 2010 in part due to strong prices. The mining company observed that consumer demand for goods had improved and positively impacted polished prices; however, price increases for finished goods have not risen as sharply as they have for rough diamonds.

The average price per carat from Letseng diamonds rose 72 percent to $1,753. Letseng’s April tender achieved an average price of $2,002 per carat. Production from the mine fell 6 percent to 20,507 carats. Gem Diamonds ended the quarter with $88.5 million in cash and no debt.






IGE 1Q Loss Jumps to $3M

IGE Resources closed its first fiscal quarter with a loss of $2.85 million (SEK 21.7 million or SEK 0.03 per share), compared with the loss of $696,000 (SEK 5.3 million) it posted one year ago. The company doesn't report in dollars, but it spent $1.5 million to buy diamond operations from Pangea DiamondFields and took a loss of $643,000 from the sale of exploration permits.

IGE further reported that it had reached an agreement with ENDIAMA to move toward production at the Luxinge diamond project. IGE Resources' portfolio includes exploration for diamonds, gold and nickel.






Afri-Can Recovers Samples from Block J

Afri-Can Marine recovered 112 diamonds, average size 0.17 carats, from its Block J excavation program in Namibia. The two largest diamonds weighed 0.52 and 0.50 carats. The aim of sample program was to delineate diamond resources on Block J in compliance with National Instrument 43-101. Afri-Can holds a 70 percent interest in Block J through a joint venture agreement with the licensee Woduna Mining Holdings.






Trans Hex Receives New License

Trans Hex received a mining license to operate its Luana concession in Angola. The junior explorer owns 33 percent stake in the project. Pilot production is underway. Its Luarica and Fucauma operations in Angola remain on care and maintenance.










ECONWATCH


For the week ending May 13, 2010:

May. 13 May. 6 Chng.
$1 = Euro 0.796 0.785 0.011
$1 = Rupee 45.03 45.37 -0.3
$1 = Israel Shekel 3.75 3.78 -0.03
$1 = Rand 7.47 7.67 -0.20
$1 = Canadian Dollar 1.02 1.03 -0.01

Precious Metals
Gold $1,232.90 $1,207.80 $25.10
Platinum $1,735.00 $1,649.00 $86.00

Stock Indexes Chng.
BSE 17,265.87 16,987.53 278.34 1.6%
Dow Jones 10,782.95 10,517.98 264.97 2.5%
FTSE 5,433.73 5,260.99 172.74 3.3%
Hang Seng 20,422.46 20,133.41 289.05 1.4%
S&P 500 1,157.43 1,127.77 29.66 2.6%
Yahoo! Jewelry 927.25 882.59 44.66 5.1%

USA
Birks & Mayors $1.53 $1.70 -$0.17 -10.0%
Blue Nile $51.66 $51.11 $0.55 1.1%
Charles & Colvard $2.49 $2.43 $0.06 2.5%
DGSE Companies $2.40 $2.42 -$0.02 -0.8%
Fuqi Intl. $10.11 $9.60 $0.51 5.3%
JCPenney $28.34 $28.12 $0.22 0.8%
Kohl's $54.01 $54.87 -$0.86 -1.6%
LJ Intl. $2.78 $2.42 $0.36 14.9%
Macy's $23.54 $22.62 $0.92 4.1%
Man Sang $2.00 $1.97 $0.03 1.5%
Movado Group $12.91 $11.79 $1.12 9.5%
Nordstrom $41.46 $40.98 $0.48 1.2%
Saks $9.48 $9.00 $0.48 5.3%
Signet $32.79 $30.42 $2.37 7.8%
Sotheby's $36.24 $33.61 $2.63 7.8%
Tiffany $46.58 $45.27 $1.31 2.9%
Walmart $52.57 $53.52 -$0.95 -1.8%
Zale $2.98 $2.64 $0.34 12.9%

EUROPE
Bulgari €6.60 €6.06 €0.54 8.9%
Bijou Brigitte €121.30 €117.50 €3.80 3.2%
Damiani €0.87 €0.87 €0.00 0.0%
LVMH €91.65 €83.66 €7.99 9.6%
PPR €105.30 €98.43 €6.87 7.0%
Richemont CHF 41.55 CHF 37.92 CHF 3.63 9.6%
Swatch Group CHF 333.20 CHF 304.60 CHF 28.60 9.4%
Theo Fennell (pence) 35.00 36.00 -1.00 -2.8%

INDIA (rupee)
Classic Diamond 21.25 22.15 -0.90 -4.1%
Gitanjali Gems 112.20 113.20 -1.00 -0.9%
Goldiam Intl. 45.75 43.15 2.60 6.0%
Rajesh Exports 125.05 122.50 2.55 2.1%
Ren. Jewellery 86.35 88.50 -2.15 -2.4%
Su-Raj Diamonds 52.40 48.55 3.85 7.9%
Titan 2,241.35 2,170.60 70.75 3.3%
Zodiac JRD 31.00 33.55 -2.55 -7.6%
Suashish Diamonds 273.40 253.50 19.90 7.9%

NEW ZEALAND
Michael Hill NZD 0.73 NZD 0.73 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 12.72 CAD 11.50 CAD 1.22 10.6%
Lucara Diamond CAD 0.85 CAD 0.86 -CAD 0.01 -1.2%
Mountain Province CAD 2.45 CAD 2.50 -CAD 0.05 -2.0%
Peregrine Diamonds CAD 2.33 CAD 2.27 CAD 0.06 2.6%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.83 CAD 0.80 CAD 0.03 3.7%
Stornoway Diamond CAD 0.59 CAD 0.59 CAD 0.00 0.0%
True North Gems CAD 0.08 CAD 0.08 CAD 0.00 0.0%
UK (pence)
African Diamonds 35.00 35.20 -0.2 -0.6%
Anglo American 2,751.00 2,545.50 205.5 8.1%
BHP Billiton 2,005.50 1,872.50 133.0 7.1%
Firestone Diamonds 38.25 40.00 -1.8 -4.4%
Gem Diamonds 284.00 280.00 4.0 1.4%
Gemfields 5.00 5.01 0.0 -0.2%
Mwana Africa 8.95 9.12 -0.2 -1.9%
Namakwa Diamonds 36.50 36.50 0.0 0.0%
Petra Diamonds 79.25 79.25 0.0 0.0%
Rio Tinto plc 3,360.58 3,106.50 254.1 8.2%
Stellar Diamonds 13.00 13.93 -0.9 -6.7%










INDIA MARKET REPORT
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Registrovaný uživatel
RAPAPORT NEWS SERVICE | JULY 2, 2010


Retail & Wholesale Mining Stats EconWatch India Jobs


RapUp July 2, 2010


Trading centers stable. Buyers at June Hong Kong show edge up on prices but still resist high seller asking prices. Zimbabwe cabinet approves illegal Marange rough sales with KP certificates and government agency says it already sold $23m worth in 2010. Botswana approves rough tenders from AK6 mine. Harry Winston secures $100m credit facility. Lazare Kaplan to be delisted from NYSE. Japan’s May polished imports +3% to $47.4m. New York State establishes $100m mortgage fund for International Gem Tower.


RapNet Data: July 1, 2010

Diamonds 706,397

Value $4,481,037,223

Carats 788,031

Average Discount -30.83%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


July
25-28
Sun-Wed
Rapaport at JA New York Summer Show

Javits Convention Center
Booth 2300
New York, NY USA

Rapaport Contact: Sherri Hendricks
+1-702-893-9400 or email sherri.hendricks@diamonds.net.




QUOTE OF THE WEEK:
The untenable situation in the Marange diamond fields will be part of our intensive discussions during the [34th World Diamond Congress in Moscow]. At this point in time, we can only hope that the government of Zimbabwe will refrain from making any diamond shipments until all parties are in agreement.

Moti Ganz | IDMA president






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Zimbabwe's Mines Minister Pushes Ahead

Zimbabwe mines minister Obert Mpofu claimed that his country's cabinet, as well as Israel and the European Union (EU), approved diamond sales from the country.

"It was clear from the meeting that the cabinet agrees with the immediate sale of our diamonds," he told the state-run Herald newspaper. Zimbabwe's estimated Marange stockpile totals more than 4 million carats worth about $1.7 billion. Mpofu said that he needs to come up with "a mechanism of proceeding with this [sale] process. The mechanism will be transparent and accountable."

The mines minister also claimed that his country had met the minimum Kimberley Process (KP) requirements for diamond exportation and thus would sell rough stones through the Minerals Marketing Corporation of Zimbabwe, as prescribed by the country's mandate, with KP certificates.

Earlier this week, Zimbabwe denied that it was forcing young men and boys to work at the Marange diamond fields, a charge leveled in a U.S. State Department report on human trafficking. The U.S. found that Zimbabwe's security forces had coerced youths into forced labor at the fields. Zimbabwe's Home Affairs Minister, Kembo Mohadi, called the report false, however.

"It's all lies. We are not involved in diamond mining in Chiadzwa," he told the Zimbabwe Independent. "We only have a police post there, just like any diamond mine elsewhere. It's all lies; this is a figment of their own imagination."

The "Trafficking in Persons" 2010 report, published this month, concluded that Zimbabwe had not complied with minimum standards by eliminating the practice. The report said that the country's government must stop utilizing local populations for forced diamond mining.

The U.S. State Department was disappointed that a consensus was not reached on Zimbabwe during the recent KP meeting in Tel Aviv and looked to Zimbabwe to demonstrate progress in implementing the scheme's full compliance requirements. The U.S. State Department strongly opposed any attempts to export Marange diamonds before a consensus was reached.

Given the mines minister's statements, industry members were reminded by World Federation of Diamond Bourses (WFDB) president Avi Paz that they should not purchase diamonds originating from the Marange area until the KP approves these exports. Since export approval has not yet been granted to Zimbabwe, any WFDB member found buying Marange rough will be subject to disciplinary procedures.






Court Upholds EC Ruling on De Beers, ALROSA

The European Union's (EU) Court of Justice upheld a previous ruling forcing De Beers to cease all diamond purchases from ALROSA. After the European Commission (EC) expressed concern that a deal between the two companies could lead to monopolistic practices, De Beers agreed in 2006 to gradually reduce its buying and ceased all purchases from ALROSA in 2008, which the Commission adopted as a regulatory decision. But ALROSA appealed this decision on the grounds that it had not been heard by the court on the matter. The court subsequently dismissed ALROSA’s appeal.





Rapaport Weekly Broadcast

WATCH NOW: Zimbabwe's mines minister made at least two major false statements to his country's press corps following the KP meeting in Tel Aviv one of which caused the World Diamond Council to make it very clear which industry body was ultimately and solely responsible for approving Marange exports. Secondly, nongovernmental organizations (NGOs) had to defend themselves when the minister claimed they had attempted to "extort" export approval by asking for a bribe. Meanwhile, consumers in the U.S. do not feel good about the economy, despite what most pundits claim, as consumer confidence and the Dow tanked in June. Walmart appointed a new president for its U.S. retail operations.





War Crimes Court Subpoenas Super Model

The Special Court for Sierra Leone, the body tasked with determining Charles Taylor's fate for war crimes, approved the prosecution's request to summon model Naomi Campbell and actresses Mia Farrow and Carol White. The defense claims that Taylor gave Campbell (pictured) a rough diamond in 1997. Farrow has told the press that she had first-hand knowledge of the gift. Prosecutors believe that testimony from the women will support claims that Taylor dealt in blood diamonds from Sierra Leone.









RETAIL & WHOLESALE


U.S. Chain-Store Sales +3%

U.S. chain-store sales rose 3 percent year on year this past week, according to the International Council of Shopping Centers (ISCS) and Goldman Sachs. Counter sales at the chains rose 2.1 percent against the previous week as department-store business picked up, ICSC's chief economist, Michael Niemira, noted. ICSC maintains that for the month of June, chain-store sales should increase in the range of 3 percent to 4 percent compared with one year ago.





Charm Diamond Centres to Sell Victor Stones

Charm Diamond Centres in Nova Scotia said it received the right to carry diamonds mined, cut and polished in Ontario, Canada. The company's diamonds are mined at the De Beers Victor mine and then cut and polished by Crossworks Manufacturing in Sudbury. The finished stones will be sold at select Charm Diamond locations and will also be available at all of its locations during Charm's 2010 traveling trunk show.





Affluents Boost Jewelry Sales for 2009

Unity Marketing found that women's luxury jewelry purchases rose 6.5 percent year on year in 2009, while men's jewelry spending jumped to now account for 20 percent of total jewelry expenditures. The news was a bright spot in the company's Personal Luxury Report 2010, which also found that overall, fewer affluents indulged in luxury purchases, but those who did ended up spending more on products and services.





Myanmar's Gems Sale Underway

Myanmar's special gems emporium, currently underway in Yangon, is reportedly offering buyers 11,500 lots of jade, as well as gold, gemstones and finished jewelry. The 13-day gems emporium ends on July 7 and, according to the government, has already attracted more buyers than the annual emporium that was held in March. Myanmar sold about $500 million of gems during its March sale.





Moscow Congress Sets Agenda

The International Diamond Manufacturers Association (IDMA) set its agenda for the upcoming 34th World Diamond Congress to be held in Moscow from July 11 to July 13.The Congress will address issues in Zimbabwe, getting the International Diamond Board off the ground, and ongoing credit terms that are pressuring diamond manufacturers across the rough supply pipeline. Diamond manufacturers are determined to phase out their traditional role of bearing the brunt of the financial burden in the diamond supply pipeline, according to Moti Ganz (pictured), the president of IDMA.





GJF Weighs Direct Tax Code Proposal

The All India Gems & Jewellery Trade Federation (GJF) has opposed a proposed "search and seizure" and a 10 percent tax being considered as part of India's Direct Taxes Code, according to India's Business Line. The federation made its case to the Finance Ministry, noting that stock seizure would create problems for its members and that the provisions were discriminatory toward only a single industry. The 10 percent tax on all payments made for gold, diamonds and jewelry would also result in reduced working capital, especially for firms that are already having liquidity issues.





Dealer in Rosy Blue Case Dies

Diamond dealer Chad Davis reportedly died in Orlando, Florida. Davis, 38, was at the center of legal battle with Rosy Blue for $3 million in diamonds that he claimed had been stolen from him at a shopping mall. Rosy Blue contended, though, that Davis' story was a scam and the company won a $6 million judgment. Davis claimed he couldn't pay the award and filed for bankruptcy. Rosy Blue's attorney told the Orlando Sentinel that he could not speculate on how the dealer's death would impact the ongoing litigation.





AWDC Board Elects New President

The board of directors for the Antwerp World Diamond Centre (AWDC) elected Nishit Parikh to serve as its president for the upcoming two years. Parikh, 44, is a citizen of Belgium, but was born in Navsari, India. He heads Diarough, which employs 50 in Antwerp and is a Diamond Trading Company sightholder. The board also elected two vice presidents to serve alongside Parikh -- Philippe Barsamian, who is a representative of the Antwerp diamond bourse, and Stéphane Fischler, who represents the manufacturers’ associations.









STATS


Japan's Polished Imports +3% in May

Japan’s polished diamond imports rose 3.3 percent year on year to $47.4 million in May 2010. Polished imports from India increased by 5.8 percent to $18.4 million, while imports from Japan's other two main supply sources, Belgium and Israel, fell 7.8 percent and 16.7 percent, respectively. During the first five months of the year, Japan’s polished imports were up 3.1 percent year on year to $274.5 million.









MINING


Negotiations for AK6 Sales Finalized

Lucara Diamond and African Diamonds completed a marketing arrangement with Botswana through their joint-venture company, Boteti, wherein production from the AK6 project may be sold through either open tender or exclusive contract. Lucara, the AK6 project operator, holds a 60 percent interest in Boteti, while African Diamonds holds 40 percent. An updated feasibility study of AK6 noted indicated resources of 8.2 million carats of diamonds, while the mine's design delineated a probable reserve of 6.3 million carats in an open pit extending to a depth of 324 meters. These reserves will be mined over an 11-year life span. The study also indicated that the first phase would require a capital investment, including contingencies, of $120 million.





Jwaneng Mine Work Begins

Debswana and Firestone Diamonds will begin work on a modular tailings treatment plant at the Jwaneng Mine in Botswana. The project is a key component of developing toll treatment opportunities to supplement Firestone's mining operations at BK11 and the evaluation and development of other kimberlites in the Orapa and Tsabong kimberlite fields. The Jwaneng tailings project could generate up to $150 million in toll treatment revenue. Firestone also reported significant progress at its BK11 project, with construction of the production plant on schedule.





Large Stone Found in Panna Mines

The National Mineral Development Corporation unearthed a 34.37-carat rough diamond at the Panna mines in Madhya Pradesh, India. The pear-shaped stone was described as being of extremely good quality and has been sealed in preparation for auction in Panna, according to India Today.









ECONWATCH


For the week ending July 1, 2010:

July 1 June 24 Chng.
$1 = Euro 0.811 0.811 0.000
$1 = Rupee 46.63 46.35 0.3
$1 = Israel Shekel 3.89 3.87 0.02
$1 = Rand 7.75 7.60 0.15
$1 = Canadian Dollar 1.06 1.04 0.02

Precious Metals
Gold $1,197.30 $1,240.90 -$43.60
Platinum $1,502.00 $1,561.00 -$59.00

Stock Indexes Chng.
BSE 17,509.33 17,730.24 -220.91 -1.2%
Dow Jones 9,732.53 10,152.80 -420.27 -4.1%
FTSE 4,805.75 5,100.23 -294.48 -5.8%
Hang Seng 20,128.99 20,733.49 -604.50 -2.9%
S&P 500 1,027.37 1,073.69 -46.32 -4.3%
Yahoo! Jewelry 766.69 823.50 -56.81 -6.9%

USA
Birks & Mayors $1.10 $1.17 -$0.07 -6.0%
Blue Nile $46.27 $48.87 -$2.60 -5.3%
Charles & Colvard $2.64 $2.85 -$0.21 -7.4%
DGSE Companies $3.20 $3.10 $0.10 3.2%
Fuqi Intl. $6.20 $8.23 -$2.03 -24.7%
JCPenney $21.43 $23.27 -$1.84 -7.9%
Kohl's $48.72 $49.80 -$1.08 -2.2%
LJ Intl. $2.57 $2.85 -$0.28 -9.8%
Macy's $18.30 $18.88 -$0.58 -3.1%
Man Sang $1.85 $1.95 -$0.10 -5.1%
Movado Group $10.81 $10.88 -$0.07 -0.6%
Nordstrom $32.78 $35.42 -$2.64 -7.5%
Saks $7.53 $8.03 -$0.50 -6.2%
Signet $27.59 $29.93 -$2.34 -7.8%
Sotheby's $22.75 $26.30 -$3.55 -13.5%
Tiffany $38.12 $40.79 -$2.67 -6.5%
Walmart $48.35 $50.02 -$1.67 -3.3%
Zale $1.55 $1.92 -$0.37 -19.3%

EUROPE
Bulgari €5.82 €6.20 -€0.38 -6.1%
Bijou Brigitte €119.55 €118.50 €1.05 0.9%
Damiani €0.86 €0.90 -€0.04 -4.4%
LVMH €85.20 €92.04 -€6.84 -7.4%
PPR €98.10 €104.65 -€6.55 -6.3%
Richemont CHF 35.65 CHF 40.05 -CHF 4.40 -11.0%
Swatch Group CHF 294.20 CHF 321.00 -CHF 26.80 -8.3%
Theo Fennell (pence) 38.22 38.00 0.22 0.6%

INDIA (rupee)
Classic Diamond 20.80 21.25 -0.45 -2.1%
Gitanjali Gems 125.30 124.35 0.95 0.8%
Goldiam Intl. 44.50 44.10 0.40 0.9%
Rajesh Exports 82.15 86.60 -4.45 -5.1%
Ren. Jewellery 74.75 78.75 -4.00 -5.1%
Su-Raj Diamonds 50.95 52.25 -1.30 -2.5%
Titan 2,348.90 2,238.45 110.45 4.9%
Zodiac JRD 26.70 26.90 -0.20 -0.7%
Suashish Diamonds 175.00 173.50 1.50 0.9%

NEW ZEALAND
Michael Hill NZD 0.68 NZD 0.69 -NZD 0.01 -1.4%

MINING STOCKS
CANADA
Harry Winston CAD 13.09 CAD 13.49 -CAD 0.40 -3.0%
Lucara Diamond CAD 0.82 CAD 0.80 CAD 0.02 2.5%
Mountain Province CAD 2.73 CAD 2.50 CAD 0.23 9.2%
Peregrine Diamonds CAD 1.92 CAD 1.99 -CAD 0.07 -3.5%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.68 CAD 0.74 -CAD 0.06 -8.1%
Stornoway Diamond CAD 0.58 CAD 0.62 -CAD 0.04 -6.5%
True North Gems CAD 0.09 CAD 0.10 -CAD 0.01 -10.0%
UK (pence)
African Diamonds 29.05 32.86 -3.8 -11.6%
Anglo American 2,271.50 2,545.00 -273.5 -10.7%
BHP Billiton 1,694.00 1,920.00 -226.0 -11.8%
Firestone Diamonds 32.50 35.09 -2.6 -7.4%
Gem Diamonds 197.80 219.00 -21.2 -9.7%
Gemfields 4.75 5.00 -0.3 -5.0%
Mwana Africa 7.28 8.30 -1.0 -12.3%
Namakwa Diamonds 41.00 47.00 -6.0 -12.8%
Petra Diamonds 67.50 69.50 -2.0 -2.9%
Rio Tinto plc 2,904.50 3,275.44 -370.9 -11.3%
Stellar Diamonds 11.50 12.00 -0.5 -4.2%
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RAPAPORT NEWS SERVICE | JULY 9, 2010 www.rapaport.com | news@rapaport.com


Retail & Wholesale General Stats EconWatch India Jobs


RapUp July 9, 2010


Trading activity slows, demand for rough eases and polished prices soften slightly as U.S. summer vacations begin. De Beers Diamdel unit sells 95% of 157 lots auctioned online in 2Q and says competition through 1H remained most intense for rough in 2 ct-plus sizes. SpendingPulse reports 10% rise in June jewelry spending despite 3% decline in luxury sales. Gitanjali plans 500 new stores in Asia Pacific and remains cautious about U.S. Safdico to open distribution office in Israel. Israel’s June polished exports +149% to $458m, rough imports +42% to $389m. Diamond Council of S. Africa CEO Braen Migogo resigns.


RapNet Data: July 9, 2010

Diamonds 711,955

Value $4,519,743,249

Carats 795,017

Average Discount -31.21%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


July
25-28
Sun-Wed
Rapaport at JA New York Summer Show

Javits Convention Center
Booth 2300
New York, NY USA

Rapaport Contact: Sherri Hendricks
+1-702-893-9400 or email sherri.hendricks@diamonds.net.




QUOTE OF THE WEEK:
As the past year has demonstrated, we will not be assembling in St. Petersburg simply to pay lip service to the values upon which the [World Diamond Council] was founded. The ongoing situation in countries like Zimbabwe and the dedication of our industry to operate in a transparent and principled manner means that there are burning issues on the table, which we will discuss and for which we will formulate strategies.

Eli Izhakoff | World Diamond Council president






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Zimbabwe Update

The president of Zimbabwe, Robert Mugabe, urged businesses from China to invest in developing infrastructure in his country's various product sectors to help them develop more rapidly and turn Zimbabwe's fortunes around. Targeted sectors included diamonds, chrome, iron and copper, gold and emeralds. China's deputy minister of commerce, Jiang Zengwei, said that his country would continue to support Zimbabwe in developing its economy.

But the International Monetary Fund concluded that Zimbabwe's mining wealth would not save the country from its debt. Instead of throwing more investment into a black hole, Zimbabwe must instead focus on sound policies and debt relief if it ever wants to achieve growth sustainability, the report noted. The country has stockpiled nearly $2 billion in rough diamonds, while its national external debt is $4.6 billion or 104 percent of its gross domestic product (GDP). Debt relief would immediately boost Zimbabwe's net wealth by reducing its obligations and increasing the value of its mining wealth through a reduction in the country's risk.

At the present time, the Kimberley Process' (KP) ban on rough exports is in place for Zimbabwe, but its finance minister, Tendai Biti, said that such a ban punishes ordinary citizens. He added that Marange diamonds were not blood diamonds because Zimbabwe is not engaged in a conflict. Biti did concede that the country must address allegations of forced diamond-mining labor, human rights abuses and a Marange ownership claim leveled by African Consolidated Resources and clear up inconsistencies in its rough export records.

The country's Cabinet, meanwhile, clarified its stand on Marange exports following claims made to the press by mines minister Obert Mpofu, who signaled that rough diamond exports had been approved. But the Cabinet, in fact, had not approved Chiadzwa diamond sales or exports and referred the issued to a Cabinet committee on Chiadzwa.

A Harare judge denied Centre for Research and Development (CRD) director Farai Maguwu bail once again. Maguwu, who was jailed more than one month ago, is charged with allegedly giving what the state determined to be falsified documents to KP monitor Abbey Chikane. Police investigator Henry Dowa claimed that Chikane was a key witness in the case, but remains "very mobile" and is difficult to reach for comment. Dowa also claimed they needed time to access a laptop found at Maguwu's house.

Maguwu's attorney, Beatrice Mtetwa, told the court that Chikane's whereabouts have been well known and that Dowa had not, in fact, been investigating the case as he claimed. Mtetwa said that all relevant documents in question remained with the court, that no further evidence was required and therefore, her client must be released on bail.

Amnesty International joined a chorus of nongovernmental organizations (NGOs) and diamond industry groups calling for Maguwu's immediate and unconditional release.







Diamdel Observes Strong Demand

Diamdel's online auction channel activity was strong during the second quarter, according to De Beers. The company offered 157 lots spanning goods in the -3 grainer, 3 to 8 grainer and 2- to 15-carat size ranges, with 95 percent of these lots being sold. Broad-based participation was evident across all customer groups and more than two-thirds of the lots went to small- to medium-sized specialist manufacturers.





Rapaport Weekly Broadcast

WATCH NOW: Is your brand ready for mobile e-commerce? The National Retail Federation and Forrester Research say that should be your next strategy. Jewelry designer Ivanka Trump heavily promoted her line at London Jewelers in East Hampton, New York, using social media. The Birmingham Assay Office in the U.K. introduced The Eternal Borgezie Diamond Stiletto shoes that were handcrafted from solid gold, then lavishly encrusted with 2,200 brilliant-cut diamonds, totaling 30 carats.





U.S. Recession Lingers

Economic signs are pointing to a double-dip recession in the U.S. as indicators slip further. The country continues to reflect a high unemployment rate and chronic underemployment, which is negatively impacting spending and an already depressed housing market. The National Bureau of Economic Research (NBER), which officially declares the beginnings and ends of recessions, has not yet identified the end of what is being labeled the "Great Recession" that started in December 2007. Some economists have said the recession ended one year ago based only upon gross domestic product (GDP) figures. But NBER reviews the data that comprise the nation's GDP, plus personal incomes, employment and industrial activity.









RETAIL & WHOLESALE


June Retail Sales Improve

The July 4th holiday weekend in the U.S. helped boost retail sales at the chain stores this past week, according to comparable store data released by the International Council of Shopping Centers (ICSC) and Goldman Sachs. Chain-store sales rose 3.9 percent compared with one year ago, while they were up by 1 percent against the previous week. For the month of June, ICSC determined that chain-store sales rose 3 percent, with luxury stores gaining by 8.8 percent and department store sales improving by 5.9 percent.

MasterCard Advisors’ SpendingPulse report determined that during June, consumer spending continued a trend of slow to modest overall growth. But jewelry spending data suggested a 10.1 percent increase, even though luxury sales as a whole fell 3.9 percent. Both categories experienced strong declines one year ago.







Gitanjali Expands in India

Gitanjali Gems expects to grow its retail footprint across India, China and the Middle East by opening 500 new stores by March 2011. The retailer is keeping an eye on the struggling U.S. economy, but for now, its expansion plans remain closer to home in the robust Asia-Pacific region. Middle- and upper-class consumers in India continue to experience income gains and the demand for diamonds and gold continues to improve.





Safdico to Open Office in Israel

Safdico will open an office in the Israel Diamond Exchange (IDE) that will be used as a sales and distribution location for the purchase and sale of rough and polished diamonds. Safdico has offices and cutting facilities in Geneva, Johannesburg, Gaborone, Antwerp and New York.





Rio Tinto Reaches Out to Gem Investors

Rio Tinto published Rare and Collectable to coincide with the 26th Argyle pink diamonds tender. The publication provides insight for affluent investors as to the rarity of Argyle pink diamonds, which results in strong price appreciation. Poor economic fundamentals are currently providing a catalyst for investment demand, specifically for rare gems.





U.K. Warns of Glass-Filled Rubies

AnchorCert gemologists at the Birmingham Assay Office in the U.K. have observed a large number of glass-filled rubies being submitted in recent weeks. Many of the rubies in question were bought in the good faith that they were both natural and untreated.

Senior gemologist Anu Manchanda said, "This type of treatment has been around for a few years now, but we seem to have suddenly seen an unusually high number." A trained jeweler can easily detect these treatments using tenfold magnification that will reveal bubbles, blue flashes of light and evident fractures running up to the surface under the reflected light.










GENERAL


Passion, Confidence, Values Land Today's Jobs

WATCH NOW: Gemological Institute of America (GIA) president Donna Baker describes the key issues potential job seekers should consider in building their career. GIA's career fair founder, Kathryn Kimmel (pictured), provides insight for job seekers using GIA's resources. Attendees Daniel Canivet and Elizabeth Nomberg shared how the event and speakers impressed them during the early stage of their own careers.





Sesay Backs Taylor at The Hague

Issa Sesay served as a surprise witness for the defense in the war crimes case being conducted against Charles Taylor at The Hague. Sesay is already serving 52 years in prison for involvement in the blood diamond war, but said that he had no knowledge of other rebel leaders from Sierra Leone giving Taylor diamonds in exchange for arms. Taylor has consistently denied possessing any diamonds and has pled not guilty to the 11 counts of war crimes leveled against him. Prosecutors have summoned model Naomi Campbell to the stand to testify on whether Taylor gave her a rough diamond in 1997.





Migogo to Leave Diamond Council

Braen Migogo will be leaving as head of the Diamond Council of South Africa (DCSA). Migogo served for more than two years and helped further the industry’s global competitiveness, sustainability and transformation. The council was re-established through the amalgamation of the Master Diamond Cutters Association and the Rough Diamond Dealers Association. A replacement for Migogo has not yet been announced.









STATS


Israel June Exports

June $Mil. Chng. YTD $Mil. Chng.
Polished Exports $458 149% $3,008 88%
Polished Imports $389 56% $1,880 104%
Net Exports $69 $1,128 118%

Rough Imports $356 42% $1,820 113%
Rough Exports $315 48% $1,620 98%
Net Imports $41 $200 223%

Net Diam Acct. $27 $1,328 130%










ECONWATCH


For the week ending July 8, 2010:

July 8 July 1 Chng.
$1 = Euro 0.789 0.811 -0.022
$1 = Rupee 46.88 46.63 0.3
$1 = Israel Shekel 3.87 3.89 -0.02
$1 = Rand 7.58 7.75 -0.17
$1 = Canadian Dollar 1.04 1.06 -0.02

Precious Metals
Gold $1,198.80 $1,197.30 $1.50
Platinum $1,519.00 $1,502.00 $17.00

Stock Indexes Chng.
BSE 17,651.73 17,509.33 142.40 0.8%
Dow Jones 10,138.92 9,732.53 406.39 4.2%
FTSE 5,105.45 4,805.75 299.70 6.2%
Hang Seng 20,050.56 20,128.99 -78.43 -0.4%
S&P 500 1,070.25 1,027.37 42.88 4.2%
Yahoo! Jewelry 784.72 766.69 18.03 2.4%

USA
Birks & Mayors $1.40 $1.10 $0.30 27.3%
Blue Nile $48.67 $46.27 $2.40 5.2%
Charles & Colvard $2.64 $2.64 $0.00 0.0%
DGSE Companies $3.20 $3.20 $0.00 0.0%
Fuqi Intl. $6.52 $6.20 $0.32 5.2%
JCPenney $23.23 $21.43 $1.80 8.4%
Kohl's $47.89 $48.72 -$0.83 -1.7%
LJ Intl. $2.62 $2.57 $0.05 1.9%
Macy's $18.40 $18.30 $0.10 0.5%
Man Sang $1.90 $1.85 $0.05 2.7%
Movado Group $10.32 $10.81 -$0.49 -4.5%
Nordstrom $33.63 $32.78 $0.85 2.6%
Saks $7.74 $7.53 $0.21 2.8%
Signet $28.45 $27.59 $0.86 3.1%
Sotheby's $24.25 $22.75 $1.50 6.6%
Tiffany $38.88 $38.12 $0.76 2.0%
Walmart $49.13 $48.35 $0.78 1.6%
Zale $1.50 $1.55 -$0.05 -3.2%

EUROPE
Bulgari €6.12 €5.82 €0.30 5.2%
Bijou Brigitte €120.10 €119.55 €0.55 0.5%
Damiani €0.83 €0.86 -€0.03 -3.5%
LVMH €89.07 €85.20 €3.87 4.5%
PPR €100.80 €98.10 €2.70 2.8%
Richemont CHF 38.58 CHF 35.65 CHF 2.93 8.2%
Swatch Group CHF 304.10 CHF 294.20 CHF 9.90 3.4%
Theo Fennell (pence) 41.73 38.22 3.51 9.2%

INDIA (rupee)
Classic Diamond 20.95 20.80 0.15 0.7%
Gitanjali Gems 139.55 125.30 14.25 11.4%
Goldiam Intl. 46.65 44.50 2.15 4.8%
Rajesh Exports 82.85 82.15 0.70 0.9%
Ren. Jewellery 77.65 74.75 2.90 3.9%
Su-Raj Diamonds 54.25 50.95 3.30 6.5%
Titan 2,481.60 2,348.90 132.70 5.6%
Zodiac JRD 28.00 26.70 1.30 4.9%
Suashish Diamonds 171.75 175.00 -3.25 -1.9%

NEW ZEALAND
Michael Hill NZD 0.68 NZD 0.68 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 14.39 CAD 13.09 CAD 1.30 9.9%
Lucara Diamond CAD 0.67 CAD 0.82 -CAD 0.15 -18.3%
Mountain Province CAD 2.73 CAD 2.73 CAD 0.00 0.0%
Peregrine Diamonds CAD 1.70 CAD 1.92 -CAD 0.22 -11.5%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.68 CAD 0.68 CAD 0.00 0.0%
Stornoway Diamond CAD 0.60 CAD 0.58 CAD 0.02 3.4%
True North Gems CAD 0.09 CAD 0.09 CAD 0.00 0.0%
UK (pence)
African Diamonds 28.50 29.05 -0.6 -1.9%
Anglo American 2,412.00 2,271.50 140.5 6.2%
BHP Billiton 1,819.00 1,694.00 125.0 7.4%
Firestone Diamonds 33.00 32.50 0.5 1.5%
Gem Diamonds 220.00 197.80 22.2 11.2%
Gemfields 4.75 4.75 0.0 0.0%
Mwana Africa 7.99 7.28 0.7 9.8%
Namakwa Diamonds 41.00 41.00 0.0 0.0%
Petra Diamonds 64.00 67.50 -3.5 -5.2%
Rio Tinto plc 3,073.50 2,904.50 169.0 5.8%
Stellar Diamonds 11.50 11.50 0.0 0.0%










INDIA MARKET REPORT


Polished and rough trading activity

POLISHED: Local markets are slow with activity reported for lower quality goods. Signs point to sellers softening on prices.
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
RAPAPORT NEWS SERVICE | AUG. 13, 2010 www.rapaport.com | news@rapaport.com


Industry Retail EconWatch India Mining General


RapUp Aug. 13, 2010


Indian polished sellers firm on prices ahead of Mumbai IIJS show as hopes rise the event will boost trade. Other centers quiet. Rough market slow amid concern prices may soften. ALROSA 1H revenue +300% to $1.8b, net income of $96m vs loss of $483m. Namdeb to invest $1b to extend marine operations through 2050. Gitanjali 1Q sales +38% to $399m, net profit +73% to $17m. Bidz.com 2Q revenues -5% to $26m, net loss of $653K vs net income of $693K. U.S. June polished imports +83% to $1.8b, polished exports +69% to $1.6b. Zimbabwe sells 900,000 cts of KP certified Marange diamonds for $72m ($80/ct). Rapaport Trade Alert warns that KP certified Marange diamonds are subject to U.S., EU and U.K sanctions and may be involved in human rights violations.


RapNet Data: August 13, 2010

Diamonds 732,193

Value $4,633,722,748

Carats 799,493

Average Discount -31.89%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


August
12
Thu
TRADE ALERT: Marange Diamonds

The Kimberley Process (KP) has just certified approximately 900,000 carats of rough diamonds from Marange, Zimbabwe. While the trading of Marange diamonds may be legal in certain jurisdictions, companies owning or selling the diamonds are sanctioned by the U.S., EU, and U.K. governments and their trading may be illegal by citizens of these countries.

Furthermore, the KP does not have a mandate to deny its certification for diamonds involved in human rights violations and there is no guarantee that diamonds with KP certification are free of human rights violations.

Rapaport strongly advises all diamond buyers not to trade in KP certified Marange diamonds and to request written assurance from their suppliers that their diamonds have not been sourced from Marange.

RapNet, the Rapaport Diamond Trading Network, will not allow the trading of any diamonds sourced from Marange, Zimbabwe. Members found to have knowingly offered Marange diamonds for sale on RapNet will be expelled and their names will be publicly communicated.

August
19-23
Thu-Mon
Rapaport at India Int'l Jewellery Show (IIJS)
Mumbai

NSE Complex - Hall 5
Booths: 5EX015 I, 5EX016 II, 5EX017 I, 5EX018 II

For information contact Pooja Kotwani:
+91-22-6628-2700 or email pooja.kotwani@diamonds.net

September
5-8
Sun-Wed
Rapaport at Int'l Jewellery London (IJL)
Booth H91 – H99 Earls Court 2 London,

Contact: Francesco Lopresti
+39-02-40047274
francesco.lopresti@diamonds.net



October
21
Thu
Rapaport Int'l Diamond Conference 2010
The Times Center, 242 W. 41st., New York

8:30 a.m. - 5 p.m.
Diamond Demand
Human Rights and the Diamond Industry - The Way Forward

Register now, seating is limited.






QUOTE OF THE WEEK:
Investors were aware of a slowdown in the U.S. economic recovery, but now there are concerns other economies won't be able to decouple from slower growth here and in China. Markets are re-pricing and with that, we are likely to see some dollar strength.

Jessica Hoversen | MF Global






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Zimbabwe Sells Rough

Zimbabwe reportedly sold 900,000 carats of KP-certified rough from the Marange. The value of the sale was estimated at $72 million. During the event, heavily armed police and soldiers guarded top security vaults built at the main Harare airport, where the sale took place. Private jets brought buyers in from Israel, India, Lebanon and Russia. Some reports have stated that buyers from the U.S. and Europe were also present.









RETAIL


Rapaport Weekly Broadcast

WATCH NOW: Online retail sales in the U.S. remain the sector's bright spot. Retail sales rose 9 percent on an annual basis during the second quarter, according to comScore. The group remains cautiously optimistic heading into the second half, concluding that unemployment and weak consumer spending patterns could dampen growth rates. The National Retail Federation (NRF), meanwhile, noted solid gains in retail container imports during the first half, which the group expects to continue as retailers restock their shelves after holding back in 2009.





U.S. Retail Growth Stalls in July

MasterCard Advisors’ SpendingPulse determined that U.S. retail sales for July, excluding the automobile sector, grew by 1.4 percent year on year. On a seasonally adjusted, month-to-month basis, however, sales declined by 0.9 percent. Excluding auto and gasoline sales and on a seasonally unadjusted basis, sales in July grew by 1 percent, a slight dip from the 1.1 percent increase recorded for June. SpendingPulse found strength in e-commerce, airline, lodging, electronics and appliances, while spending in the apparel, jewelry and luxury sectors underperformed.





Gitanjali Reports Profit

Gitanjali Gems reported that its first-quarter sales grew 38 percent to $399.3 million, while its expenses rose 37 percent to $370.4 million and its profits jumped 73 percent to $16.8 million. The company's jewelry sales were up 50 percent to $213.5 million and its diamond sales increased by 32 percent to $203.8 million.





Bidz.com Reports Loss

Bidz.com reported a net loss of $653,000 for the second quarter, compared with the net income of $693,000 it posted one year ago. The retailer's net revenues dropped 5 percent to $25.7 million. Merchandise sales decreased 10 percent year on year to $23.7 million, while its cost of revenues increased by 5 percent to $19.6 million and its operating expenses were up 2 percent to $7 million.





Knot Launches New Deal

The Knot launched Deals.WeddingChannel.com, a group buying program designed to offer brides exclusive national and local wedding deals. Through group purchasing, the new website gives brides access to products that offer discounts of more than 50 percent on luxury honeymoons, diamond jewelry and local wedding services. The new platform also offers its partners a new way to market products to brides and is linked off both theknot.com and weddingchannel.com.





Fortunoff Brand Jewelry Returns

Fortunoff Brands and Four Leaf Designs will market the "Fortunoff" brand of fine jewelry products in the U.S. and online. Four Leaf Designs is a new partnership between Esther and David Fortunoff and Lester Friedlander and Shaun Apgar. The company intends to launch an e-commerce site first, before the fourth quarter, and the focus on adding stores across the Tri-State region in 2011.





ENZO Opens 110th Store

LJ International announced the opening of its 110th ENZO store, a boutique located in the TFF Store in Tianjin, China. There are nine ENZO stores in Tianjin, a city with approximately 12.8 million residents. The TFF Store is ENZO's largest location and will serve as its Tianjin flagship store.





Santa Monica Place Reopens

Santa Monica Place celebrated its new grand opening in southern California following a complete makeover. This 524,000-square-foot, three-level, open-air retail mall hosts more than 50 stores, including Ben Bridge Jeweler, Pandora and Juicy Couture. The project is 97 percent committed and 92 percent leased. The anchor department store, Bloomingdale's, is now open and Nordstrom will open on August 27. Tiffany & Co. opens at the center in September. Santa Monica Place incorporated many green-building features and basically recycled the 1980s-era enclosed mall that owner Macerich redeveloped into what stands there today.





Shane Plans to Exit Bankruptcy

Shane Co. expects to fully repay lenders whose claims are backed by assets, according to reorganization plan the jeweler filed with bankruptcy court in Colorado. The company plans to emerge from Chapter 11 and will continue operations directed by current management. Shane sells diamonds and jewelry online and at its retail stores in 13 states.









GENERAL


David Kwiat Dies at 94

David S. Kwiat, a prime force behind Kwiat and the son of the company’s founder Sam Kwiat, died at the age of 94. He was an icon in the diamond industry and will be long remembered for his sharp mind, his love of diamonds and his reputation for integrity.

In the diamond business, the parties signal their agreement by concluding a deal with the word “mazal.” If you had told David years ago that he would live to be 94, engaged in the business until his last days, surrounded by his whole family, there is no question that he would have said “mazal” to that. And it would have been the best deal he ever made.

Memorial donations can be made in his name to Jewelers for Children.







Museum Extends Wittelsbach-Graff Exhibit

The Smithsonian's National Museum of Natural History is extending the Wittelsbach-Graff Diamond exhibit to September 1. The rare blue, 31.06-carat diamond is currently on display in the museum's Harry Winston Gallery, adjacent to the renowned Hope Diamond, in the Hall of Geology, Gems and Minerals. The museum is located at 10th Street and Constitution Avenue N.W. in Washington, D.C. Admission is free.









STATS


Israel Imports & Exports

July $Mil. Chng. YTD $Mil. Chng.
Polished Exports $457 14% $3,457 75%
Polished Imports NA $1,880
Net Exports NA $1,577

Rough Imports NA $1,820
Rough Exports $243 36% $1,866 88%
Net Imports NA ($46)

Net Diam Acct. NA $1,531

Israel does not provide complete data.





U.S. Imports & Exports

Figures are rounded June '10 YTD '10
$Mil Chng. $Mil Chng.
Polished Imports $1,800 83% $8,800 60%
Polished Exports $1,600 69% $6,700 56%
Net Imports $168 $2,100

Rough Imports $44 (8%) $266 164%
Rough Exports $28 (35%) $150 109%
Net Imports $16 $116

Net Diamond Acct. $184 $2,200 83%










MINING


ALROSA's 1H Revenue, Profits Increase

ALROSA's first-half revenue rose 300 percent to $1.76 billion, while its net income totaled $97.3 million compared against the loss of $482.6 million it posted for the first half of 2009. Carat production fell to 16.6 million carats compared with 17.4 million carats for the first half of 2009. The mining giant reported that its preliminary sales for the second quarter came to $997 million, $249.1 million of which were domestic sales and $747.9 million of which were export sales. For the first half, then, ALROSA placed its rough sales at $1.9 billion, 31 percent of which were transacted through long-term contracts. ALROSA is planning sales of $3.3 billion for 2010.





Namdeb Extends Marine Mining

Namdeb budgeted $1 billion to invest in extending the life of its marine diamond mining operations during the next 10 years. Although its existing deposits are due to be depleted by 2014, Namdeb, a joint venture between De Beers and the government, believes it can find an additional 68 million carats along the shoreline, specifically between the high-water mark and 70 meters underwater. At press time, Namdeb was considering a consortium of local banks to help finance the investment, some of which will be used to develop shallow-water diamond mining techniques.





Chamber of Mines Appoints Hoefer

The Nunavut Chamber of Mines and the Northwest Territories appointed Tom Hoefer to the position of executive director. Hoefer, pictured, is well known for promoting and advancing Canada's north as an important resource industry. His experience during the past 25 years has encompassed exploration, mining, regulation and sustainable development in both the private and public sectors.









ECONWATCH


For the week ending Aug. 12, 2010:

Aug. 12 Aug. 5 Chng.
$1 = Euro 0.779 0.758 0.021
$1 = Rupee 46.78 46.17 0.6
$1 = Israel Shekel 3.78 3.76 0.02
$1 = Rand 7.30 7.25 0.05
$1 = Canadian Dollar 1.04 1.01 0.03

Precious Metals
Gold $1,215.30 $1,196.10 $19.20
Platinum $1,527.00 $1,569.00 -$42.00

Stock Indexes Chng.
BSE 18,073.90 18,172.83 -98.93 -0.5%
Dow Jones 10,319.95 10,674.98 -355.03 -3.3%
FTSE 5,266.06 5,365.78 -99.72 -1.9%
Hang Seng 21,105.71 21,551.72 -446.01 -2.1%
S&P 500 1,083.61 1,125.81 -42.20 -3.7%
Yahoo! Jewelry 828.46 860.37 -31.91 -3.7%

USA
Birks & Mayors $1.09 $1.19 -$0.10 -8.4%
Blue Nile $42.04 $47.43 -$5.39 -11.4%
Charles & Colvard $2.24 $2.37 -$0.13 -5.5%
DGSE Companies $3.00 $2.95 $0.05 1.7%
Fuqi Intl. $7.77 $7.72 $0.05 0.6%
JCPenney $20.83 $22.09 -$1.26 -5.7%
Kohl's $46.61 $48.95 -$2.34 -4.8%
LJ Intl. $3.00 $2.95 $0.05 1.7%
Macy's $20.25 $19.73 $0.52 2.6%
Man Sang $2.06 $2.40 -$0.34 -14.2%
Movado Group $10.83 $11.66 -$0.83 -7.1%
Nordstrom $33.49 $34.07 -$0.58 -1.7%
Saks $7.82 $8.65 -$0.83 -9.6%
Signet $28.02 $30.26 -$2.24 -7.4%
Sotheby's $29.18 $27.53 $1.65 6.0%
Tiffany $42.40 $43.22 -$0.82 -1.9%
Walmart $50.45 $51.56 -$1.11 -2.2%
Zale $1.81 $2.03 -$0.22 -10.8%

EUROPE
Bulgari €5.82 €6.11 -€0.29 -4.7%
Bijou Brigitte €99.00 €103.20 -€4.20 -4.1%
Damiani €0.78 €0.83 -€0.05 -6.0%
LVMH €92.93 €96.51 -€3.58 -3.7%
PPR €102.05 €105.45 -€3.40 -3.2%
Richemont CHF 39.72 CHF 42.01 -CHF 2.29 -5.5%
Swatch Group CHF 338.00 CHF 351.00 -CHF 13.00 -3.7%
Theo Fennell (pence) 37.00 40.55 -3.55 -8.8%

INDIA (rupee)
Classic Diamond 21.40 20.75 0.65 3.1%
Gitanjali Gems 211.50 177.55 33.95 19.1%
Goldiam Intl. 62.00 51.25 10.75 21.0%
Rajesh Exports 99.25 90.10 9.15 10.2%
Ren. Jewellery 74.65 72.05 2.60 3.6%
Su-Raj Diamonds 61.95 57.95 4.00 6.9%
Titan 2,847.20 2,785.90 61.30 2.2%
Zodiac JRD 28.40 28.00 0.40 1.4%
Suashish Diamonds 184.80 169.95 14.85 8.7%

NEW ZEALAND
Michael Hill NZD 0.67 NZD 0.66 NZD 0.01 1.5%

MINING STOCKS
CANADA
Harry Winston CAD 11.86 CAD 12.63 -CAD 0.77 -6.1%
Lucara Diamond CAD 0.86 CAD 0.96 -CAD 0.10 -10.4%
Mountain Province CAD 3.40 CAD 3.47 -CAD 0.07 -2.0%
Peregrine Diamonds CAD 2.10 CAD 1.87 CAD 0.23 12.3%
Rockwell Diamonds CAD 0.06 CAD 0.07 -CAD 0.01 -14.3%
Shore Gold CAD 0.64 CAD 0.63 CAD 0.01 1.6%
Stornoway Diamond CAD 0.56 CAD 0.56 CAD 0.00 0.0%
True North Gems CAD 0.10 CAD 0.10 CAD 0.00 0.0%
UK (pence)
African Diamonds 39.22 30.00 9.2 30.7%
Anglo American 2,376.50 2,580.00 -203.5 -7.9%
BHP Billiton 1,940.00 2,026.25 -86.3 -4.3%
Firestone Diamonds 26.00 26.25 -0.3 -1.0%
Gem Diamonds 207.30 219.00 -11.7 -5.3%
Gemfields 4.63 4.53 0.1 2.2%
Mwana Africa 9.00 8.15 0.9 10.4%
Namakwa Diamonds 42.00 43.00 -1.0 -2.3%
Petra Diamonds 68.50 68.75 -0.3 -0.4%
Rio Tinto plc 3,265.50 3,430.00 -164.5 -4.8%
Stellar Diamonds 10.01 10.01 0.0 0.0%










INDIA MARKET REPORT
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RAPAPORT NEWS SERVICE | AUG. 20, 2010 www.rapaport.com | news@rapaport.com


Industry Retail EconWatch India Mining General


RapUp Aug. 20, 2010


Mumbai show begins with heavy traffic and increased optimism for Indian demand. Surat Diamond Sourcing company established with reported $220m budget to buy rough for Indian cutters. Russia’s diamond output -3.1% in July. Shrenuj & Co sales +43% to $100m. Asian Star 1Q sales +26% to $95m. China’s 1H diamond imports +92% to $577m, exports +75% to $579m. U.S. jewelry inflation +0.4% in July.


RapNet Data: August 20, 2010

Diamonds 728,704

Value $4,673,009,184

Carats 802,138

Average Discount -31.84%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


August
19-23
Thu-Mon
Rapaport at India Int'l Jewellery Show (IIJS)
Mumbai

NSE Complex - Hall 5
Booths: 5EX015 I, 5EX016 II, 5EX017 I, 5EX018 II

For information contact Pooja Kotwani:
+91-22-6628-2700 or email pooja.kotwani@diamonds.net

September
5-8
Sun-Wed
Rapaport at Int'l Jewellery London (IJL)
Booth H91 – H99 Earls Court 2 London,

Contact: Francesco Lopresti
+39-02-40047274
francesco.lopresti@diamonds.net



October
21
Thu
Rapaport Int'l Diamond Conference 2010
The Times Center, 242 W. 41st., New York

8:30 a.m. - 5 p.m.
Diamond Demand
Human Rights and the Diamond Industry - The Way Forward

Register now, seating is limited.






QUOTE OF THE WEEK:
Household spending remains tepid amid concerns about U.S. economic stability. Current data on the economy is mixed, which signals that retailers will continue planning with caution until a long-term trend can be established.

Jack Kleinhenz | NRF chief economist






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Surat Buying Cooperative Forms

Surat Diamond Sourcing India Ltd. was founded as a cooperative rough diamond-buying firm for its members. Organizers hope to eventually attract 1,500 members and source rough directly from mines in Africa, Russia, Canada and Australia. The company will ensure a continuous, stable supply of rough to the group's members and remove the need for its traders to travel to international diamond centers.





Argyle Pink Diamond Tender Begins

Rio Tinto launched its 2010 Argyle Pink Diamond Tender featuring 55 pink diamonds notable for their depth of color. Highlights in the collection include a classic, 2.02-carat, round, brilliant, fancy, vivid purplish pink diamond known as the "Argyle Mystra," a 1.43-carat, fancy purplish red, square-shaped diamond named "Argyle Ava" and a 0.50-carat, fancy purplish red, round-shaped diamond. The names of the diamonds were inspired by the tender collections theme of "Earth Magic." Tender viewings will be held in Perth through August 22, in Hong Kong from September 13 to 20 and in New York from October 12 to 17. Rio Tinto noted that this was the first year to showcase on mainland China, with a tender viewing scheduled in Shanghai on September 27.





U.S. Jewelry Inflation Flat

The consumer price index (CPI) for jewelry in the U.S. rose 0.4 percent year on year to 157.4 points in July 2010. The July reading marked the 30th consecutive cycle for which the jewelry CPI registered more than 150 points. The jewelry price index is based on the reference point of average prices in 1986, which is set at 100 points.





Myanmar Gem Sale in October

Myanmar expects to hold its third-quarter gems emporium in October at Nay Pyi Taw. The specific date for the sale has not been set as a new jade exhibition hall is still under construction adjacent to an existing jewelry exhibition hall. Myanmar's gem sale, which was held in Yangon during June and July, earned $890 million from 7,000 lots of gemstones and jade.





Rapaport Weekly Broadcast

WATCH NOW: The Gems & Jewellery Export Promotion Council launched its first India International Jewellery Week (IIJW) event in Mumbai. The promotional event will place Mumbai on the map as an important fashion contender. Rio Tinto formed “Nazraana” to help retailers in India boost diamond jewelry consumption in addition to traditional bridal jewelry sets. The program includes sales training and visual merchandising techniques.









RETAIL


U.S. July Retail Mixed

U.S. chain-store sales rose 3.3 percent year on year this past week, according to weekly data collected by the International Council of Shopping Centers (ICSC) and Goldman Sachs. ICSC concluded that chain-store sales in July rose 2.9 percent in July, after having fallen by 5 percent one year ago.

MasterCard Advisors' SpendingPulse report noted that July sales rose by an anemic 1.4 percent and that jewelry sales were weaker. Government data reflected a 0.8 percent drop in department store sales for July. The National Retail Federation (NRF), however, concluded that its membership counter sales were up 3.1 percent in July, excluding automobile, gas station and restaurant receipts.





Michael Hill Profits Drop

Michael Hill International reported a 60 percent drop in fiscal year profits to $18.8 million. The company took a hit of about $6 million from U.S. operations and closed eight of 17 stores. Global revenue rose 7.6 percent to $313 million. Same-store sales rose 5.2 percent. Operations in Australia and New Zealand performed well. Canada was improving, but the U.S. market remains very challenging.





ENZO Sales +57%

LJ International's group revenues rose 47 percent to $33 million during the second quarter. ENZO retail sales increased 57 percent to $16.7 million and wholesale sales were up 38 percent to $16.3 million. Net income grew to $2.3 million from $192,000 one year ago.





ShopNBC Narrows Loss

ShopNBC's second-quarter revenue rose 5.8 percent to $126 million, but the shopping network recorded a loss of $7.7 million compared against the loss of $8.8 million it recorded one year ago. The average price per item sold during the quarter fell 13 percent to $97, while the return rate dropped by 120 basis points to 21 percent. ShopNBC picked up 573,545 new customers during the quarter, an annual increase of 40 percent.





Asian Star's Profits +9%

Asian Star's revenues rose 26 percent to $94.8 million during its first quarter that ended on June 30, 2010. Diamond sales were up 29 percent to $89.9 million, while jewelry sales grew 2 percent to $6.7 million. Net profits rose 9 percent year on year to $1.7 million.





Shrenuj's Profits +39%

Shrenuj & Co. posted a 43 percent annual sales increase to $99.9 million during its first quarter that ended on June 30, 2010. The company's diamond sales increased by 28 percent to $61.5 million and its studded jewelry sales were up 76 percent to $38.5 million. Profits rose 39 percent year on year to $2.9 million.





DGSE's Profits Soar

DGSE reported an annual revenue drop of 4.2 percent to $20.7 million during its second quarter. However, the company registered a net income of $7.7 million for the quarter, a significant gain from the $689,504 it posted one year ago.





Jos Alukkas Funds Expansion

Jos Alukkas expects to invest about $178 million during the course of the next two years to expand its retail operations across south India. The company reported sales of approximately $265 million for its fiscal 2010 and has targeted a growth rate of 25 percent for its current fiscal year. Jos Alukkas' diamond sales have increased from 10 percent of total sales in 2009 to 20 percent of the total this year, but gold sales have eroded to only 60 percent of total sales versus 80 percent one year ago.





James Avery Opens in Tennessee

James Avery opened its first store in Tennessee at the CoolSprings Galleria in Franklin. The retailer plans to hold a grand opening at the store on September 16.





Bloomingdale's Opens Outlet Concept

Bloomingdale's opens its first round of upscale outlet stores this month, with one debuting at Bergen Town Center in Paramus, New Jersey, and another launching in Woodbridge, Virginia, at Potomac Mills. A Bloomingdale's outlet store is also scheduled to open later this year at both Miami's Dolphin Mall and the Sawgrass Mills mall in Sunrise, Florida. Outlet stores feature 25,000 square feet of showroom space offering jewelry, men's and women's apparel, shoes and handbags.









GENERAL


Christie's October Sale in Dubai

Christie’s will hold its Jewels: The Dubai Sale on October 27. Christie’s sale offers 41 examples of parures that are all signed by Chatila, Jahan and Mouawad. Each lot consists of earrings, a ring, a matching necklace and bracelet and will be accompanied by a certificate from its maker. Estimates range from $40,000 to $450,000 and all lots will be offered without reserve.





BJA Appoints Rainer

The British Jewellers Association (BJA) appointed Simon Rainer, pictured, as their new chief executive on August 11. Rainer, 53, has 15 years experience in international and domestic jewelry markets. He vowed to work closely with membership to provide a dynamic, credible, and reliable range of services and focus on adding to the membership’s commercial prosperity.





Police Seek Clues in De Beers Robbery

De Beers and Omega jewelry stores in London were robbed of an estimated $600,000 in diamonds. Police released images of four balaclava-clad robbers using hammers to break jewelry displays and abscond with the jewels. City of London police have a team of dedicated detectives working on the case. Investigators theorized that these robbers could not have just picked these stores on the off chance that the padlocks would be easy to cut through and are therefore questioning insiders for further information.





JSA, eBay Partner to Prevent Crime

Jewelers Security Alliance (JSA) is partnering with eBay on a crime prevention program at the auction website. The unique partnership provides for expanded information sharing to help the FBI, as well as state and local law enforcement agencies, curb jewelry industry losses. JSA and eBay will regularly share best practices and take measures to eradicate illegal activity, identify ways to leverage new technology and collaborate with the FBI's jewelry and gem initiative to help identify the crime rings that have been responsible for stealing jewelry.









STATS


China's 1H Imports

The Shanghai Diamond Exchange (SDE) reported that import, export and intermember transactions reached approximately $1.22 billion during the first half of 2010, up 76 percent from their 2009 level. The Diamond Administration of China added that the import volume of diamonds listed under the normal trade category reached $577 million, an annual increase of 92 percent. During the first half of the year, 25 new members joined SDE, bringing its total membership to 267. The SDE moved to the new China Diamond Exchange Center building late in 2009. In October 2010, SDE will celebrate its tenth anniversary.





Russia Production +1%

Russia mined 0.7 percent more diamonds during the January to July 2010 timeframe than it did one year ago, according to the Federal State Statistics Service (Rosstat). The government did not report the amount of carats produced during the first seven months of the year. Production in July dropped 3 percent.









MINING


Vaaldiam Narrows Loss

Vaaldiam Mining incurred a net loss of $1.68 million, or 2 cents per share, during the second quarter, an improvement against the per-share loss of 5 cents it reported one year ago. Cash stood at $10.5 million and working capital totaled $8.1 million at the close of the quarter. Vaaldiam's Duas Barras project in Brazil recommenced alluvial diamond operations. Full production is expected to resume before the end of the third quarter, with 2010 production estimated at approximately 15,000 carats and 2011 production forecast as approximately 40,000 carats with a cost of $85 per carat.





African Diamonds Holds Firm

African Diamonds informed shareholders that the board would not consider a proposal made one week ago to buy all of its shares. The company holds a 40 percent share in the AK6 project in Botswana, with Lucara Diamonds owning the remaining 60 percent.









ECONWATCH


For the week ending Aug. 19, 2010:

Aug. 19 Aug. 12 Chng.
$1 = Euro 0.776 0.779 -0.003
$1 = Rupee 46.47 46.78 -0.3
$1 = Israel Shekel 3.78 3.78 0.00
$1 = Rand 7.29 7.30 -0.01
$1 = Canadian Dollar 1.03 1.04 -0.01

Precious Metals
Gold $1,231.60 $1,215.30 $16.30
Platinum $1,522.00 $1,527.00 -$5.00

Stock Indexes Chng.
BSE 18,454.94 18,073.90 381.04 2.1%
Dow Jones 10,271.21 10,319.95 -48.74 -0.5%
FTSE 5,211.29 5,266.06 -54.77 -1.0%
Hang Seng 21,072.46 21,105.71 -33.25 -0.2%
S&P 500 1,075.63 1,083.61 -7.98 -0.7%
Yahoo! Jewelry 836.59 828.46 8.13 1.0%

USA
Birks & Mayors $1.04 $1.09 -$0.05 -4.6%
Blue Nile $41.74 $42.04 -$0.30 -0.7%
Charles & Colvard $2.44 $2.24 $0.20 8.9%
DGSE Companies $2.72 $3.00 -$0.28 -9.3%
Fuqi Intl. $7.28 $7.77 -$0.49 -6.3%
JCPenney $20.60 $20.83 -$0.23 -1.1%
Kohl's $46.72 $46.61 $0.11 0.2%
LJ Intl. $3.10 $3.00 $0.10 3.3%
Macy's $20.72 $20.25 $0.47 2.3%
Man Sang $2.05 $2.06 -$0.01 -0.5%
Movado Group $10.96 $10.83 $0.13 1.2%
Nordstrom $31.19 $33.49 -$2.30 -6.9%
Saks $7.70 $7.82 -$0.12 -1.5%
Signet $27.81 $28.02 -$0.21 -0.7%
Sotheby's $29.61 $29.18 $0.43 1.5%
Tiffany $43.21 $42.40 $0.81 1.9%
Walmart $50.06 $50.45 -$0.39 -0.8%
Zale $1.85 $1.81 $0.04 2.2%

EUROPE
Bulgari €5.88 €5.82 €0.06 1.0%
Bijou Brigitte €106.68 €99.00 €7.68 7.8%
Damiani €0.76 €0.78 -€0.02 -2.6%
LVMH €93.60 €92.93 €0.67 0.7%
PPR €102.15 €102.05 €0.10 0.1%
Richemont CHF 40.64 CHF 39.72 CHF 0.92 2.3%
Swatch Group CHF 339.10 CHF 338.00 CHF 1.10 0.3%
Theo Fennell (pence) 36.00 37.00 -1.00 -2.7%

INDIA (rupee)
Classic Diamond 20.85 21.40 -0.55 -2.6%
Gitanjali Gems 208.80 211.50 -2.70 -1.3%
Goldiam Intl. 57.05 62.00 -4.95 -8.0%
Rajesh Exports 99.50 99.25 0.25 0.3%
Ren. Jewellery 77.75 74.65 3.10 4.2%
Su-Raj Diamonds 62.20 61.95 0.25 0.4%
Titan 2,895.75 2,847.20 48.55 1.7%
Zodiac JRD 28.10 28.40 -0.30 -1.1%
Suashish Diamonds 179.60 184.80 -5.20 -2.8%

NEW ZEALAND
Michael Hill NZD 0.69 NZD 0.67 NZD 0.02 3.0%

MINING STOCKS
CANADA
Harry Winston CAD 11.79 CAD 11.86 -CAD 0.07 -0.6%
Lucara Diamond CAD 0.89 CAD 0.86 CAD 0.03 3.5%
Mountain Province CAD 3.65 CAD 3.40 CAD 0.25 7.4%
Peregrine Diamonds CAD 2.01 CAD 2.10 -CAD 0.09 -4.3%
Rockwell Diamonds CAD 0.07 CAD 0.06 CAD 0.01 16.7%
Shore Gold CAD 0.72 CAD 0.64 CAD 0.08 12.5%
Stornoway Diamond CAD 0.53 CAD 0.56 -CAD 0.03 -5.4%
True North Gems CAD 0.09 CAD 0.10 -CAD 0.01 -10.0%
UK (pence)
African Diamonds 39.00 39.22 -0.2 -0.6%
Anglo American 2,360.00 2,376.50 -16.5 -0.7%
BHP Billiton 1,810.00 1,940.00 -130.0 -6.7%
Firestone Diamonds 26.00 26.00 0.0 0.0%
Gem Diamonds 199.30 207.30 -8.0 -3.9%
Gemfields 4.65 4.63 0.0 0.4%
Mwana Africa 8.80 9.00 -0.2 -2.2%
Namakwa Diamonds 42.30 42.00 0.3 0.7%
Petra Diamonds 68.00 68.50 -0.5 -0.7%
Rio Tinto plc 3,290.00 3,265.50 24.5 0.8%
Stellar Diamonds 10.00 10.01 0.0 -0.1%
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
RAPAPORT NEWS SERVICE | AUG. 27, 2010 www.rapaport.com | news@rapaport.com


Industry Retail EconWatch India Mining General


RapUp Aug. 27, 2010


Very high traffic and strong trading at Mumbai show with sales significantly greater than last year. Prices stable for most goods. 3ct, H-K, VS goods hot. De Beers to expand online auctions to sightholders and open up access to sight goods to non-sightholders. BHP diamond division revenues +42% to $1.3b, earnings +234% to $485m. Gem Diamonds 1H revenue -11% to $104m, profits -9% to $3m. Sierra Leone 1H rough exports +43% to $51m. Signet 2Q revenue +2% to $723m, profits +47% to $41m. Michael Hill FY revenues +8% to $314m, profits -60% to $19m. Global 2Q gold demand +77% to $40b, gold jewelry demand -5%.


RapNet Data: August 27, 2010

Diamonds 743,069

Value $4,664,573,457

Carats 814,864

Average Discount -31.88%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


Aug-Sep
30-2
Mon-Thu
Rapaport New York Melee Auction

40,000 carats of assorted parcels ranging from -2.5 sieve plate to 1ct of very fine to commercial quality goods. Excellent buying opportunity for diamond wholesalers and jewelry manufacturers.

Viewing By Appointment Only

+1-212-354-9100
auctions@diamonds.net


September
5-8
Sun-Wed
Rapaport at Int'l Jewellery London (IJL)
Booth H91 – H99 Earls Court 2 London,

Contact: Francesco Lopresti
+39-02-40047274
francesco.lopresti@diamonds.net



October
21
Thu
Rapaport Int'l Diamond Conference 2010
The Times Center, 242 W. 41st., New York

8:30 a.m. - 5 p.m.
Diamond Demand
Human Rights and the Diamond Industry - The Way Forward

Register now, seating is limited.






QUOTE OF THE WEEK:
Better sales growth continued in the high street in August, and retailers are upbeat about prospects in the coming three months. However, the broader outlook for consumer spending is still uncertain, given the [sales tax] rise next year, subdued pay awards and the feedthrough of public spending cuts to job losses.

Lai Wah Co | Confederation of British Industry






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


De Beers Brings Sightholders to Secondary Market

Diamond Trading Company (DTC) sightholders will be given the option to bid for De Beers goods in the secondary market through Diamdel’s online auctions. Clients of Diamdel will be allowed to become sightholders even after the next supplier of choice contract period begins. As part of this new pilot program, Diamdel online auctions will be open to sightholders in October and to qualifying diamantaires in April 2011.

Successful companies will be given the opportunity to elevate their status to full-fledged DTC sightholders during the next contract period. DTC will invite such companies to submit a mid-contract proposal questionnaire once a year. The company has streamlined the supplier of choice application process for the next contract period so that one simplified contract proposal questionnaire will be required by each applicant to cover multiple categories of goods.

Industry analysts expect that a part of the company’s Botswana production may be set aside and sold at auctions in Gaborone, where the government plans to develop trading outside the DTC system. Despite these planned changes, the majority of De Beers goods will remain with sightholders and De Beers is committed to the ITO system.





Diamonds Fail to Boost Zimbabwe's Economy

Zimbabwe’s economy is still in dire need of economic relief and diamonds are not likely to make much of a contribution. The value of stones auctioned off from Marange two weeks ago came to about $56 million, lower than previous estimates. The government reported earning $30 million in dividends from the rough sale. The Zimbabwe Mining Development Corporation (ZMDC), a government entity that is sanctioned by the U.S., was said to earn a small dividend from the sale, but the bulk of profits went back to the mining companies, Mbada and Canadile.

In an unrelated matter, the expansion of Rio Tinto's Murowa Diamond Mine would create at least 300 more jobs. Additionally, Murowa, a joint empowerment venture between Rio Tinto and local investors, recently received praise for its corporate responsibility programs in the region.





Rapaport Weekly Broadcast

WATCH NOW: The Spectrem Millionaire Investor Confidence Index fell to negative 18 points in August, not far from a record low of negative 20 points in June 2009. The IIJS show in Mumbai experienced strong trading activity, generating $850 million worth of business. Demand for goods was spread across all categories of diamonds. There was also strong activity in fancy shapes with emerald cuts in 40 to 70 pointers proving popular. Pear shapes and princess cuts also received interest among buyers.









RETAIL


Gold Jewelry Demand Weakens Slightly

World gold demand by value rose 77 percent to $40.4 billion during the second quarter, concluded the World Gold Council. Gold spiked to a new record, topping $1,260 in June, which helped to boost the dollar figure.

Global jewelry demand fell 5 percent due, in part, to surging gold prices. Gold jewelry demand in India, the largest market, fell 2 percent. China experienced a gold jewelry demand increase of 5 percent. Global gold investment demand was the strongest performing segment as economic worries from the U.S. and Europe drove more individuals toward safe-haven buying. The Council expects little change in trends for the second half of 2010 with strong demand continuing from India and China and investment demand the driving force in Western cultures.





Signet's 2Q Sales +2%, Profit +47%

Signet's second quarter revenue rose 1.7 percent to $722.8 million. The retailer lowered its cost of sales by 1.2 percent, which helped improve the gross margin by 200 basis points. Net income rose 47 percent to $40.7 million. By region, sales in the U.S. rose 5.1 percent to $580.8 million and operating income rose 26 percent to $63.3 million. Same-store sales rose 5.9 percent. U.K. sales in local currency fell 1.8 percent and same-store sales fell 0.4 percent.





Titan to Open 150 New Stores

Titan Industries, parent of Tata and the Tanishq jewelry brand, plans to open 150 new stores by the end of March 2011. The group plans to invest about $37 million to open these facilities and has already launched 40 new stores in India this year.





Citibank Notifies Zale of Sales Shortfall

Citibank notified Zale Corporation for a fourth time, the retailer had not met the minimum volume of credit card sales required by its credit card agreement with the bank. Zale informed shareholders that on August 23, Citibank required a payment of approximately $396,000 prior to September 22 to cover a shortfall in its August sales and to avoid termination of its agreement in February 2011. Zale has been negotiating an agreement with Citibank and has already paid more than $5 million to the bank for these ongoing shortfalls.





Anjolee Unveils New Tennis Bracelet

Anjolee.com released its Timeless Dreams Tennis Bracelet as part of the Diamond Dreams Collection. The piece features a classic, four-prong setting and round diamonds. Customers can customize the bracelet by selecting the metal type, size, diamond quality and length online. The item's starting price is $1,143.25.





Robbers Attack Salesman Near Dallas

Robbers attacked a wholesale jeweler outside a Richardson, Texas shop and got away with at least $750,000 in 22-karat gold jewelry. The victim was sitting in his car in an alley behind the shop when a car pulled up and three men jumped out, smashed his windows, physically restrained him, popped the trunk and took a small suitcase filled with what was described as “handcrafted fine-detailed Asian jewelry.” Police believe the robbery was planned in advance.









GENERAL


HRD Lab Link Service Expands in India

HRD Antwerp, along with partners Ferrari Belgium and BVC Logistics, expanded the HRD Lab Link service to cover eight cities in India, including Surat. Indirect services will be available to Dehli, Bangalore, Chennai, Kolkata, Hyderabad and Jaipur through the city of Mumbai.





GIA Announces May 2011 Symposium

The Gemological Institute of America (GIA) will host their 2011 symposium from May 29 to May 30 in Carlsbad, California. The theme will be Advancing the Science and Business of Gems. The event will commemorate the 80th anniversary of GIA and end just as Las Vegas Jewelry Week kicks off. Capacity is limited and the event fees include meals. Registration opens on October 15.









STATS


Sierra Leone’s Rough Exports +43%

Sierra Leone's rough exports rose 43 percent year on year to $54 million during the first half of 2010 that ended on June 30, 2010. At the current rate, the country is on target to achieve strong improvement compared with 2009, when it exported just $78 million worth of rough.









MINING


BHP Diamonds Revenues +42%

BHP Billiton reported that revenue from its diamond and specialty products division rose 42 percent to $1.2 billion for fiscal year 2010. Earnings from diamonds, before interest and tax, rose 234 percent to $485 million. The company's total revenue increased by 5 percent to $52.79 billion, while net profits jumped 116 percent to $12.72 billion.





Harry Winston Closes Deal With Kinross

Harry Winston reinstated its 40 percent stake in the Diavik mine. The company repurchased a 9 percent stake in Diavik from Kinross Gold for an aggregate purchase price of $220 million, which included cash and stock.





Gem Diamonds' 1H Profits -9%

Gem Diamonds reported that its first-half revenue fell 11 percent to $103.9 million. Profits for the first half dropped 9 percent to $3 million. The company ended the period with $108 million in cash and no debt. Rough prices from Letšeng increased 32 percent to $1,728 per carat. Ellendale fancy yellow diamonds rose 3 percent to an average of $2,588 per carat for goods sold to Tiffany & Co.





IGE Conducts Angola Diamond Mine Sale

IGE Resources sold 6,045 carats of rough diamonds for $483,600 out of its Luxinge mine in Angola. Another sale is planned for September. The sale occurred during IGE's current third fiscal quarter. The junior miner, which reports its financial data in krona currency, recorded second-quarter revenue of $849,000. It was the first time IGE registered sales income, most of which was derived from a sale of 3,407 carats. Additional income from nonmineral sales totaled $2.6 million. IGE was able to narrow its loss by 70 percent to $1.3 million. The miner also completed its purchase of Pangea DiamondFields during the quarter and secured government approval for its Luxinge diamond project in Angola.





Peregrine Diamonds Reports Six New Kimberlites

Peregrine Diamonds discovered six new kimberlites at its Chidliak diamond project on Baffin Island in Nunavut, Canada, bringing its total number of new discoveries to date to 38. Three of the new kimberlites were discovered at the surface and three were found through core drilling. Samples from the new discoveries were sent to the Saskatchewan Research Council for diamond analysis via caustic fusion. The results will be reported when they become available.









ECONWATCH


For the week ending Aug. 26, 2010:

Aug. 26 Aug. 19 Chng.
$1 = Euro 0.786 0.776 0.010
$1 = Rupee 46.82 46.47 0.4
$1 = Israel Shekel 3.82 3.78 0.04
$1 = Rand 7.33 7.29 0.04
$1 = Canadian Dollar 1.06 1.03 0.03

Precious Metals
Gold $1,237.50 $1,231.60 $5.90
Platinum $1,529.00 $1,522.00 $7.00

Stock Indexes Chng.
BSE 18,226.35 18,454.94 -228.59 -1.2%
Dow Jones 9,985.58 10,271.21 -285.63 -2.8%
FTSE 5,155.84 5,211.29 -55.45 -1.1%
Hang Seng 20,612.06 21,072.46 -460.40 -2.2%
S&P 500 1,047.23 1,075.63 -28.40 -2.6%
Yahoo! Jewelry 827.86 836.59 -8.73 -1.0%

USA
Birks & Mayors $1.10 $1.04 $0.06 5.8%
Blue Nile $42.07 $41.74 $0.33 0.8%
Charles & Colvard $2.40 $2.44 -$0.04 -1.6%
DGSE Companies $2.54 $2.72 -$0.18 -6.6%
Fuqi Intl. $6.36 $7.28 -$0.92 -12.6%
JCPenney $20.43 $20.60 -$0.17 -0.8%
Kohl's $47.15 $46.72 $0.43 0.9%
LJ Intl. $3.10 $3.10 $0.00 0.0%
Macy's $19.29 $20.72 -$1.43 -6.9%
Man Sang $2.23 $2.05 $0.18 8.8%
Movado Group $10.19 $10.96 -$0.77 -7.0%
Nordstrom $30.28 $31.19 -$0.91 -2.9%
Saks $6.99 $7.70 -$0.71 -9.2%
Signet $28.58 $27.81 $0.77 2.8%
Sotheby's $28.50 $29.61 -$1.11 -3.7%
Tiffany $42.26 $43.21 -$0.95 -2.2%
Walmart $51.11 $50.06 $1.05 2.1%
Zale $1.51 $1.85 -$0.34 -18.4%

EUROPE
Bulgari €5.78 €5.88 -€0.10 -1.7%
Bijou Brigitte €104.95 €106.68 -€1.73 -1.6%
Damiani €0.74 €0.76 -€0.02 -2.6%
LVMH €91.99 €93.60 -€1.61 -1.7%
PPR €101.25 €102.15 -€0.90 -0.9%
Richemont CHF 39.38 CHF 40.64 -CHF 1.26 -3.1%
Swatch Group CHF 326.10 CHF 339.10 -CHF 13.00 -3.8%
Theo Fennell (pence) 36.00 36.00 0.00 0.0%

INDIA (rupee)
Classic Diamond 21.10 20.85 0.25 1.2%
Gitanjali Gems 212.90 208.80 4.10 2.0%
Goldiam Intl. 52.90 57.05 -4.15 -7.3%
Rajesh Exports 99.35 99.50 -0.15 -0.2%
Ren. Jewellery 74.60 77.75 -3.15 -4.1%
Su-Raj Diamonds 67.40 62.20 5.20 8.4%
Titan 2,981.85 2,895.75 86.10 3.0%
Zodiac JRD 28.30 28.10 0.20 0.7%
Suashish Diamonds 179.95 179.60 0.35 0.2%

NEW ZEALAND
Michael Hill NZD 0.69 NZD 0.69 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 10.90 CAD 11.79 -CAD 0.89 -7.5%
Lucara Diamond CAD 0.81 CAD 0.89 -CAD 0.08 -9.0%
Mountain Province CAD 3.69 CAD 3.65 CAD 0.04 1.1%
Peregrine Diamonds CAD 2.00 CAD 2.01 -CAD 0.01 -0.5%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.63 CAD 0.72 -CAD 0.09 -12.5%
Stornoway Diamond CAD 0.53 CAD 0.53 CAD 0.00 0.0%
True North Gems CAD 0.08 CAD 0.09 -CAD 0.01 -11.1%
UK (pence)
African Diamonds 36.50 39.00 -2.5 -6.4%
Anglo American 2,302.00 2,360.00 -58.0 -2.5%
BHP Billiton 1,802.50 1,810.00 -7.5 -0.4%
Firestone Diamonds 23.13 26.00 -2.9 -11.0%
Gem Diamonds 199.40 199.30 0.1 0.1%
Gemfields 4.44 4.65 -0.2 -4.5%
Mwana Africa 9.01 8.80 0.2 2.4%
Namakwa Diamonds 42.31 42.30 0.0 0.0%
Petra Diamonds 64.00 68.00 -4.0 -5.9%
Rio Tinto plc 3,177.00 3,290.00 -113.0 -3.4%
Stellar Diamonds 9.59 10.00 -0.4 -4.1%










INDIA MARKET REPORT
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
RAPAPORT NEWS SERVICE | SEPT. 3, 2010 www.rapaport.com | news@rapaport.com


Industry Retail EconWatch India Mining General


RapUp Sept. 3, 2010


Polished markets stable with strong price resistance from buyers ahead of Hong Kong show. Rough prices and demand stable following DTC August sight estimated at $540m. Harry Winston 2Q revenue +62% to $154m, profits of $16m vs. loss of $24m. Tiffany 2Q revenues +9% to $669m, profits +19% to $68m. Lazare Kaplan estimates FY sales -21% to $152m. India’s July polished exports +37% to $1.7b, rough imports +7% to $942b. Belgium July polished exports +17% to $1.1b, rough imports +10% to $691m. Canadile building cutting and polishing center in Zimbabwe. Former IDE and WFDB president Itzhak Forem passes away. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED NEXT WEEK, SEPTEMBER 9. WE WISH EVERYONE A NEW YEAR OF PEACE AND PROSPERITY.


RapNet Data: September 3, 2010

Diamonds 752,490

Value $4,633,116,336

Carats 818,284

Average Discount -31.47%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


September
5-8
Sun-Wed
Rapaport at Int'l Jewellery London (IJL)
Booth H91 – H99 Earls Court 2, London

Contact: Francesco Lopresti
+39-02-40047274
francesco.lopresti@diamonds.net



September
6
Mon
Martin Rapaport Presentation at IJL

“The State of the Diamond Industry”

12 p.m. to 2 p.m.
Victoria Room (1st Floor)


September
14-18
Tue-Sat
Rapaport at Hong Kong Show
Booth 7T24-7T26, AsiaWorld-Expo

Contact: Ofira Gutman-Berrebi
+852-280-52620
ofira.gutman@diamonds.net

October
11-15
Mon-Fri

Rapaport New York Melee Auction

Over 40,000 carats of assorted parcels ranging from -2.5 sieve plate to 1ct of very fine to commercial quality goods. Excellent buying opportunity for diamond wholesalers and jewelry manufacturers.

To participate please contact:

+1-212-354-9100
auctions@rapaport.com


October
21
Thu
Rapaport Int'l Diamond Conference 2010
The Times Center, 242 W. 41st., New York

8:30 a.m. - 5 p.m.
Diamond Demand
Human Rights and the Diamond Industry - The Way Forward

Register now, seating is limited.






QUOTE OF THE WEEK:
Sales and [month to month comparisons] become much harder [now] and consumer sentiment is shakier than before, particularly in the accessible luxury segment. We remain cautious about the domestic business.

Randal Konik | Jefferies & Co.






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Rapaport Group Sets Human Rights Standard

Martin Rapaport, the chairman of Rapaport Group, addressed the issue of human rights and the diamond industry in a keynote speech delivered in Mumbai. He defined the Rapaport Minimum Standard as comprising “All diamonds that are legal and not directly involved in severe human rights violations should be freely, fairly and legally traded,” noting that the phrase “directly involved in severe human rights violation” is defined as diamonds whose physical production involved murder, rape, physical violence or forced servitude.

Rapaport also provided requirements for the legitimization of Marange diamonds, including the elimination of human rights violations; the fair, legal and safe trade of the stones and the fair distribution of revenue to the people of Zimbabwe. Read more.





De Beers U.S. Case Returns to Court

The Diamond Manufacturers & Importers Association of America (DMIA) filed an amicus brief on behalf of its membership in the $250 million De Beers settlement case. The court will permit DMIA to participate as an amicus and tossed out the original conclusion, which overturned the settlement with De Beers and put the matter up for a rehearing en banc.

Meanwhile, De Beers sued retailer Kohl’s along with Brilliant Jewelers/MJJ Inc. and 10 unnamed “does” for patent infringement of its Everlon Diamond Knot Collection. U.S. Court documents show that De Beers believes that Kohl’s “Rhodium-Plated Sterling Silver Diamond Love-Knot ring” is a direct copy of its ‘913 patented “Knot Ring” and that the “Rhodium-Plated Sterling Silver Diamond Love Knot Bangle Bracelet” infringes on its ‘799 patented “Bangle Bracelet.”

De Beers promoted its Forevermark brand of loose diamonds in Chennai, India, this week, the first in a series of private promotional events to be held in that country.





Rapaport Weekly Broadcast

WATCH NOW: Diamond Trading Company sight analyst Avi Krawitz discusses sightholder observations and feedback from the August sight. On the retail side of news in the U.S., brand loyalty proves to be quite strong in the latest STORES Media Favorite 50 Online Retailers survey, conducted by BIGresearch and published in the September issue of STORES Magazine.









RETAIL


U.S. Chain-Store Sales +3% in August

U.S. chain-store sales rose 3.2 percent in August from one year ago on a same-store basis, according to the International Council of Shopping Centers (ICSC). MasterCard Advisor’s SpendingPulse report noted that online jewelry sales rose 2 percent in August, but that in store sales remained nearly flat.





Tiffany & Co. Profits +19%

Tiffany reported a 9.2 percent year on year rise in revenue to $668.8 million for its second fiscal quarter. Cost of sales rose 2.5 percent to $282 million and net profit increased by 19 percent to $67.7 million or 53 cents per share. The retailer also said that about half of its sales were taking place outside the U.S. Net sales rose 7 percent in the Americas, 17 percent in the Asia-Pacific region and 25 percent in Europe. Net sales in Japan fell 2 percent.





Lazare Kaplan Estimates FY Sales at $152M

Lazare Kaplan International anticipates that its net sales for fiscal 2010 will total approximately $152.4 million, a decline against the $192.4 million posted for fiscal 2009. The company notified the Securities and Exchange Commission that it wasn’t able to provide reasonable estimates, file financial reports or assess gross margin income before taxes. The company was working to resolve all uncertainties and will provide financial statements as soon as possible. The company was delisted by the New York Stock Exchange (NYSE) Amex on August 23 and currently trades on pink sheets.





Movado Records $20M Loss

Movado reported a 2.9 percent increase in revenue during second quarter to $85.4 million, but cost of sales rose 12 percent to almost $40 million. Movado reported an operating loss of $1 million, and a net loss of $19.8 million, up from $277,000 one year ago.





Fred Meyer Opens Two New Locations

Fred Meyer Jewelers opened two new stores: One in Little Rock, Arkansas, its first store in the city, and one in Phoenix, Arizona. The company has already opened five new locations this year and plans to open 13 more.





Gitanjali to Buy a Jewelry Firm in Italy

Gitanjali Group wants to buy a leading jewelry house in Italy by the end of next month. The company hopes to expand across Europe and thinks the venture will help it penetrate the Middle East market and launch new jewelry designs. Gitanjali entered the U.S. market through a small acquisition of jewelry stores.





Swatch Sues UBS

Swatch lodged a complaint against UBS claiming that the watch brand recorded millions in losses from UBS investments that were supposed to be absolute-return products. UBS confirmed the lawsuit but had no comment.









GENERAL


Itzhak Forem Passes Away

Itzhak Forem, a former president of the Israel Diamond Exchange (IDE) and the World Federation of Diamond Bourses (WFDB), died at 72. Forem started his career in banking and then opened his own diamond business before holding these positions in the community. In October 2009, the main entrance of the Yahalom building in Israel was dedicated to him.






Roth Joins WDC Board

The World Diamond Council (WDC) appointed Jacky Roth to its board of directors. Roth has been working in the Antwerp diamond industry since 1979, serving on the board of the Antwerp Diamond Bourse (Beurs voor Diamanthandel) and as president of the Antwerp World Diamond Center (AWDC).





Oppenheimer to Chair Debswana

Nicky Oppenheimer was appointed as the chairman of Debswana, replacing De Beers former chief executive Gareth Penny, who resigned in July.






GJEPC Signs Precious Metals Agreement With DIL

The Gems & Jewellery Export Promotion Council (GJEPC) and Diamond India Limited (DIL) agreed to work together to import precious metals. DIL will import metals from overseas to sell to jewelers, while the GJEPC will provide marketing support. The agreement will also form a joint venture between DIL’s bullion operations and GJEPC’s marketing outreach to add value to jewelry exporters’ businesses.






Canadile Builds Diamond Center in Zimbabwe

Canadile Resources, which operates from Zimbabwe’s Marange diamond fields, is constructing a $20 million cutting and polishing center in the country. It is slated to open within the next six months and the company estimated that it will create about 7,000 jobs. Cougan Matanhire, the chairman of Canadile, said that the center would enable the country to funnel all of its rough diamond streams to one professional, secure area.









STATS


Japan’s July Polished Imports

Japan’s polished diamond imports rose 20 percent in July to $56.6 million. By volume, polished imports were up by 18 percent to 183,746 carats as their average price grew 2 percent to $308 per carat. Japan’s gold jewelry imports fell 39 percent to $308.8 million, while its platinum jewelry imports declined 26 percent to $199.3 million. Pearl imports dropped 35 percent to $152.9 million.








India July Imports / Exports

Figures are rounded $Mil. Chng. YTD $Mil. Chng.
Polished Exports $1,680 37% $12,500 72%
Polished Imports $1,110 7% $7,740 61%
Net Exports $567 $4,760

Rough Imports $942 7% $6,780 92%
Rough Exports $63 56% $7,750 46%
Net Imports $879 $6,250

Net Diam Acct. ($312) ($1,490)






Belgium Imports & Exports

Figures are rounded July '10 YTD '10
$Mil Chng. $Mil Chng.
Polished Imports $798 22% $5,835 29%
Polished Exports $1,119 17% $6,467 29%
Net Exports $321 $632

Rough Imports $691 10% $5,582 70%
Rough Exports $1004 17% $6,686 72%
Net Imports ($313) ($1,104)

Net Diamond Acct. $634 $1,736










MINING


Harry Winston Profits Rise

Harry Winston Diamond Corporation reported that revenue rose 62 percent for fiscal second quarter. Profit rose to $16.5 million from the loss of $24.5 million it posted for the second quarter of fiscal 2010. Cost of rough sales was $55.4 million, resulting in a gross margin of 36.2 percent compared with 12.8 percent. Rough diamond production was 14 percent higher at 645,000 carats, but as measured by the calendar year.

Mining operations generated revenue of $86.8 million, an increase of 89 percent, and retail sales rose 37 percent to $66.9 million. Overall, Harry Winston improved gross margin as a percentage of sales to 43.5 percent, up from 30.1 percent. The company reported that from its retail sales, it experienced a 40 percent increase in sales across Europe, which totaled $24.7 million for the period. Its sales in the Asia-Pacific region increased 40 percent to $22.6 million and U.S. sales grew 31 percent to $19.6 million.






Trans Hex Sale Yields $16M in May

Trans Hex sold $15.7 million worth of diamonds from its South Africa operations in May at an average price of $927 per carat. The company saw its sales revenue increase by 12 percent year on year to $93.1 million. The company noted that production was below target this year due to underperformance at its Baken mine. Trans Hex also started pilot mining at its 33-percent–owned Luana project in Angola, yielding 26,452 carats that were then sold for $8.2 million or $312 per carat.





ACR Files Legal Action Against Mpofu

African Consolidated Resources (ACR) filed a court action against Zimbabwe mines minister Obert Mpofu for allowing the sale of rough diamonds from the Chiadzwa mining fields in an auction held August 10. ACR said that it owns the mining claims located in these fields and reiterated that the Zimbabwe Supreme Court had ruled that no sales of rough production from the mines should take place until the ownership issue was resolved. The stones sold from Chiadzwa were Kimberly Process (KP) certified, but violated the Supreme Court order. ACR wants Mpofu to face High Court action and for the court to throw out the appeal filed by Mpofu over Chiadzwa’s legal ownership.







Rockwell Produces Five Large Diamonds

Rockwell Diamonds recovered five large gemstones from its Holpan, Klipdam and Saxendrift operations in South Africa, bringing its total recoveries of rough diamonds of more than 50 carats to 11 for its current 2011 fiscal year. A 136-carat, clean white, H to I, broken octahedral stone was found in Holpan; a 69.26-carat, pinkish stone with a brown overtone and blocky shape was found at Klipdam; and 58-carat, 82-carat and 104-carat stones were found in Saxendrift. All of these diamonds will be sold through the company’s agreement with Steinmetz Diamond Group.





Firestone to Hold a Tender in 4Q10

Firestone Diamonds completed the commissioning of its diamond sorting facility at the Diamond Technology Park in Gaborone. Diamond concentrate from BK11 and other projects will now be shipped to the facility for sorting, acidisation and preparation for sale. Firestone will hold its first tender at the facility in fourth quarter. Initial diamond recoveries at BK11 included a large, high quality 13.74-carat diamond with a value estimated at $5,000 per carat.









ECONWATCH


For the week ending Sept. 2, 2010:

Sept. 2 Aug. 26 Chng.
$1 = Euro 0.780 0.786 -0.006
$1 = Rupee 46.64 46.82 -0.2
$1 = Israel Shekel 3.79 3.82 -0.03
$1 = Rand 7.23 7.33 -0.10
$1 = Canadian Dollar 1.05 1.06 -0.01

Precious Metals
Gold $1,251.10 $1,237.50 $13.60
Platinum $1,546.00 $1,529.00 $17.00

Stock Indexes Chng.
BSE 18,238.31 18,226.35 11.96 0.1%
Dow Jones 10,320.10 9,985.58 334.52 3.4%
FTSE 5,371.04 5,155.84 215.20 4.2%
Hang Seng 20,868.92 20,612.06 256.86 1.2%
S&P 500 1,090.10 1,047.23 42.87 4.1%
Yahoo! Jewelry 822.68 827.86 -5.18 -0.6%

USA
Birks & Mayors $1.10 $1.10 $0.00 0.0%
Blue Nile $42.73 $42.07 $0.66 1.6%
Charles & Colvard $2.28 $2.40 -$0.12 -5.0%
DGSE Companies $2.51 $2.54 -$0.03 -1.2%
Fuqi Intl. $6.74 $6.36 $0.38 6.0%
JCPenney $21.41 $20.43 $0.98 4.8%
Kohl's $49.31 $47.15 $2.16 4.6%
LJ Intl. $3.39 $3.10 $0.29 9.4%
Macy's $20.71 $19.29 $1.42 7.4%
Man Sang $2.29 $2.23 $0.06 2.7%
Movado Group $10.24 $10.19 $0.05 0.5%
Nordstrom $32.76 $30.28 $2.48 8.2%
Saks $8.22 $6.99 $1.23 17.6%
Signet $28.10 $28.58 -$0.48 -1.7%
Sotheby's $29.21 $28.50 $0.71 2.5%
Tiffany $42.05 $42.26 -$0.21 -0.5%
Walmart $51.76 $51.11 $0.65 1.3%
Zale $1.66 $1.51 $0.15 9.9%

EUROPE
Bulgari €6.14 €5.78 €0.36 6.2%
Bijou Brigitte €100.60 €104.95 -€4.35 -4.1%
Damiani €0.79 €0.74 €0.05 6.8%
LVMH €96.47 €91.99 €4.48 4.9%
PPR €108.00 €101.25 €6.75 6.7%
Richemont CHF 41.70 CHF 39.38 CHF 2.32 5.9%
Swatch Group CHF 339.90 CHF 326.10 CHF 13.80 4.2%
Theo Fennell (pence) 36.00 36.00 0.00 0.0%

INDIA (rupee)
Classic Diamond 20.70 21.10 -0.40 -1.9%
Gitanjali Gems 205.45 212.90 -7.45 -3.5%
Goldiam Intl. 49.80 52.90 -3.10 -5.9%
Rajesh Exports 92.00 99.35 -7.35 -7.4%
Ren. Jewellery 74.80 74.60 0.20 0.3%
Su-Raj Diamonds 63.40 67.40 -4.00 -5.9%
Titan 2,996.90 2,981.85 15.05 0.5%
Zodiac JRD 27.25 28.30 -1.05 -3.7%
Suashish Diamonds 175.05 179.95 -4.90 -2.7%

NEW ZEALAND
Michael Hill NZD 0.67 NZD 0.69 -NZD 0.02 -2.9%

MINING STOCKS
CANADA
Harry Winston CAD 12.85 CAD 10.90 CAD 1.95 17.9%
Lucara Diamond CAD 0.90 CAD 0.81 CAD 0.09 11.1%
Mountain Province CAD 4.25 CAD 3.69 CAD 0.56 15.2%
Peregrine Diamonds CAD 2.20 CAD 2.00 CAD 0.20 10.0%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.63 CAD 0.63 CAD 0.00 0.0%
Stornoway Diamond CAD 0.56 CAD 0.53 CAD 0.03 5.7%
True North Gems CAD 0.09 CAD 0.08 CAD 0.01 12.5%
UK (pence)
African Diamonds 37.15 36.50 0.6 1.8%
Anglo American 2,465.00 2,302.00 163.0 7.1%
BHP Billiton 1,901.00 1,802.50 98.5 5.5%
Firestone Diamonds 26.61 23.13 3.5 15.0%
Gem Diamonds 191.10 199.40 -8.3 -4.2%
Gemfields 4.25 4.44 -0.2 -4.3%
Mwana Africa 8.89 9.01 -0.1 -1.3%
Namakwa Diamonds 41.75 42.31 -0.6 -1.3%
Petra Diamonds 63.00 64.00 -1.0 -1.6%
Rio Tinto plc 3,483.00 3,177.00 306.0 9.6%
Stellar Diamonds 8.51 9.59 -1.1 -11.3%
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
Kto má čas môže sa zúčastniť.




Invitation from Martin Rapaport

September 13, 2010

Dear Friends,

This year’s Rapaport International Diamond Conference (IDC) will take place on Thursday, October 21st at the Times Center, New York.

The morning session, entitled “Diamond Demand,” will analyze who will be buying what as the U.S. and global economies recover. You will learn about the trends that will define what and why consumers will buy jewelry. The morning session will conclude with an extraordinary multi-media presentation by Roy Williams, chancellor of the Wizard Academy.

The afternoon session, “Human Rights and the Diamond Industry – The Way Forward,” will focus on solutions rather than blame. We will transcend the current level of debate and introduce new ideas and real solutions to real problems. Dr. Michael Conroy, Chairman of TransFair USA and author of Branded – How the ‘certification revolution’ is transforming global corporations, will be presenting as will Dr. Peter Singer, a noted ethicist from Princeton University. Half of the afternoon session will be devoted to a “case study open discussion” using specific examples that highlight ethical and business concerns.

Friends, if you really want to understand where the diamond and jewelry industry is heading, don’t miss this conference.

All revenue from the conference (not just profits) will be donated directly to the Fair Trade Jewelry Association, a 501(c)3 U.S. registered charity. Your registration fee of $249 will be paid directly to the charity. NGO’s and government officials may apply for a fee waiver.

To register visit www.diamonds.net/idc, email idc@diamonds.net or call +1-702-893-9400.
Seating is limited so register now.

Yours truly,

Martin Rapaport
Chairman
Rapaport Group of Companies

This email was sent to djkokavec@orangemail.sk by The Rapaport Group, 133 E Warm Springs Road, Las Vegas, Nevada, 89119. To unsubscribe, please email unsubscribe-announcements@diamonds.net
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
8) A ty jedeš Grofik ?
Registrovaný uživatel
:'( Nemám volné buboše. ;)

Ale môže isť automaticky každý čo je člen RAPAPORTU + pozvaní hostia.

Pár predajcom z Aukra by som vrele odporučil,býva to min. dva krát do roka na jar bola konkláve v EU.
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
RAPAPORT NEWS SERVICE | SEPT. 17, 2010 www.rapaport.com | news@rapaport.com


Industry Retail & Wholesale EconWatch India Mining


RapUp Sept. 17, 2010


All eyes on Hong Kong show. Visitor traffic falls below expectations with strong price resistance from buyers while sellers hold firm. Gold reaches record high ($1,279/oz). Gem Diamonds, Tiffany agree to 25% price hike on Ellendale fancy yellow rough. Zimbabwe sells 500,000 cts of Marange goods for estimated $13.5m. Rio Tinto invests $803m in Argyle underground development. Court dismisses Tiffany false advertising claim against eBay. U.S. July polished imports +35% to $1.65b. Belgium’s Aug. polished exports +25% to $354m, rough imports +52% to $782m. Israel’s Aug. polished exports +88% to $340m. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED NEXT WEEK SEPT. 23 and offices will be closed Sept. 23-24 and Sept. 30-Oct 1.


RapNet Data: Sept. 16

Diamonds 769,227

Value $4,689,156,610

Carats 835,552

Average Discount -31.11%






Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


October
7-10
Thu-Sun
Rapaport at Dubai Int'l Jewellery Week
Hall 5, Stand 505
Dubai World Trade Center
For information contact Pooja Kotwani:
+91-22-6628-2700 or email pooja.kotwani@diamonds.net


October
11-15
Mon-Fri

Rapaport Melee Auction - New York

Over 40,000 carats of diamonds in all shapes, sizes and qualities. Excellent buying opportunity for wholesalers and manufacturers.

To participate please contact:

+1-212-354-9100
auctions@rapaport.com


October
21
Thu
Rapaport Int'l Diamond Conference 2010
The Times Center, 242 W. 41st., New York

8:30 a.m. - 5 p.m.
Diamond Demand
Human Rights and the Diamond Industry - The Way Forward

Register now, seating is limited.






QUOTE OF THE WEEK:
We launched Forevermark little more than two years ago with the goal of becoming the world’s leading diamond brand. We wanted to develop a brand that not only defines quality and integrity within the diamond industry but that also inspires leading independent jewelry manufacturers and retailers to create precious and exciting diamond jewelry. We believe that growing into [the vibrant markets of Singapore, Mexico, and the Caribbean brings] us closer to realizing that goal.

Stephen Lussier | Forevermark






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Buyers Resist, Sellers Hold Firm in HK

So far, visitor traffic at the Hong Kong Gem & Jewellery fair has missed expectations. Diamond prices were being reported as "stable" but there was strong buyer resistance and sellers were holding firm. Vendors stressed though that business is being conducted -- if the price is right. There were a lot of Indian buyers, and a notable presence of buyers from Bangkok, Taiwan and Singapore. Chinese buyers appeared focused on specific orders, rather than stocking up for National Day Holiday, or Golden Week, which begins on October 1. Demand is strong for Triple-EX goods, and there is good demand for SI’s in all colors. Sizes above 3.00-carats are in demand. For many, this show will end early as Jewish vendors close in order to arrive home in time for Yom Kippur.





Forevermark Reaches New Markets

Forevermark will expand its reach into Singapore, Mexico, and selected islands in the Caribbean. De Beers claims that the brand has experienced $150 million in retail sales during the first 18 months of its launch and is available through 294 doors across Asia. Forevermark retail partners must meet the Forevermark Integrity Requirements and these standards are monitored by Société Générale de Surveillance. In Singapore, Forevermark will be available from Aspial and Lee Hwa stores. Diamonds International will offer Forevermark in the Caribbean and Mexico. Forevermark introduced the brand in India late in 2009 and De Beers is discussing arrangements with selected retailers in order to appoint authorized dealers this year.





Argyle Pink Diamonds Head to China

Rio Tinto brought the Argyle pink diamonds that are up for tender to mainland China. The decision to present the goods for the first time in China was a reflection of the growing appreciation for rare colored diamond in that market. The collection of 55 stones was made available for viewing to a select group of diamantaires, collectors and connoisseurs. Following its initial previews in Hong Kong and at the Australian pavilion at the Shanghai World Expo, the Argyle Pink Diamonds Tender will be showcased in Shanghai and Beijing in partnership with Chinese retailer, Chow Tai Fook. After China, the pink diamonds will be shipped to New York for viewing before returning to Australia in time for the bid deadline of October 26.





Rapaport Weekly Broadcast

WATCH NOW: An exhibition of jewelry, cameos and artifacts carved from gemstones opened at the Harry Oppenheimer Diamond Museum in Ramat Gan. The exhibition comprises works by master carvers in Idar-Oberstein and reflects the fruitful cooperation between Germany and Israel. The exhibition features jewelry and artifacts reflecting traditions going back hundreds of years, passed down from father to son. This show will be open until the end of December.









RETAIL & WHOLESALE


No Surprises from U.S. Aug. Retail Figures

U.S. chain-store sales rose 2.6 percent this past week compared with one year ago, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. For the month of August, department store sales fell 1.2 percent to $15.5 billion, signaling continued weakness for the sector, according to government data. The National Retail Federation (NRF) estimated that retail industry sales, which excluded automobiles, gas stations, and restaurants, rose 3 percent during the month. NRF concluded that consumers are spending cautiously and looking for bargains and comparing prices before buying.





Fancy Yellow Rough Prices Increase for Tiffany

Gem Diamonds negotiated a 25 percent price increase for its fancy yellow diamonds that it is contracted to supply Tiffany & Co. The price increase will take effect on October 1. Gem Diamonds has a long term agreement with Laurelton Diamonds, the rough sourcing and polishing subsidiary of Tiffany, to supply the exclusive assortment of fancy yellow stones mined from its Ellendale operation in Australia. Fancy yellow goods sold to Tiffany in the first half of 2010 achieved an average price of $2,588 per carat and that was up from an average price of $2,509 per carat in the first six months of 2009.





Kristall Raises 2010 Forecast

Kristall of Smolensk raised its sales estimates for the year, since they are expecting to receive rough and polished diamonds from ALROSA to boost its stocks. The company expects revenues to range between $325 million to $357 million, up from $220 million to $240 million as previously forecasted.





Movado Sets New Strategy

Movado Group delivered a multi-year strategic plan to investors that capitalizes upon the company's portfolio of brands, particularly Movado, and delivers new products and consumer-centric marketing programs in order to generate sustained sales and profit growth. Movado will capture growth opportunities in China and plans to grow global sales some 10 percent to 13 percent annually through 2014. Sales for fiscal 2014 are expected to range between $520 million and $540 million with gross margin to range between 56 percent and 58 percent. Movado anticipates operating profit to return to approximately a 12 percent contribution by fiscal year 2014.





FUQI Opens Showroom in Shenzhen

FUQI International opened a new 10,000 square foot jewelry showroom in Shenzhen, China. The store offers a larger jewelry product collection than what is typical. FUQI plans further retail expansion in China by "cultivating the FUQI and Temix brands." There are more than 100 FUQI and Temix retail locations already.





Shree Ramkrishna Launches Design Canvas

Shree Ramkrishna Export launched its Design Canvas online application during the Hong Kong show. The virtual tool helps customers sketch diamond jewelry designs to show how custom designs appear when completed. It allows the customer to see how different elements of the design can fit a range of price points.





Court Dismisses Tiffany’s Claim Against eBay

A Manhattan judge dismissed Tiffany’s false advertising claim against auction website eBay for a final time, ruling that the jeweler failed to establish that eBay “intentionally set out to deceive the public.” The luxury retailer sued eBay in 2004 asking the court to hold eBay responsible, as the host environment, for selling counterfeit Tiffany goods. All arguments have since been dismissed.





Michael C. Fina, Tacori Host Diamond Dash

Michael C. Fina and Tacori collaborated once again to present the second annual diamond dash in Manhattan, which is scheduled for September 25. The "Diamond Dash: Dash for a Diamond & a Cure" kicks-off at noon and proceeds generated will support The Leukemia & Lymphoma Society, of which Michael C. Fina is a Mission Sponsor for the New York Chapter. The winning diamond dash team will receive a handcrafted Tacori engagement ring setting, matched with a Tacori Diamond, valued at $20,000, and a five-day honeymoon to the Aventura Spa Palace, in the heart of Riviera Maya in Mexico.





Zale Names Supply Chain Exec.

Zale named John Legg as senior vice president for the supply chain. Legg will be responsible for warehousing, logistics and purchasing. Legg was most recently the managing director for a consulting firm he formed, Management Services International. Legg designed and launched supply chain solutions in support of restructuring, process improvement and inventory management initiatives.









GENERAL


Police Arrest NamGem Manager

NamGem production manager Erez Ben Shushan was arrested in Namibia in connection with $2.6 million worth of missing diamonds. Shushan appeared in Okahandja magistrate court and was released on a $14,000 bail, but he is not permitted to leave the country.





Christie’s to Auction Rare Blue Diamond

Christie’s New York will feature a triangle-shaped diamond ring at its October auction. The Bulgari ring features a 10.95-carat, fancy vivid blue diamond paired with a triangular shaped, 9.87-carat, colorless diamond. It is expected to sell for at least $12 million.





Soros Funds Benefit Human Rights Watch

George Soros’ Open Society Foundations gave a challenge grant of $100 million to Human Rights Watch, the largest funding Soros has ever given to a non-governmental organization. The money will be used to expand the group’s global presence and to more effectively promote and protect human rights. Human Rights Watch has recently been monitoring abuse from the Marange diamond fields.









STATS


Israel Imports & Exports

Figures are rounded Aug. $Mil. Chng. YTD $Mil. Chng.
Polished Exports $340 88% $3,810 76%
Polished Imports NA $1,880
Net Exports NA $1,930

Rough Imports NA $1,820
Rough Exports $222 84% $2,090 87%
Net Imports NA ($270)

Net Diam Acct. NA $2,200

Israel does not provide complete data.





U.S. Imports & Exports

Figures are rounded July $Mil. Chng. YTD $Mil. Chng.
Polished Exports $1,180 36% $7,860 55%
Polished Imports $1,650 35% $10,460 58%
Net Exports $467 34% $2,590 71%

Rough Imports $36 57% $302 95%
Rough Exports $11 22% $161 46%
Net Imports $25 79% $141 200%

Net Diam Acct. $492 36% $2,740 75%






Belgium Imports & Exports

Figures are rounded Aug. $Mil Chng. YTD $Mil Chng.
Polished Imports $678 31% $6,510 30%
Polished Exports $353 25% $6,820 29%
Net Exports ($324) -39% $308 17%

Rough Imports $782 52% $6,360 68%
Rough Exports $555 38% $7,240 69%
Net Imports $223 100% ($877)

Net Diamond Acct. ($551) $1,190 57%










MINING


Gem Diamonds Evolves Letseng Strategy

Gem Diamonds plans a more dynamic sales strategy for its Letseng production which would include holding its own rough tenders and marketing polished goods. Gem Diamonds has been selling rough through an exclusive agreement with WWW International, but this expired this month. Gem will hold its first in-house tender in Antwerp in October. The miner also expects to forge partnerships with manufacturers and/ or retailers which will enable it to sell Letseng polished goods directly to the market in about six months.





Zimbabwe Holds Marange Rough Sale

Zimbabwe sold approximately 500,000 carats of diamonds from the Marange as approved by the Kimberley Process. The sale took place between September 9 and 13 and reportedly involved six buyers —one from Antwerp and others from India and Dubai. The sales value was estimated at about $13.5 million. The government now blocks the press, as best it can, from obtaining information about all Marange rough sales.





Rio Tinto Invests $803M in Argyle Underground

Rio Tinto will invest $803 million in ramping up the Argyle underground mining project. Construction activity at the site will increase in the first half of 2011 in order to have full operations by 2013. The underground project will extend the mine’s life beyond 2019.





Catoca Sales, Profits Slump

Catoca sales and profits fell during 2009 due to the sharp decline in diamond prices caused by the global downturn. The mining company reported that annual profit fell 25 percent and sales dropped 11 percent, despite a 9 percent increase in production. Average price per carat fell 20 percent and the value of diamond inventory fell 42 percent.









ECONWATCH


For the period Sept. 8-16, 2010:

Sept. 16 Sept. 7 Chng.
$1 = Euro 0.760 0.784 -0.024
$1 = Rupee 46.10 46.70 -0.6
$1 = Israel Shekel 3.72 3.79 -0.07
$1 = Rand 7.14 7.27 -0.13
$1 = Canadian Dollar 1.02 1.04 -0.02

Precious Metals
Gold $1,274.60 $1,255.70 $18.90
Platinum $1,608.00 $1,555.00 $53.00

Stock Indexes Chng.
BSE 19,417.49 18,645.06 772.43 4.1%
Dow Jones 10,594.83 10,341.07 253.76 2.5%
FTSE 5,540.14 5,407.82 132.32 2.4%
Hang Seng 21,691.45 21,401.79 289.66 1.4%
S&P 500 1,124.66 1,091.86 32.80 3.0%
Yahoo! Jewelry 863.59 817.03 46.56 5.7%

USA
Birks & Mayors $1.15 $1.10 $0.05 4.5%
Blue Nile $42.76 $41.87 $0.89 2.1%
Charles & Colvard $2.28 $2.28 $0.00 0.0%
DGSE Companies $3.52 $2.52 $1.00 39.7%
Fuqi Intl. $7.02 $6.29 $0.73 11.6%
JCPenney $24.42 $20.86 $3.56 17.1%
Kohl's $50.55 $49.16 $1.39 2.8%
LJ Intl. $3.60 $3.42 $0.18 5.3%
Macy's $21.70 $20.56 $1.14 5.5%
Man Sang $2.37 $2.22 $0.15 6.8%
Movado Group $10.89 $10.10 $0.79 7.8%
Nordstrom $36.14 $32.67 $3.47 10.6%
Saks $8.68 $7.79 $0.89 11.4%
Signet $29.00 $27.47 $1.53 5.6%
Sotheby's $32.09 $29.21 $2.88 9.9%
Tiffany $44.37 $42.16 $2.21 5.2%
Walmart $53.12 $51.99 $1.13 2.2%
Zale $1.81 $1.69 $0.12 7.1%

EUROPE
Bulgari €6.13 €5.98 €0.15 2.5%
Bijou Brigitte €106.30 €104.70 €1.60 1.5%
Damiani €0.81 €0.82 -€0.01 -1.2%
LVMH €101.10 €97.05 €4.05 4.2%
PPR €114.65 €107.20 €7.45 6.9%
Richemont CHF 43.24 CHF 41.86 CHF 1.38 3.3%
Swatch Group CHF 350.20 CHF 337.50 CHF 12.70 3.8%
Theo Fennell (pence) 44.00 36.90 7.10 19.2%

INDIA (rupee)
Classic Diamond 20.95 21.50 -0.55 -2.6%
Gitanjali Gems 206.10 209.85 -3.75 -1.8%
Goldiam Intl. 49.25 49.30 -0.05 -0.1%
Rajesh Exports 102.45 91.95 10.50 11.4%
Ren. Jewellery 72.75 74.10 -1.35 -1.8%
Su-Raj Diamonds 64.50 67.20 -2.70 -4.0%
Titan 3,112.30 3,005.95 106.35 3.5%
Zodiac JRD 27.30 27.85 -0.55 -2.0%
Suashish Diamonds 175.45 175.30 0.15 0.1%

NEW ZEALAND
Michael Hill NZD 0.70 NZD 0.68 NZD 0.02 2.9%

MINING STOCKS
CANADA
Harry Winston CAD 11.96 CAD 12.19 -CAD 0.23 -1.9%
Lucara Diamond CAD 0.90 CAD 0.91 -CAD 0.01 -1.1%
Mountain Province CAD 4.53 CAD 4.00 CAD 0.53 13.3%
Peregrine Diamonds CAD 2.52 CAD 2.25 CAD 0.27 12.0%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.69 CAD 0.68 CAD 0.01 1.5%
Stornoway Diamond CAD 0.61 CAD 0.56 CAD 0.05 8.9%
True North Gems CAD 0.09 CAD 0.09 CAD 0.00 0.0%
UK (pence)
African Diamonds 41.00 37.55 3.5 9.2%
Anglo American 2,516.00 2,460.50 55.5 2.3%
BHP Billiton 1,963.50 1,892.50 71.0 3.8%
Firestone Diamonds 26.80 26.00 0.8 3.1%
Gem Diamonds 186.60 196.50 -9.9 -5.0%
Gemfields 3.89 4.25 -0.4 -8.5%
Mwana Africa 11.00 10.75 0.3 2.3%
Namakwa Diamonds 43.00 41.25 1.8 4.2%
Petra Diamonds 73.75 65.00 8.8 13.5%
Rio Tinto plc 3,573.50 3,447.50 126.0 3.7%
Stellar Diamonds 8.50 8.55 -0.1 -0.6%










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Industry Retail EconWatch India Mining General Stats


RapUp Oct. 15, 2010


Polished trading centers stable with buyers resisting high asking prices. Indian suppliers refusing offers in anticipation of higher prices before Diwali holiday. China’s Golden Week jewelry sales flat. Gold reaches record ($1,388.30/oz). Surat Rough Diamond Sourcing Ltd hosts Zimbabwe mine minister, requests $100M/month in rough supply. Rio Tinto diamond production +27% to 3.536M cts. De Beers opens store in Singapore, plans 4Q Forevermark retail launch in India. LVMH 3Q watch & jewelry sales +30% to $343M. U.S. Aug. polished imports +50% to $1.3B, polished exports +45% to $1.1B. Belgium Sept. polished exports +21% to $1.3B, rough imports +3% to $637M. India to open Mumbai diamond bourse in Bandra (Oct. 18). Leon Finker, long serving arbitrator of Diamond Dealers Club, passes away at 100.


RapNet Data: Oct. 14

Diamonds 787,515
Value $4,838,086,053
Carats 853,452
Average Discount -31.70%





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ANNOUNCEMENTS


October
11-20
Mon-Wed

Rapaport Melee Auction - New York

Over 60,000 carats of diamonds in all shapes, sizes and qualities. Excellent buying opportunity for wholesalers and manufacturers.
To participate please contact:
+1-212-354-9100
auctions@rapaport.com


October
21
Thu
Rapaport Int'l Diamond Conference 2010
The Times Center, 242 W. 41st., New York


Diamond Demand
Human Rights and the Diamond Industry - The Way Forward

Register now, seating is limited.



October
25-28
Mon-Thu

Rapaport Polished Diamond Auction

Single Stone Auction
Certified and non-certified diamonds ranging from 0.30cts to 5.00ct+ in a broad range of shapes and qualities. Excellent buying opportunities for retailers, wholesalers, and diamond manufacturers.

To book an appointment or for more information please contact:
auctions@rapaport.com
Tel: +1-800-488-9108



November
9-15
Tue-Mon
Rapaport Certified Diamond Auction Online

Submit supplier list by Nov. 3
Submit diamonds to Rap office by Nov. 4






QUOTE OF THE WEEK:
We think that there will be manufacturing again here in the U.S. [Consumers] want local employment and they understand that perhaps contract labor may cost a bit more here in New York City, but yet if you are employing people the general population is extremely happy about that. I think the ‘The Made in America’ tag and the ‘Repaired in America’ tag has panache today.

Ronnie VanderLinden | Diamex






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Rio Tinto 3Q Diamond Production +27%

Rio Tinto’s third quarter diamond production rose 27 percent to 3.54 million carats. At the company’s own Argyle mine, diamond production rose 7 percent to 2.4 million carats. Rio Tinto’s share of Diavik production increased 115 percent to 1.1 million carats and at Murowa the share of production jumped 147 percent to 42,000 carats. Gold production fell 33 percent to 187,000 ounces and silver output dropped 25 percent to 1.6 million ounces. During the quarter, Rio Tinto approved $803 million for moving operations underground at Argyle, moving the previously stalled project back on track to be operational in 2013 with targeted production of 20 million carats per year







Banks Steer Clear of Marange Goods

ABN Amro and the Antwerp Diamond Bank won’t finance goods from the Marange, even if the stones have KP certificates. The banks must follow U.S. and E.U sanctions against certain parties in Zimbabwe that benefit financially from diamond sales.

Zimbabwe’s mines minister Obert Mpofu however dismissed their decision as not relevant. Meanwhile, industry players in India expressed interest in building diamond trading partnerships with Zimbabwe and will train 1,000 Zimbabwean youngsters to cut and polish diamonds.





Recession Continues for Small Businesses

In their monthly economic report, the National Federation of Independent Business (NFIB) found that the level of optimism in U.S. small business is stuck in “recession territory,” mostly due to lagging sales, taxes, unfriendly government regulations and red tape. The environment for capital spending is not improving either, also due to continuing curbed consumer spending. The Index of Small Business Optimism gained just 0.2 points in September, rising to 89 points. The most recent time this index reached 100 points was in October 2006.






Rapaport Weekly Broadcast

WATCH NOW: Diamex and 580 Fifth partnered to bring New York a cutting and polishing facility that is now operational on 47th Street. The initiative reflects a fundamental shift in the U.S. marketplace that is demanding more "Made in the U.S.A." products and supports highly-skilled manufacturing jobs.









RETAIL


LVMH Watch and Jewelry Revenue +30%

LVMH revenues from its watch and jewelry division rose 30 percent to $343.2 million in the third quarter that closed September 30. Total sales for the third quarter rose 24 percent to $7.12 billion. Same-store sales rose 14 percent. Diamond jewelry and watch sales were particularly strong in Asia and Europe.





De Beers Opens Singapore Boutique

De Beers opened its first diamond boutique in southeast Asia at The Shoppes at Marina Bay Sands in Singapore. The store, like all other De Beers Diamond Jewellery boutiques, is equipped with a De Beers Beauty Scan, which allows the customer to see in detail the brand’s diamonds true superiority and brilliance.





Forevermark to Launch in India in 4Q

De Beers plans to launch Forevermark in India during the fourth quarter of 2010. The first launch will be in Bangalore in December, followed by Mumbai, Delhi, Chennai, Hyderabad and Kolkata. Focusing on the Far East reflects the strong shift in consumer trends for diamond brands. Forevermark first launched in China and Japan in 2008.





Titan Launches Diamantine

Goldplus, from Titan’s TATA jewelry brand, launched its diamond simulant Diamantine in India. Diamantine is created by using Serenity Technology’s proprietary, patent pending and nano-diamond coating technology. The product is GIA and IGI certified, free of Dosha, qualifies for buyback and is set in 18-karat gold jewelry.





Christie’s Geneva Will Hold Auction on Nov. 17

Christie’s Geneva will hold a Legendary Mines, Royal Provenance and Exquisite Jewels Auction on November 17 at the Four Seasons Hotel des Bergues. Fine, period, vintage and signed pieces will be available. Highlights include a 26.17-ct., internally flawless, pear-shaped Golconda diamond, suspended from a diamond briolette chain; two Indian diamond “Sarpechs” and an antique ruby and diamond necklace, circa 1890, set with 18 Burmese rubies, once belonging to a Lady of Title.







Gitanjali to Open 25 New Stores

Gitanjali will be opening 25 stores, including three in Kerala, during this festival season with an Rs 300 crore investment. Leading jewelry brands such as Asmi, D’damas, Diya, Gili, Nakshatra, Maya Gold and Ezee diamonds will be available at the Kerala location.





Ernest Jones Launches Amanda Wakeley Line

U.K. retailer Ernest Jones launched the Amanda Wakeley line with collections featuring four themes: The Statement, Linear Vintage, Skinny Diamonds, the Drop and the Zodiac, all representing a certain mood while remaining fashionable and elegant. The line carries earrings, rings, bangles, bracelets and pendants in varied and unique diamond and sterling silver styles.





Cash America Launches “Gold Promise” to Consumers

Mr. T will be the spokesman for Cash America International’s new mail-in gold and jewelry buying business, “Gold Promise.” The operation launched today and will begin airing TV commercials and print ads next week featuring Mr. T., the 1980s TV actor, best known for his gold chains and bracelets. Gold Promise will buy gold jewelry, as well as diamonds, platinum and fine watches.









GENERAL


Leon Finker Passes Away

Leon Finker passed away this week just months before reaching his 101st birthday. He was an active member of the New York diamond community, a longtime DMIA member and a senior arbitrator for the Diamond Dealers Club.





India’s Kimberley Process Office Moves

India’s Kimberley Process (KP) customs operation will move to the Bandra Kurla Complex on October 18.





Surat Rough Diamond Sourcing (India) Ltd.

Surat Diamond Sourcing (India) Limited (SDSL) will now be called Surat Rough Diamond Sourcing (India) Limited to avoid delays in registering the company name. The original version was too similar to other existing companies.









STATS


U.S. Imports & Exports

Figures are rounded Aug. $Mil. Chng. YTD $Mil. Chng.
Polished Imports $1,336 50% $11,793 57%
Polished Exports $1,129 45% $8,992 53%
Net Exports $207 77% $2,801 72%

Rough Imports $31 107% $333 96%
Rough Exports $19 90% $180 50%
Net Imports $12 140% $153 206%

Net Diam Acct. $219 80% $2,954 76%






Belgium Imports & Exports

Figures are rounded Sept. $Mil Chng. YTD $Mil Chng.
Polished Exports $1,262 21% $8,082 28%
Polished Imports $1,156 42% $7,673 31%
Net Exports $106 -53% $409 -17%

Rough Imports $637 3% $7,001 59%
Rough Exports $838 12% $8,079 61%
Net Imports ($201) 57% ($1,078) 73%

Net Diamond Acct. $307 -13% $1,487 36%










MINING


Namibia’s YTD Diamond Sales +22%

Namibia sold nearly $4.4 million worth of diamonds during the January to August period, a 22 percent increase against the same months in 2009. Nearly 1.1 million carats were mined during the period, an increase of 96 percent. August diamond output rose 29 percent from July and 60 percent from one year ago. Total carats sold in August grew by 221 percent against July and by 78 percent from August 2009.





Stellar Diamond Notes Strong 3Q Production

Stellar Diamonds sold 18,549 carats from its Mandala mine in Guinea for $608,819 or $32.82 per carat in the third quarter. Quarterly production at the mine was significantly higher than the second quarter, with the mine yielding 18,291 carats. Fiscal year-to-date diamond sales from Mandala totaled 51,471 carats for $1.74 million.





Namakwa Recovers Rare 7.53ct Vivid Orange Diamond

Namakwa Diamonds recovered an exceptionally rare 7.53-ct. vivid orange diamond and a 26.74-ct., D type IIa diamond from its mining operations in the North West Providence of South Africa. Both have a flawless potential. The diamonds will be presented for sale during the company’s Johannesburg tender now underway.










ECONWATCH


For the week ending Oct. 14

Oct. 14 Oct. 7 Chng.
$1 = Euro 0.710 0.710 0.000
$1 = Rupee 44.20 44.40 -0.2
$1 = Israel Shekel 3.57 3.58 -0.01
$1 = Rand 6.80 6.89 -0.09
$1 = Canadian Dollar 0.99 1.01 -0.02

Precious Metals
Gold $1,380.50 $1,336.30 $44.20
Platinum $1,711.00 $1,696.00 $15.00

Stock Indexes Chng.
BSE 20,497.64 20,315.32 182.32 0.9%
Dow Jones 11,094.57 10,948.58 145.99 1.3%
FTSE 5,727.21 5,662.13 65.08 1.1%
Hang Seng 23,852.17 22,884.32 967.85 4.2%
S&P 500 1,173.81 1,158.06 15.75 1.4%
Yahoo! Jewelry 963.55 942.38 21.17 2.2%

USA
Birks & Mayors $1.20 $1.14 $0.06 5.3%
Blue Nile $43.97 $42.21 $1.76 4.2%
Charles & Colvard $2.05 $2.08 -$0.03 -1.4%
DGSE Companies $3.90 $4.21 -$0.31 -7.4%
Fuqi Intl. $7.87 $6.35 $1.52 23.9%
JCPenney $33.14 $31.64 $1.50 4.7%
Kohl's $52.27 $52.78 -$0.51 -1.0%
LJ Intl. $4.88 $4.30 $0.58 13.5%
Macy's $24.03 $23.85 $0.18 0.8%
Man Sang $2.75 $2.65 $0.10 3.8%
Movado Group $11.49 $11.28 $0.21 1.9%
Nordstrom $38.17 $38.47 -$0.30 -0.8%
Saks $9.90 $8.70 $1.20 13.8%
Signet $32.40 $32.70 -$0.30 -0.9%
Sotheby's $37.74 $38.30 -$0.56 -1.5%
Tiffany $49.41 $47.79 $1.62 3.4%
Walmart $53.25 $54.37 -$1.12 -2.1%
Zale $2.58 $2.10 $0.48 22.9%

EUROPE
Bulgari €7.28 €6.66 €0.62 9.3%
Bijou Brigitte €110.30 €105.81 €4.49 4.2%
Damiani €0.89 €0.88 €0.01 1.1%
LVMH €111.45 €110.00 €1.45 1.3%
PPR €118.45 €114.50 €3.95 3.4%
Richemont CHF 48.11 CHF 46.64 CHF 1.47 3.2%
Swatch Group CHF 368.00 CHF 363.90 CHF 4.10 1.1%
Theo Fennell (pence) 44.00 44.30 -0.30 -0.7%

INDIA (rupee)
Classic Diamond 21.10 21.25 -0.15 -0.7%
Gitanjali Gems 243.80 232.45 11.35 4.9%
Goldiam Intl. 50.40 47.95 2.45 5.1%
Rajesh Exports 112.35 105.50 6.85 6.5%
Ren. Jewellery 77.30 76.20 1.10 1.4%
Su-Raj Diamonds 63.75 62.85 0.90 1.4%
Titan 3,311.00 3,363.10 -52.10 -1.5%
Zodiac JRD 31.30 31.60 -0.30 -0.9%
Suashish Diamonds 168.40 170.85 -2.45 -1.4%

NEW ZEALAND
Michael Hill NZD 0.71 NZD 0.71 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 13.05 CAD 12.23 CAD 0.82 6.7%
Lucara Diamond CAD 0.90 CAD 0.89 CAD 0.01 1.1%
Mountain Province CAD 4.48 CAD 4.50 -CAD 0.02 -0.4%
Peregrine Diamonds CAD 2.30 CAD 2.39 -CAD 0.09 -3.8%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 0.0%
Shore Gold CAD 0.72 CAD 0.71 CAD 0.01 1.4%
Stornoway Diamond CAD 0.62 CAD 0.64 -CAD 0.02 -3.1%
True North Gems CAD 0.11 CAD 0.09 CAD 0.02 22.2%
UK (pence)
African Diamonds 37.65 37.65 0.0 0.0%
Anglo American 2,863.50 2,664.50 199.0 7.5%
BHP Billiton 2,215.00 2,122.50 92.5 4.4%
Firestone Diamonds 24.55 25.39 -0.8 -3.3%
Gem Diamonds 197.00 197.50 -0.5 -0.3%
Gemfields 9.76 11.24 -1.5 -13.2%
Mwana Africa 11.55 13.85 -2.3 -16.6%
Namakwa Diamonds 43.00 41.00 2.0 4.9%
Petra Diamonds 90.00 82.50 7.5 9.1%
Rio Tinto plc 4,100.00 3,889.40 210.6 5.4%
Stellar Diamonds 6.50 6.90 -0.4 -5.8%










INDIA MARKET REPORT


Polished and rough trading activity

POLISHED: Better demand as overseas buyers and locals are present ahead of India's festive season (Diwali). While there is slight improvement compared with previous weeks, activity remains slow due to weaker dollar and high asking prices.
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Dear Rapaport Subscriber,

I am reaching out to you directly to invite you to participate in the new and exciting Rapaport Certified Diamond Auction that will take place on the Internet. This unique online global auction provides an opportunity for buyers from all over the world to source polished diamonds directly from the major diamond cutting centers. The auction will provide direct access to GIA graded, Excellent to Triple Very Good, Round, 0.50-10.00 carat, D-K, IF-VS2 diamonds.

Bidding will take place on the Internet via specially designed live bid screens on our www.rapaport.com/auctions website. There will be full disclosure of reserve prices and transparent online bidding. Rapaport will guarantee the authenticity of the GIA reports, as well as payment to suppliers and delivery of diamonds. Suppliers will pay a 3% commission and there will not be any commission fee for buyers that are members of the jewelry trade.

The Auction will open on Tuesday, November 9, 2010 at 9.00am-Mumbai time.

The Auction will close on Monday, November 15, 2010 at 5.00pm- New York time.

To participate in the Rapaport Certified Diamond Auction register now at www.rapaport.com/auctions. Your personal Rapaport representative will be in touch with you shortly after your registration is completed and help you learn all about the auction procedures and establish credit so that you can bid at the auction. For additional information please email auctions@rapaport.com or contact your local Auction Support Team.

The new Rapaport online auction will create unprecedented opportunity for the international trading of diamonds at fair market prices in a secure and transparent environment. I strongly encourage you to take advantage of this opportunity and look forward to welcoming you to our auction client list.

Yours truly,

Martin Rapaport
Chairman – Rapaport Group of Companies

Rapaport Auction Support:
auctions@rapaport.com

New York
+1-212-354-9100
auctions-ny@rapaport.com

Las Vegas
+1-702-893-9400
auctions-lv@rapaport.com

Mumbai
+91-22-6627-2600
auctions-mumbai@rapaport.com

Surat
+91-261-254-9583
auctions-surat@rapaport.com

Ramat Gan
+972-3-613-3330
auctions-il@rapaport.com

Antwerp
+32-3-232-3300
auctions-antwerp@rapaport.com

Hong Kong
+852-9222-7001
auctions-hk@rapaport.com

Shanghai
+86-21-6160-2380
auctions-china@rapaport.com



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Industry Retail EconWatch India Mining General


RapUp Oct. 21, 2010


Trading centers quieter than expected ahead of U.S. holiday season. High expectations for strong Diwali season to boost Indian jewelry retail sales. Surat Rough Diamond Sourcing (India) requests $100M/month rough supply from Zimbabwe. De Beers 3Q production +15% to 9.033M cts as Diamdel reports strong demand in secondary market. BHP Billiton 1Q production -10% to 703,000 cts. Christie’s NY jewelry sale at $52.4M (90% sold by lot), Bulgari ring with 10.95 ct, fancy vivid blue, VS2 and 9.87 ct, G, VS1 triangular diamonds sells for $15.8M ($1.4M/ct). UN Security Council extends trade sanctions on Cote d’Ivoire for six months.


RapNet Data: Oct. 21

Diamonds 776,414
Value $4,781,347,879
Carats 847,847
Average Discount -31.89%





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ANNOUNCEMENTS


October
25-28
Mon-Thu

Rapaport Polished Diamond Auction

Single Stone Auction
0.30ct to 5ct+
All shapes and qualities
Excellent buying opportunities
www.rapaportauctions.com
email: auctions@rapaport.com


November
9-15
Tue-Mon
Rapaport Certified Diamond Auction Online

GIA graded, Excellent to Triple Very Good,
Round, 0.50-10.00 carat, D-K, IF-VS2 diamonds.

Unique online global auction.

Source polished diamonds directly from the major diamond cutting centers.

Auction opens Nov. 9, at 9 a.m. Mumbai-time
and closes Nov. 15 at 5 p.m. NY-time

To register as a buyer or supplier visit: www.rapaport.com/auctions





QUOTE OF THE WEEK:
We are beginning to see some momentum building. Consumers are starting to shop, buying brands rather than private labels, furniture, home improvements. Then they see all the things they could have bought but haven’t and say, ‘Oh, I really do need that.'

Marshal Cohen | NPD Group






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


De Beers 3Q Production +15%

De Beers third quarter production rose 15 percent to 9.033 million carats. The increase came in response to market demand in advance of the various holiday retail seasons, which include Christmas and Diwali. Output was focused on its Botswana and South Africa mines, which offset lower recoveries from Namibia and Canada. For the period January through September, De Beers production increased 69 percent to 24.465 million carats.

Demand was also evident in the secondary market as Diamdel reported strong sales from online auctions during the quarter. Diamdel made available 238 lots during the period, with goods ranging from -3 grainers, 3 to 8 grainers and 2 to 15 carat sizes. Just fewer than 99 percent of these lots were sold at their first presentation with only four lots not meeting reserve. Some 157 different companies participated in the auctions during the quarter with 81 different winners, of which 25 were new winners.








Bulgari Blue Diamond Scores $15.8M at Christie’s

Chalk another one up to the recent winning streak of blue diamonds as Christie’s New York garnered $15,762,500 for the Bulgari Blue Diamond ring (watch video). The ring showcased a triangular cut fancy vivid, VS2, 10.95 carat blue and a 9.87 carat, G, VS1 white diamond of the same cut. At $1.4 million per carat a new world auction per carat price was set for a blue diamond. The lucky buyer was an Asian private who bought the stone over the phone. The sale totaled $52.4 million for 447 lots, which were 90 percent sold by lot and 95 percent sold by dollar value. Bidding was active for the vast majority of lots, especially during the morning session that showcased a private collection filled with signed, wearable jewelry from the major design houses, especially Van Cleef & Arpels.





Bharat Diamond Bourse Opens

After two decades in the making, the Bharat Diamond Bourse was inaugurated on Sunday in Mumbai. Billed the largest diamond trading center in the world, covering 20 acres of land, the complex is now within the city’s financial district and closer to the Mumbai airport.






Surat Seeks Monthly Rough Supply from Zim

Surat Rough Diamond Sourcing Limited (SRDS) asked Zimbabwe to supply it with $100 million worth of Marange diamonds each month. In exchange, partners in the company will train the country’s artisans in cutting and polishing and will provide it with technical assistance. Polished diamonds will be distributed to the company’s stakeholders and sold at tenders. On the other hand, some larger local manufacturers said they would not buy Marange goods until Kimberley Process issues have cleared.





Bain & Co. Study Says Luxury Goods Sales to Rise 10%

Bain & Co. predicted a 10 percent increase in luxury goods sales in 2010, noting that the recession for the sector ended in the fourth quarter of 2009. The consulting firm predicted growth for all luxury goods categories with apparel sales jumping 8 percent, and hard luxury goods—including watches and jewelry— rising 13 percent. Accessories, shoes and leather goods would increase by 16 percent and perfume and cosmetic sales will grow by 4 percent. The study found that the economic turnaround was evident by double-digit sales increases in the second and third quarter of this year; a quick return of shoppers to luxury goods stores; the continued growth of China; a rebound of U.S. sales and particularly strong sales of leather, shoes and accessories.










RETAIL


U.S. Jewelry CPI Reaches New High

The consumer price index (CPI) for jewelry in the U.S. rose 3.7 percent to about 163.7 points in September, the highest level ever recorded. The CPI for all product categories rose only 1.1 percent year on year in September.





U.S. Chain Store Sales +2%

Although consumer spending from week to week fluctuates either side of flat, ICSC and Goldman Sachs found that U.S. chain-store sales rose 1.7 percent from one year ago this past week. However, retail sales slipped 0.7 percent, week to week, from the previous week. ICSC predicts that year-over-year same-store sales growth would register about 2.5 percent for October.





U.S. Department Store Sales -1% in Sept.

U.S department store sales fell 0.8 percent year on year to $15.49 billion in September, showing the continued weakness in the sector. However, retail trade sales for all merchants rose 7.7 percent.





Zale to Record $46M Charge

Zale will record $45.8 million in charges in its first fiscal quarter ending in October. One charge was related to a $25.5 million payment to Golden Gate Capital to modify a loan agreement that removed a minimum earnings requirement. Golden Gate recapitalized Zale in May. Zale remains under investigation by the SEC for financial statement errors.





Shoppers More Likely Buy Jewelry for Christmas Gifts

The NRF 2010 Holiday Consumer Intentions and Actions Survey, found that shoppers plan to spend an average 2 percent more on gifts than the previous year, and 23 percent of consumers added jewelry to their list this season, up from 20.8 percent in 2009. The number of people who plan to holiday shop at merchants specializing in discounted items dropped from 70.1 percent in 2009 to 65.1 percent this year. Another sign that shoppers felt better about the economy was evident from those who planned to make self-purchases this Christmas at 57 percent from 53 percent in 2009.





Wealthy Consumers Plan to Reduce Jewelry Spending

The Luxury Institute found that high net worth consumers in the U.S. remain frugal, but not as much as they were one year ago. Consumers will spend on what the need, instead of what they want, putting pressure on jewelry purchases this year. A study found that 33 percent of wealthy consumers said they would cut back spending on jewelry, 29 percent would reduce home furnishing purchases, 27 percent would cut back on watches, 26 percent would reduce handbag spending and 24 percent would decrease car purchases.







ZeeVoog Launched Diamond Jewelry Collection

After six years in the making, ZeeVoog Inc. introduced their patented “Diamond in a Diamond” collection. The unique design consists of a diamond encrusted within a diamond of contrasting colors without any visible metals to create a seamless, prongless setting.





Ralph Lauren Opens New Location

Ralph Lauren’s 22,000-square-foot, four-story, women’s flagship store opened on Madison Ave. in Manhattan. The new store also carries the designer’s six new jewelry collections, which will be expanded within the year to select markets.






Qatar Diamond Jewelry Demand Rises

Due to the skyrocketing price of gold, shoppers in Qatar are buying diamond jewelry. Consumers are purchasing so many diamonds and precious stones, that the sale of diamond jewelry has increased by 30 percent. Also adding to the surging sales, jewelers in the area are engaging in aggressive advertising campaigns.









GENERAL


S.A. Groups Seek Marange Operation Transparency

The Southern African Resource Watch (SARW) and three members of Chiadzwa community in Marange, Zimbabwe, have petitioned New Reclamation Group in South Africa to reveal the full extent of Mbada Diamonds' operations. SARW contended that New Reclamation, parent company of Mbada, could clarify many issues of concern in the Marange including who benefits from diamond wealth.

The petitioners seek access to documents that assured Old Mutual, an investor in New Reclamation, to support claims that activities in Zimbabwe were of benefit to locals and part of a ‘clean-up’ operation of the Marange diamond fields.

The petition is permitted through an open records type of law in South Africa and if New Reclamation does not respond, the parties vowed to consider legal action.





Zimbabwe Court Acquits Farai Maguwu

Farai Maguwu, the director of Zimbabwe’s Centre for Research and Development, has been acquitted from charges that he presented government documents to Kimberley Process monitor Abbey Chikane. Police accepted that they had no evidence against him.

Maguwu was detained for 39 days by the police for passing on the documents which reportedly described various human rights violations in the Marange diamond fields. His lawyer, Trust Maanda, said he was happy that the police finally found that the case had no evidence.






UBM Acquires Majority Stake in Rotaforte

United Business Media (UBM) Limited will acquire a 65 percent stake in Rotaforte, on behalf of UBM Asia, expanding the groups presence in Asia and Eastern Europe. The business is estimated to generate revenue of more than $5 million and the value of gross accents being acquired is $300,000. Rotaforte’s strong influence in the jewelry industries of Turkey, Russia and the Ukraine, nicely complements UBM Asia’s portfolio of jewelry shows in Hong Kong, China, India and Japan.





UN Extends Ban on Cote d’Ivoire

The UN Security Council renewed sanctions against Cote d’Ivoire for another six months, including the ban on rough diamonds. The Security Council promised to review sanctions within three months of that nation holding a free and fair presidential election. If the elections, which are currently scheduled to take place on October 31, go as planned, they could finally unite the rebel-held north and the government controlled south. Campaigns are underway and so far going peacefully.










MINING


ALROSA Board Approves 2010 Targets

ALROSA’s board approved new fiscal year targets, which expect to produce $2.32 billion worth of rough diamonds this year and estimates consolidated rough and polished diamond sales of $3.42 billion. The board projected total rough sales of $3.29 billion and polished sales of $125 million for the year 2010.





Rockwell Diamonds 1H Sales +118% to $18M

Rockwell Diamonds first half production from its three mines rose 18 percent to 14,168 carats. Rough diamonds sold at an average price of $1,243 per carat, boosting sales 118 percent to $17.7 million. The company also reported a loss of $1 million, narrowed from a loss of $6.6 million one year ago.





BHP 1Q11 Production -10%

BHP's diamond production fell 10 percent to 703,000 carats in the first fiscal quarter ending September 30. The decline resulted from lower ore processed and lower average grade achieved at its Ekati mine in Canada.









ECONWATCH


For the week ending Oct. 20

Oct. 20 Oct. 14 Chng.
$1 = Euro 0.716 0.710 0.006
$1 = Rupee 44.37 44.20 0.2
$1 = Israel Shekel 3.62 3.57 0.05
$1 = Rand 6.93 6.80 0.13
$1 = Canadian Dollar 1.02 0.99 0.03

Precious Metals
Gold $1,344.00 $1,380.50 -$36.50
Platinum $1,681.00 $1,711.00 -$30.00

Stock Indexes Chng.
BSE 19,872.15 20,497.64 -625.49 -3.1%
Dow Jones 11,107.97 11,094.57 13.40 0.1%
FTSE 5,728.93 5,727.21 1.72 0.0%
Hang Seng 23,556.50 23,852.17 -295.67 -1.2%
S&P 500 1,178.17 1,173.81 4.36 0.4%
Yahoo! Jewelry 983.06 963.55 19.51 2.0%

USA
Birks & Mayors $1.15 $1.20 -$0.05 -4.2%
Blue Nile $42.46 $43.97 -$1.51 -3.4%
Charles & Colvard $2.16 $2.05 $0.11 5.4%
DGSE Companies $3.98 $3.90 $0.08 2.1%
Fuqi Intl. $7.32 $7.87 -$0.55 -7.0%
JCPenney $32.96 $33.14 -$0.18 -0.5%
Kohl's $51.94 $52.27 -$0.33 -0.6%
LJ Intl. $4.92 $4.88 $0.04 0.8%
Macy's $22.43 $24.03 -$1.60 -6.7%
Man Sang $2.95 $2.75 $0.20 7.3%
Movado Group $11.38 $11.49 -$0.11 -1.0%
Nordstrom $36.95 $38.17 -$1.22 -3.2%
Saks $10.12 $9.90 $0.22 2.2%
Signet $33.95 $32.40 $1.55 4.8%
Sotheby's $37.88 $37.74 $0.14 0.4%
Tiffany $49.85 $49.41 $0.44 0.9%
Walmart $53.47 $53.25 $0.22 0.4%
Zale $2.59 $2.58 $0.01 0.4%

EUROPE
Bulgari €7.29 €7.28 €0.01 0.1%
Bijou Brigitte €115.42 €110.30 €5.12 4.6%
Damiani €0.88 €0.89 -€0.01 -1.1%
LVMH €108.90 €111.45 -€2.55 -2.3%
PPR €113.50 €118.45 -€4.95 -4.2%
Richemont CHF 46.80 CHF 48.11 -CHF 1.31 -2.7%
Swatch Group CHF 362.50 CHF 368.00 -CHF 5.50 -1.5%
Theo Fennell (pence) 42.00 44.00 -2.00 -4.5%

INDIA (rupee)
Classic Diamond 20.30 21.10 -0.80 -3.8%
Gitanjali Gems 247.25 243.80 3.45 1.4%
Goldiam Intl. 47.75 50.40 -2.65 -5.3%
Rajesh Exports 100.80 112.35 -11.55 -10.3%
Ren. Jewellery 78.05 77.30 0.75 1.0%
Su-Raj Diamonds 62.65 63.75 -1.10 -1.7%
Titan 3,167.60 3,311.00 -143.40 -4.3%
Zodiac JRD 30.55 31.30 -0.75 -2.4%
Suashish Diamonds 161.50 168.40 -6.90 -4.1%

NEW ZEALAND
Michael Hill NZD 0.73 NZD 0.71 NZD 0.02 2.8%

MINING STOCKS
CANADA
Harry Winston CAD 12.57 CAD 13.05 -CAD 0.48 -3.7%
Lucara Diamond CAD 0.85 CAD 0.90 -CAD 0.05 -5.6%
Mountain Province CAD 4.73 CAD 4.48 CAD 0.25 5.6%
Peregrine Diamonds CAD 2.31 CAD 2.30 CAD 0.01 0.4%
Rockwell Diamonds CAD 0.07 CAD 0.07 CAD 0.00 -4.3%
Shore Gold CAD 0.71 CAD 0.72 -CAD 0.01 -1.4%
Stornoway Diamond CAD 0.59 CAD 0.62 -CAD 0.03 -4.8%
True North Gems CAD 0.14 CAD 0.11 CAD 0.03 27.3%
UK (pence)
African Diamonds 38.50 37.65 0.9 2.3%
Anglo American 2,871.00 2,863.50 7.5 0.3%
BHP Billiton 2,192.50 2,215.00 -22.5 -1.0%
Firestone Diamonds 25.15 24.55 0.6 2.4%
Gem Diamonds 190.00 197.00 -7.0 -3.6%
Gemfields 10.50 9.76 0.7 7.6%
Mwana Africa 11.42 11.55 -0.1 -1.1%
Namakwa Diamonds 41.00 43.00 -2.0 -4.7%
Petra Diamonds 84.28 90.00 -5.7 -6.4%
Rio Tinto plc 4,056.00 4,100.00 -44.0 -1.1%
Stellar Diamonds 6.25 6.50 -0.3 -3.8%










INDIA MARKET REPORT
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RAPAPORT NEWS SERVICE | NOV. 5, 2010 www.rapaport.com | news@rapaport.com


Industry Retail & Wholesale EconWatch India Mining


RapUp Nov. 5, 2010


Zimbabwe threatens unconditional immediate resumption of Marange diamond exports with or without KP certificates as KP plenary fails to reach decision on country’s compliance. ZMDC, Canadile officials arrested for fraud. Indian polished and rough trading quiet as trade closes for Diwali with retailers expecting strong sales during festival. Gold hits record $1,395oz. Petra secures $84M debt facility to fund Cullinan and Williamson mine expansions. Lazare Kaplan reaches $14M debt settlement agreement with ABN AMRO bank. Blue Nile 3Q sales +1% to $68M, profit +8% to $3M. Gitanjali acquires fashion jewelry manufacturer Pink Jewellery Private Ltd. Shrenuj & Co 2Q sales +52% to $136M, net profits +23% to $3.3M. Japan’s Sept. polished imports +30% to $72.4M. Rapaport Certified Diamond Auction on the Internet to begin Tuesday



RapNet Data: Nov. 4

Diamonds 767,266
Value $4,691,179,398
Carats 834,242
Average Discount -31.74%





Get Current Price List | Subscribe to Rapaport | Join RapNet



ANNOUNCEMENTS


November
9-15
Tue-Mon

Rapaport Certified Diamond Auction Online

GIA graded, Excellent to Triple Very Good,
Round, 0.50-10.00 carat, D-K, IF-VS2 diamonds.

Unique online global auction.

Source polished diamonds directly from the major diamond cutting centers.

Auction opens Nov. 9, at 9 a.m. Mumbai-time
and closes Nov. 15 at 5 p.m. NY-time





QUOTE OF THE WEEK:
In recent non-recessionary years, it hasn’t been unusual to see growth rates of 3% to 5%. But the weak growth we’re forecasting for retail sales this holiday season [at 1.5%] is all the economy can muster at present. This recession has hit hard on the pocketbooks of the American family, and people are not ready to start spending again just yet.

Dave Sievers | Archstone Consulting






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Gem Diamonds Recovers 185ct Stone

Gem Diamonds recovered a 185-carat diamond from the Letseng mine in Lesotho. The diamond is the second of two large white stones recovered from Letseng recently. First impressions of the stone indicated that it will yield top color and clarity polished diamonds and it is expected to achieve a substantial price per carat.





KP Fails to Make Decision on Zimbabwe

The Kimberley Process (KP) plenary in Jerusalem ended, once again, without consensus on whether or not Zimbabwe could export Marange rough. Member states involved will work electronically now towards reaching a decision, based upon findings from the August KP review mission report on Zimbabwe.

However, Zimbabwe's mines minister Obert Mpofu made it clear to the KP that his nation would no longer be held hostage by the west and vowed to immediately and unconditionally resume Marange exports.

The Democratic Republic of the Congo assumes the role of KP chairmanship from Israel on January 1, but a vice-chair role was not filled at the plenary.






Rapaport Weekly Broadcast

WATCH NOW: Platinum Guild International USA provided a look at the latest trends in platinum diamond jewelry. In this video broadcast, notice how more designers are using rough stones in their jewelry and how the use of smaller diamonds still create an elegant fashion statement but with that lower price point the average customer wants.











RETAIL & WHOLESALE


Blue Nile 3Q Sales +1%

Blue Nile's third quarter sales rose 0.8 percent to $67.5 million while cost of sales increased by 1.3 percent to $52.8 million. Blue Nile reported a profit increase of 7.7 percent to $2.8 million for third quarter, which ended October 3, 2010. International sales grew 5.7 percent to $9.3 million, which left U.S. sales at $58.2 million or where they were one year ago.

Blue Nile reported strong growth in Canada and Asia/Asia-Pacific, while sales were weak in the U.K. and Europe as a result of global economic concerns combined with weaker currencies compared with the dollar. As a percentage of sales, gross profit totaled 21.7 percent. Within product categories, sales growth was relatively stronger in non-engagement jewelry as compared with the diamond engagement category.






U.S. Chain-Store Sales +2%

October U.S. chain-store sales rose 1.6 percent year-over-year, which was slightly below previous growth predictions, according to the International Council of Shopping Centers (ICSC). ICSC Research is forecasting November gains at the chains of 3 percent to 4 percent on a comparable store basis. Retailers have begun Christmas sales early and aggressively, providing an "encouraging launch" to the 2010 holiday shopping season, ICSC concluded.





Online 3Q Retail Sales +9% to $32B

Online retail sales in the U.S. during the third quarter rose 9 percent from one year ago to $32.1 billion, according to comScore. The single digit increase represented the fourth consecutive quarter of positive year-over-year growth following a full year of flat or negative growth rates.






Renaissance 2Q Sales -2%

Renaissance Jewellery reported that sales from operations fell 2 percent to $26.4 million (NR 1.17 billion) in the second quarter ending September 30. Expenses were cut 4 percent to $23.7 million as net profits grew 21 percent to $1.8 million. Renaissance confirmed this week that it had acquired N. Kumar Diamond Exports along with the company’s furniture outlet House Full International.





Charles & Colvard 3Q Sales +40% to $3M

Charles & Colvard reported third quarter sales rose 40 percent to $3 million for the three months that ended September 30. The company reported a profit of $511,952 compared with a loss of $569,367 one year ago. Charles & Colvard also retained RJ Falkner & Co. to develop and implement a comprehensive investor relations program.





Shrenuj 2Q Sales +52% to $136M

Shrenuj & Co. reported sales increasing 52 percent to $135.7 million (INR 6.03 billion) in the second fiscal quarter ending September 30. In dollar terms, diamond sales jumped 82 percent to $110.4 million, while jewelry sales fell 6 percent to $27.2 million.





Tiffany Breaks Ground on Manufacturing Facility

Tiffany & Co. broke ground in Lexington, Kentucky, for a new manufacturing facility. It will be the first outside the northeast and will employ 125 people. The 25,000 square foot facility will span more than four acres and is expected to be built and operational by the spring.






Fred Meyer to Carry Kathy Ireland Collection

Fred Meyer Jewelers will carry Kathy Ireland’s jewelry collection, which features bridal, diamond fashion and colored gemstone pieces. The line will be available at nearly 400 Fred Meyer Jewelers and Littman Jewelers in 36 states and online at the store’s websites.





Bailey Banks & Biddle Returns

Bailey Banks & Biddle reopened in Plano, Texas. The Philadelphia-based brand was liquidated after Christmas 2009 as part of a larger bankruptcy with Finlay. But now there are plans to open between five to 10 Bailey Banks & Biddle stores in 2011 and 50 shops by 2015.






LJ Int’l Secures Funding for Retail Expansion

LJ International finalized $26 million in new financing through a private placement and a credit facility with a leading bank in China, which assures enough capital for the company’s ongoing retail expansion of 60 new ENZO jewelry stores in 2011.





Argyle Pink Diamond Tender Ends

Rio Tinto wrapped up its 2010 Argyle pink diamonds tender, noting that all 55 diamonds offered were sold to a broad representation of both emerging and mature markets. No sales totals were provided, but the company said that the results of the tender indicate that there is a growing appreciation of the rarity and value of the pink diamonds.





Gitanjali Acquires Pink Jewellery Private

Gitanjali Gems acquired Pink Jewellery Private Ltd. through Brightest Circle Jewellery Private Ltd., a wholly owned subsidiary. Financial details of the transaction were not made available. The acquisition is likely part of the brands plan to expand.









MINING


Survival Int’l Calls to Boycott Botswana Diamonds

Human rights group Survival International called for a boycott of Botswana diamonds at De Beers flagship stores in London and San Francisco. The organization claims that Kalahari Bushmen continue to suffer in the name of diamond mining. De Beers sold its untouched concessions at Gope to Gem Diamonds, but Survival International contended that it was targeting the De Beers brand — not Gem Diamonds — because Botswana still owns 15 percent interest in the diamond giant and also owns 50 percent of Debswana.





ALROSA 3Q Profits -42%

ALROSA posted a 42 percent drop in net profits, as figured by Russian Accounting Standards (RAS) and local currency, to RUB 3.454 billion or $112.3 million. ALROSA reported a net loss of RUB 2.06 billion, or $67 million, during the second quarter by RAS measures. Revenue for only the first two quarters was revised up to RUB 64.4 billion, $2.1 billion, and it was estimated that revenue for the first nine months therefore was $2.8 billion.

On an unrelated note, ALROSA also completed placement of Eurobonds worth $1 billion. A consortium of banks — J.P. Morgan, UBS and VTB Capital — acted as organizers of the flotation. The securities have been placed for 10 years, with the interest rate set at 7.75 percent per annum. ALROSA plans to use these proceeds to refinance its current debt.






Namakwa Sells 22,841cts for Nearly $10M

Namakwa Diamonds raised $9.552 million from the sale of 22,841 carats. Nearly 6,300 carats came from the company’s Storm Mountain Diamonds operations in Lesotho and 10,549 carats were from the Kasai Central Node in the Democratic Republic of the Congo, while nearly 6,000 carats were from alluvial operations in the North West Province of South Africa.





Petra Secures $84M in New Debt Facilities

Petra Diamonds secured loan facilities of $83.5 million in total. IFC, a member of the World Bank Group, provided a $40 million loan and Rand Merchant Bank agreed to a $43.5 million facility and extended Petra’s existing $14.5 million overdraft loan. The funds will finance the expansions of the Williamson mine in Tanzania and the Cullinan mine in South Africa.





Mountain Province Raises $23M

Mountain Province Diamonds entered an agreement with Wellington West Capital Markets and a non-brokered private placement for gross proceeds totaling $23 million. The company plans to use the funds to advance the Gahcho Kue diamond project in the Northwest Territories of Canada and for general corporate purposes.





Peregrine Raises $12M

Peregrine Diamonds completed a $10 million brokered private placement with the full exercise of an over-allotment option for an additional $2 million. Peregrine issued a total of 4.8 million units at a price of $2.50 per unit for gross proceeds of $12 million.





Paragon Diamonds Raises $5M

Paragon Diamonds raised $5.1 million on London’s AIM during the explorer’s initial listing. Proceeds from the placement will be used to purchase fixed assets and provide general working capital to increase production from the Konoma Mine in Sierra Leone.





Lucara to Begin Construction at AK6

Lucara Diamonds and AK6 joint venture partner African Diamonds received approval for construction of that diamond project in Botswana and have concluded an agreement with the Botswana Power Corporation for bulk supplies. Senior staff was also recruited.

Lucara Diamonds also reported first results from a trial mining program at its own Mothae diamond mine in Lesotho. Trial mining to date recovered 2,179.38 carats from the project.









ECONWATCH


For the week ending Nov. 4

Nov. 4 Oct. 28 Chng.
$1 = Euro 0.700 0.723 -0.023
$1 = Rupee 44.00 44.40 -0.4
$1 = Israel Shekel 3.60 3.65 -0.05
$1 = Rand 6.79 6.99 -0.20
$1 = Canadian Dollar 1.00 1.02 -0.02

Precious Metals
Gold $1,392.90 $1,343.40 $49.50
Platinum $1,780.00 $1,691.00 $89.00

Stock Indexes Chng.
BSE 20,893.57 19,941.04 952.53 4.8%
Dow Jones 11,434.84 11,113.95 320.89 2.9%
FTSE 5,862.79 5,677.89 184.90 3.3%
Hang Seng 24,535.63 23,210.86 1,324.77 5.7%
S&P 500 1,221.06 1,183.79 37.27 3.1%
Yahoo! Jewelry 1,086.84 1,016.19 70.65 7.0%

USA
Birks & Mayors $1.26 $1.21 $0.05 4.1%
Blue Nile $45.50 $42.59 $2.91 6.8%
Charles & Colvard $2.09 $1.88 $0.21 11.2%
DGSE Companies $4.25 $4.01 $0.24 6.0%
Fuqi Intl. $7.71 $7.63 $0.08 1.0%
JCPenney $32.32 $31.69 $0.63 2.0%
Kohl's $51.92 $51.99 -$0.07 -0.1%
LJ Intl. $5.64 $5.07 $0.57 11.2%
Macy's $25.56 $23.29 $2.27 9.7%
Man Sang $3.29 $2.88 $0.41 14.2%
Movado Group $11.70 $11.17 $0.53 4.7%
Nordstrom $41.93 $38.73 $3.20 8.3%
Saks $11.78 $11.05 $0.73 6.6%
Signet $36.54 $35.31 $1.23 3.5%
Sotheby's $44.72 $42.91 $1.81 4.2%
Tiffany $55.87 $51.50 $4.37 8.5%
Walmart $55.36 $54.08 $1.28 2.4%
Zale $2.83 $2.52 $0.31 12.3%

EUROPE
Bulgari €7.65 €7.62 €0.03 0.4%
Bijou Brigitte €116.55 €114.70 €1.85 1.6%
Damiani €0.90 €0.83 €0.07 8.4%
LVMH €119.20 €112.35 €6.85 6.1%
PPR €117.75 €118.55 -€0.80 -0.7%
Richemont CHF 52.65 CHF 48.83 CHF 3.82 7.8%
Swatch Group CHF 400.60 CHF 375.00 CHF 25.60 6.8%
Theo Fennell (pence) 39.00 41.00 -2.00 -4.9%

INDIA (rupee)
Classic Diamond 20.65 20.70 -0.05 -0.2%
Gitanjali Gems 335.30 295.80 39.50 13.4%
Goldiam Intl. 50.25 49.00 1.25 2.6%
Rajesh Exports 130.80 118.25 12.55 10.6%
Ren. Jewellery 77.85 80.70 -2.85 -3.5%
Su-Raj Diamonds 66.10 66.80 -0.70 -1.0%
Titan 3,827.80 3,478.55 349.25 10.0%
Zodiac JRD 30.00 31.35 -1.35 -4.3%
Suashish Diamonds 155.55 161.40 -5.85 -3.6%

NEW ZEALAND
Michael Hill NZD 0.80 NZD 0.78 NZD 0.02 2.6%

MINING STOCKS
CANADA
Harry Winston CAD 13.04 CAD 12.74 CAD 0.30 2.4%
Lucara Diamond CAD 0.93 CAD 0.93 CAD 0.00 0.0%
Mountain Province CAD 5.25 CAD 5.21 CAD 0.04 0.8%
Peregrine Diamonds CAD 2.67 CAD 2.35 CAD 0.32 13.6%
Rockwell Diamonds CAD 0.06 CAD 0.06 CAD 0.00 0.0%
Shore Gold CAD 0.72 CAD 0.68 CAD 0.04 5.9%
Stornoway Diamond CAD 0.58 CAD 0.55 CAD 0.03 5.5%
True North Gems CAD 0.14 CAD 0.14 CAD 0.00 0.0%
UK (pence)
African Diamonds 39.35 37.85 1.5 4.0%
Anglo American 2,965.00 2,894.00 71.0 2.5%
BHP Billiton 2,430.00 2,221.00 209.0 9.4%
Firestone Diamonds 26.10 26.00 0.1 0.4%
Gem Diamonds 224.00 190.00 34.0 17.9%
Gemfields 9.17 9.27 -0.1 -1.1%
Mwana Africa 10.10 11.00 -0.9 -8.2%
Namakwa Diamonds 45.00 40.60 4.4 10.8%
Petra Diamonds 102.00 88.50 13.5 15.3%
Rio Tinto plc 4,305.50 4,120.00 185.5 4.5%
Stellar Diamonds 6.10 6.00 0.1 1.7%
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
« Poslední úpravu provedl(a) grofik v 10. 11. 2010, 12:42. »
Registrovaný uživatel
RAPAPORT NEWS SERVICE | DEC. 3, 2010 www.rapaport.com | news@rapaport.com


Industry Retail & Wholesale EconWatch India Mining Stats




RapUp Dec. 3, 2010


Jewelry sales improve over Thanksgiving weekend. Online sales soar with average order value of jewelry sold on Cyber Monday +39% to $384, according to IBM Coremetrics. Overall foot traffic increased but store sales flat in spite of heavy discounts. Polished price resistance easing in trading centers. Firestone Diamonds holds Botswana’s first rough tender. Christie’s Hong Kong sells $79M (88% sold by lot) with 14.23-carat, VVS2, type IIa fancy intense pink, rectangular-cut diamond selling for $23M ($1.6M/Ct). Hong Kong’s 3Q polished imports +37% to $3.8B, polished exports +70% to $2.8B. Belgium’s Oct. polished exports +33% to $1.1B, rough imports +13% to $843M. Japan’s Oct. polished imports +11% to $74M.


RapNet Data: Dec. 2

Diamonds 772,739
Value $4,803,713,022
Carats 848,672
Average Discount -31.44%





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ANNOUNCEMENTS



Rapaport Launches Auction Website for GIA Graded Diamonds

GIA graded, Excellent to Triple Very Good,
Round, 0.50-10.00 carat, D-K, IF-VS2 diamonds.
View Online Auction Now: www.rapaport.com/certauction


December
4-6
Sat-Mon
Rapaport at Kerala Gem & Jewellery Show

Le Meridien
Cochin, India
email: prashant.bhojani@diamonds.net



December
13-16
Mon-Thu

Rapaport Melee Auction

New York
Over 34,000 carats.

Tel. 1-212-354-9100
email: auctions@rapaport.com





QUOTE OF THE WEEK:
We're seeing [an] influx in gold because the price is so high right now. [Customers] can turn in old, broken gold jewelry, and turn around and buy a new TV or stereo system. Jewelry sales are the only thing going up a little with customers bypassing more mainstream jewelers for the pawnshop's collection of gems.

Victor Giaimo | Rockingham Trading Post, NH






Careers@Rapaport



The Rapaport Group is growing rapidly. If you want 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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Christie’s Hong Kong Auction Nets $79M

Christie's Hong Kong jewelry sale achieved $78,904,265 with 88 percent sold by lot. The top lot, “Perfect Pink,” was a 14.23-carat, VVS2, type IIa fancy intense pink, rectangular-cut diamond and sold for $23,165,968, or $1.63 million per carat. Six lots achieved prices of more than $2 million including a diamond necklace by Nirav Modi featuring a 12.29-carat, D,IF, type IIa pear-shaped diamond which sold for $3,547,152.







Rapaport Weekly Broadcast

WATCH NOW: Christmas retail season kicked off to a good start in the U.S., especially — it seems — for jewelry. While daily spending is far below levels of two years ago, Gallup noted self-reported spending rose 22 percent this past weekend. ShopperTrak found in store sales were flat, but foot traffic rose. NRF estimated that spending across all segments rose and that more shoppers did chose jewelry. Online spending soared and jewelry price points rose 39 percent for the Cyber Monday frenzy. A delegation from Botswana visited Israel this week in search of building business partnerships in a number of industries.







U.S. Nov. Consumer Confidence Rises Slightly

U.S. consumer confidence in November stood at 54.1 points up from 50.6 points one year ago, according to the Conference Board Consumer Confidence Index. The Index is based upon 100 points in 1985, but the most recent time the measure hit that benchmark was in August 2007.









RETAIL & WHOLESALE


Nov. Retail Sales

U.S. chain-store sales rose 5.8 percent in November, according to the International Council of Shopping Centers (ICSC). Luxury goods retailers posted a 5.2 percent increase on a same-store basis. Here’s how top retailers fared for the month of November:
Saks’s total sales increased 4 percent to $254.9 million, same-store sales rose 5.3 percent.

JCPenney sales grew 7.2 percent to $1.8 million, and same-store sales rose 9.2 percent.

Macy’s sales rose 7.8 percent to $2.3 billion while same-store sales rose 6.1 percent.

Nordstrom’s sales increased 8.8 percent to $815 million and same-store sales grew 5.1 percent.

Costco sales increased 12 percent to $6.78 billion and same-store sales rose by 6 percent.

Neiman Marcus reported a 5.8 percent increase in sales to $322 million, while same-store sales rose 5.5 percent.
Movado reported third quarter results and while sales were flat at $123 million adjusted net income was at $12.5 million, up from $4.5 million a year ago.






Kalyan Jewellers to Open in Hyderabad

Kalyan Jewellers will open a 15,000 square foot showroom in Hyderabad. The new store, located at Panjagutta, will be an open, hip space, carrying the entire line of gold, platinum and diamonds created by Kalyan Jewellery. It will also feature a special area for buying vintage gold, jewelry, diamonds, watches and collectibles — a new line of business for the company. Male celebrity Nagarjuna was also named to represent the new face of the brand.





TGJTA Opens in India

The Thai Gem & Jewelry Traders Association (TGJTA) and Mumbai-based real estate company Ackruti, signed a marketing agreement this week to establish a distribution center. TGJTA will facilitate trade between suppliers in Thailand and buyers in India. TGJTA will expand this program if the project is a success.





Hearts On Fire Launches eCommerce

Hearts On Fire partnered with ESDN to bring ecommerce capabilities to its retail partners. Consumers can also now purchase select Hearts On Fire jewelry designs on either Heartsonfire.com or on participating retailer websites.





Gemesis to Market Direct

Gemesis is developing its own jewelry line, designed especially for the lab-created gems and as part of its growth initiative, Gemesis will be launching an e-commerce website in the coming months, combined with parallel sales through limited retailer partnerships. The company’s internet pricing will not undermine participating retailers, according to the firm. Further, new yellow stones will be available in significant carat weights on the e-commerce site along with high-quality colorless diamonds.





Sharon Stone Promotes Jewelry Line for Charity

Sharon Stone was at an event in Beverly Hills this week promoting her jewelry line “Maji” which she worked on for four years with Italian jeweler Damiani. The collection consists of rings, bracelets, necklaces and earrings made from gold, silver and rough diamonds. All proceeds from Maji sales go directly to the charity Drop in a Bucket, which aims to improve the quality of drinking water in Africa.





Dealers Robbed in Los Altos

Two Manhattan diamond salesmen were hit in Los Altos, California, following a jewelry store appointment. The victims had just left the store and were preparing to head back to SFO and return to New York when a car with four masked men blocked the dealers from pulling out of a parking lot. Police reported that no weapons were used, however an altercation of some kind took place leaving one of the dealers hurt. The robbers made off with an undisclosed sum of diamonds.









STATS


Japan Imports

October $Mil Chng.
Polished imports $74 11%
Gold jewelry $72 (7%)

YTD
Polished imports $584 12%
Gold jewelry $533 13%






Hong Kong Imports & Exports

Jul.-Sept. $Mil Chng. YTD $Mil Chng.
Polished imports $3,760 37% $10,020 42%
Polished exports $2,840 70% $7,300 44%
Net imports $920 $2,720

Rough imports $264 16% $834 15%
Rough exports $306 30% $835 13%
Net imports ($42) ($1)

Net diamond acct. $881 (17%) $2,719 39%






Belgium Imports & Exports

Figures are rounded Oct. $Mil Chng. YTD $Mil Chng.
Polished exports $1,050 33% $9,130 28%
Polished imports $938 23% $8,610 30%
Net exports $111 $520 2%

Rough imports $843 13% $7,840 52%
Rough exports $943 39% $9,000 58%
Net imports ($100) $1,170

Net diamond acct. $211 $1,690 58%










MINING


Trans Hex Tender Nets $14M

Trans Hex raised $14.2 million during its November rough tender. The company sold 12,360 carats of diamonds for an average $1,145 per carat. The largest stone, a 23.22 carat stone from the Baken mine, sold for more than $30,000 per carat. Ten single stones sold for an average price of more than $10,000 per carat. Its joint venture project Luana in Angola realized sales of $2.3 million from 5,700 carats.





Firestone Diamonds Hosts First Botswana Rough Tender

Firestone Diamonds marketed its first sale of rough diamonds outside of the De Beers framework in Botswana this week. The tender runs until December 9, and includes 2,500 carats of diamonds from the BK11 mine in Botswana and 12,000 carats from the Liqhobong mine in Lesotho. Firestone has set a cycle of 10 tenders to be held in 2011 and expects to sell between 40,000 to 50,000 carats per tender when both its mines are at full production. The company expects to generate approximately $5 million from each tender projecting annual sales of around $50 million.





Vaaldiam Brauna Valuation at $338p/ct.

Vaaldiam Mining reported that two independent diamond valuations of 1,013.75 carats from the south lobe of its Brauna 3 kimberlite pipe place the per carat value at $338. The Brauna property is in Bahia State, Brazil.





Peregrine Maintains Share of Chidliak

Peregrine Diamonds and BHP Billiton will maintain their respective 49 percent and 51 percent stakes in the Chidliak diamond venture. The 2011 field program, led by Peregrine, will begin in March 2011.







Gemfields 1Q Production Soars

Gemfields reported first quarter production of emerald and beryl at 12.8 million carats, which was more than the junior colorstoned miner produced in all of the previous year. Company chief Ian Harebottle stated that high levels of production were not sustainable. Cost of production fell to 26-cents per carat from 73-cents per carat one year ago. The mining company expects to hold a rough emerald tender next week.









ECONWATCH


For the week ending Dec. 2

Dec. 2 Nov. 25 Chng.
$1 = Euro 0.759 0.746 0.013
$1 = Rupee 45.00 45.50 -0.5
$1 = Israel Shekel 3.66 3.66 0.00
$1 = Rand 6.89 7.05 -0.16
$1 = Canadian Dollar 1.00 1.01 -0.01

Precious Metals
Gold $1,384.40 $1,374.70 $9.70
Platinum $1,710.00 $1,657.00 $53.00

Stock Indexes Chng.
BSE 19,992.70 19,318.16 674.54 3.5%
Dow Jones 11,362.41 11,187.28 175.13 1.6%
FTSE 5,767.56 5,703.77 63.79 1.1%
Hang Seng 23,448.78 23,054.68 394.10 1.7%
S&P 500 1,221.53 1,198.35 23.18 1.9%
Yahoo! Jewelry 1,030.10 997.87 32.23 3.2%

USA
Birks & Mayors $1.34 $1.13 $0.21 18.6%
Blue Nile $50.40 $46.30 $4.10 8.9%
Charles & Colvard $2.77 $2.18 $0.59 27.1%
DGSE Companies $3.95 $4.12 -$0.17 -4.1%
Fuqi Intl. $6.21 $6.42 -$0.21 -3.3%
JCPenney $34.48 $32.82 $1.66 5.1%
Kohl's $55.03 $57.55 -$2.52 -4.4%
LJ Intl. $3.86 $3.83 $0.03 0.8%
Macy's $25.54 $25.89 -$0.35 -1.4%
Man Sang $3.00 $2.95 $0.05 1.7%
Movado Group $14.95 $11.98 $2.97 24.8%
Nordstrom $42.11 $43.91 -$1.80 -4.1%
Saks $11.47 $11.65 -$0.18 -1.5%
Signet $40.56 $40.16 $0.40 1.0%
Sotheby's $41.89 $43.44 -$1.55 -3.6%
Tiffany $63.17 $61.33 $1.84 3.0%
Walmart $54.75 $54.01 $0.74 1.4%
Zale $3.04 $2.87 $0.17 5.9%

EUROPE
Bulgari €7.68 €7.68 €0.00 0.0%
Bijou Brigitte €105.52 €111.44 -€5.92 -5.3%
Damiani €0.86 €0.87 -€0.01 -1.1%
LVMH €122.20 €120.85 €1.35 1.1%
PPR €127.50 €124.60 €2.90 2.3%
Richemont CHF 56.95 CHF 56.05 CHF 0.90 1.6%
Swatch Group CHF 418.80 CHF 408.00 CHF 10.80 2.6%
Theo Fennell (pence) 43.97 42.50 1.47 3.5%

INDIA (rupee)
Classic Diamond 18.40 18.05 0.35 1.9%
Gitanjali Gems 269.05 297.30 -28.25 -9.5%
Goldiam Intl. 42.75 46.40 -3.65 -7.9%
Rajesh Exports 123.05 117.45 5.60 4.8%
Ren. Jewellery 79.15 75.45 3.70 4.9%
Su-Raj Diamonds 61.35 61.80 -0.45 -0.7%
Titan 3,788.85 3,675.40 113.45 3.1%
Zodiac JRD 26.85 29.40 -2.55 -8.7%
Suashish Diamonds 176.85 175.85 1.00 0.6%

NEW ZEALAND
Michael Hill NZD 0.82 NZD 0.80 NZD 0.02 2.5%

MINING STOCKS
CANADA
Harry Winston CAD 14.04 CAD 12.91 CAD 1.13 8.8%
Lucara Diamond CAD 1.02 CAD 0.92 CAD 0.10 10.9%
Mountain Province CAD 5.00 CAD 5.12 -CAD 0.12 -2.3%
Peregrine Diamonds CAD 2.65 CAD 3.05 -CAD 0.40 -13.1%
Rockwell Diamonds CAD 0.06 CAD 0.06 CAD 0.00 0.0%
Shore Gold CAD 0.77 CAD 0.73 CAD 0.04 5.5%
Stornoway Diamond CAD 0.71 CAD 0.58 CAD 0.13 22.4%
True North Gems CAD 0.13 CAD 0.13 CAD 0.00 0.0%
UK (pence)
African Diamonds 40.68 40.50 0.2 0.4%
Anglo American 2,999.50 2,985.50 14.0 0.5%
BHP Billiton 2,450.00 2,353.00 97.0 4.1%
Firestone Diamonds 25.00 25.00 0.0 0.0%
Gem Diamonds 227.25 208.25 19.0 9.1%
Gemfields 17.00 12.25 4.8 38.8%
Mwana Africa 9.49 9.50 0.0 -0.1%
Namakwa Diamonds 44.00 43.00 1.0 2.3%
Petra Diamonds 109.50 96.00 13.5 14.1%
Rio Tinto plc 4,415.00 4,269.50 145.5 3.4%
Stellar Diamonds 6.10 6.63 -0.5 -8.0%
_______________
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Registrovaný uživatel
Rapaport Weekly Market Comment Dec. 10, 2010


U.S. holiday retail sales stable while bad weather in Europe causes surge in online gift buying. Polished market in Far East improves. Christie’s NY sells $22.1M (83% by lot) with 6.89ct. fancy vivid purple-pink diamond selling for $6.9M ($1M/ct.). Harry Winston 3Q rough sales +192% to $61M, retail sales +49% to $80M, group profits $5M vs. loss of $1M. Luk Fook 1H revenue +56% to $420M, profits +71% to $42M. Botswana’s Oct. diamond exports +64% to $308M. Australia 1Q diamond production +6% to 2.5M cts.


RapNet Data: Dec. 9

Diamonds 748,327
Value $4,732,212,300
Carats 829,049
Average Discount -31.42%





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RAPAPORT ANNOUNCEMENTS



CORRECTION NOTICE

The December 2010 edition of the Rapaport Diamond Report mistakenly identified Asian Star Diamonds of Mumbai, India, as a company in default to Indian banks. In fact, Asian Star is not in default to any bank and is in good financial condition. Asian Star is a leading, highly reliable, first class Indian diamond company that enjoys a well deserved excellent reputation. Rapaport apologized to Asian Star for the error.



December
13-16
Mon-Thu

Rapaport Melee Auction
New York
Over 34,000 carats.
Tel. 1-212-354-9100
auctions@rapaport.com


Dec-Jan
27-6
Mon-Thu

Rapaport Melee & Single Stone Auction
Mumbai, India
Diamonds in all shapes, sizes and qualities.
auctions@rapaport.com





QUOTE OF THE WEEK:
We anticipated that the post-Cyber Monday period would experience a slight hangover after many of the retailers’ most aggressive deals and promotions expired, but we can expect to see activity begin to pick up again next week as we get into the middle part of December when online buying typically peaks.

Gian Fulgoni | chairman comScore






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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


Negotiations with Zimbabwe Continue

After nearly three weeks of negotiations, the Kimberley Process (KP) and Zimbabwe haven’t yet reached a deal on whether or not the country can export Marange rough. In the midst of these negotiations, India asked diamond firms to hold off accepting Marange rough, pending a decision, as those diamonds could be cut and polished and then eventually end up in the U.S., the U.K. and Australia. India said they would revisit the decision when an agreement between KP and Zimbabwe is reached.







Rapaport Weekly Broadcast


WATCH NOW: Christie's New York Jewels sale, which was held at Rockefeller Center on December 7, totaled $22,140,350 and was 83 percent sold by lot, 78 percent sold by value. The top lot was a 6.89 carat, fancy vivid purple-pink diamond, which sold for $6,914,500 or $1 million per carat.










RETAIL & WHOLESALE


Online Retail Sales +12% to $18B

Online Christmas season retail sales increased 12 percent to $17.5 billion between November 1 to December 5, comScore reported. Cyber Monday became the heaviest online spending day to date at $1.03 billion. Online sales for Tuesday, November 30, reached $911 million and Wednesday sales totaled $868 million.





Harry Winston 3Q Sales +88%

Harry Winston Diamond Corp. group sales rose 88 percent to $140.9 million during its third quarter of fiscal year 2011. Cost of sales rose 90 percent to $85.8 million, nonetheless profits rose to $4.7 million from a loss of $1.4 million one year ago.

Rough diamond sales soared 192 percent to $60.7 million and earnings from mining operations rose to $8.3 million from a loss of $4.5 million. Retail sales rose 49 percent to $80.2 million and earnings from operations rose to $5.4 million from a loss of $455,000.





Stephen Webster Opens First U.S. Store

Stephen Webster opened his first U.S. location this week in Beverly Hills.The shop is located on Rodeo Drive and will carry his iconic diamond and gemstone jewelry for both men and women.





Tiffany Opens Two New Stores

Tiffany & Co. opened a store in Barcelona this month, making it its second location in Spain. It’s first boutique in the country opened in Madrid during the fourth quarter of 2008. The brand will also open a new location in Jacksonville, Florida, this week, making it the 82nd shop in the U.S.





Fortunoff Returns With Jewelry Website

Fortunoff jewelry has made a comeback with a new website, FortunoffJewelry.com. The site offers a “sneak peek” for the Christmas season and the Long Island-based retail brand plans to expand their inventory in the new year.





Faberge Unveils 'Le Carnet de Bal' Collection

Faberge unveiled their all-white-diamond “Le Carnet de Bal” collection at a preview during the celebration of Russian Week in London. The jewelry line commemorates the splendor of bygone Russian winter celebrations that were a pivotal feature of St. Petersburg society at the turn of the 19th century. The winter-themed pieces are priced up to $1 million.





Hong Kong Jeweler Looks to Expand

Hong Kong based jeweler, Luk Fook Holdings International, plans to raise up to $132.6 million through a top-up share placement. The proceeds will be used to expand factories and open new stores in China, Hong Kong, Macau and Singapore. The jewelry chain reported a 69.7 percent increase in net profit this year.





Brink's Operations to Resume at BRU

Brink's Diamond and Jewellery Services (BDJS) will resume operations at Brussels Zaventem Airport after the government approved its handling license. The company is awaiting signed approval from King Albert II before it can restart its cash-in-transit road transportation between Antwerp and Brussels and vault handling at the airport.









STATS


Australia Imports & Exports

Diamond production in Australia for three months ending September 2010 rose 6 percent to 2.471 million carats and rough diamond exports rose to 2.65 million from only 675,000 during the same quarter of 2009. By value, diamond exports rose 58 percent to $91 million and exports of gemstones other than diamonds rose 22 percent to $10.8 million. Imports of diamonds fell 4 percent to $104 million.





Botswana Exports

Botswana’s diamond exports in October rose approximately 64 percent year on year to $307.9 million. Exports have increased by about 44 percent to $2.47 billion during the first 10 months of the year. The bank’s data is a representative sample of the company’s full diamond trade and is sourced from the Diamond Trading Company Botswana, two of 16 manufacturing units in the country and the Central Statistics Office. The data include rough and polished exports.









MINING


Firestone Placement to Raise $20M

Firestone Diamonds has conditionally placed 52 million new ordinary shares of 20-pence with institutional and other investors at a price of 25-pence "per placing share" to raise $20.3 million. Proceeds would enable financing an "accelerated development" of the main pipe at Liqhobong in Lesotho in 2011.





ALROSA Projects 2011 Profit +74% to $334M

ALROSA projected its rough production for 2011 would be at 34.438 million carats. Core product sales are expected to increase 3.2 percent to $3.526 billion, with $3.366 billion from rough sales and $160 million from polished sales. The mining company’s projected profit for 2011 is expected to rise 74 percent to $334 million up from an anticipated profit of $191 million in 2010.





Namakwa Diamonds Raises $55M in Share Placement

Namakwa Diamonds raised $55 million in a public offering, which will enable the company to further invest in its Lesotho Koa mine and settle its debt commitments. Namakwa will invest $37 million from the share placement in Koa, covering its full capital requirements for the first phase of development. The remaining $15 million will be used to extinguish its debt.









ECONWATCH


For the week ending Dec. 9

Dec. 9 Dec. 2 Chng.
$1 = Euro 0.754 0.759 -0.005
$1 = Rupee 45.19 45.00 0.2
$1 = Israel Shekel 3.63 3.66 -0.03
$1 = Rand 6.87 6.89 -0.02
$1 = Canadian Dollar 1.00 1.00 0.00

Precious Metals
Gold $1,386.80 $1,384.40 $2.40
Platinum $1,673.00 $1,710.00 -$37.00

Stock Indexes Chng.
BSE 19,242.36 19,992.70 -750.34 -3.8%
Dow Jones 11,370.06 11,362.41 7.65 0.1%
FTSE 5,807.96 5,767.56 40.40 0.7%
Hang Seng 23,171.80 23,448.78 -276.98 -1.2%
S&P 500 1,233.00 1,221.53 11.47 0.9%
Yahoo! Jewelry 948.63 1,030.10 -81.47 -7.9%

USA
Birks & Mayors $1.47 $1.34 $0.13 9.7%
Blue Nile $55.22 $50.40 $4.82 9.6%
Charles & Colvard $2.57 $2.77 -$0.20 -7.2%
DGSE Companies $4.15 $3.95 $0.20 5.1%
Fuqi Intl. $6.29 $6.21 $0.08 1.3%
JCPenney $34.18 $34.48 -$0.30 -0.9%
Kohl's $54.18 $55.03 -$0.85 -1.5%
LJ Intl. $3.88 $3.86 $0.02 0.5%
Macy's $25.40 $25.54 -$0.14 -0.5%
Man Sang $2.98 $3.00 -$0.02 -0.7%
Movado Group $16.65 $14.95 $1.70 11.4%
Nordstrom $42.10 $42.11 -$0.01 0.0%
Saks $11.63 $11.47 $0.16 1.4%
Signet $41.19 $40.56 $0.63 1.6%
Sotheby's $43.11 $41.89 $1.22 2.9%
Tiffany $62.60 $63.17 -$0.57 -0.9%
Walmart $54.41 $54.75 -$0.34 -0.6%
Zale $3.26 $3.04 $0.22 7.2%

EUROPE
Bulgari €7.65 €7.68 -€0.03 -0.4%
Bijou Brigitte €107.96 €105.52 €2.44 2.3%
Damiani €0.87 €0.86 €0.01 1.2%
LVMH €120.70 €122.20 -€1.50 -1.2%
PPR €124.80 €127.50 -€2.70 -2.1%
Richemont CHF 55.45 CHF 56.95 -CHF 1.50 -2.6%
Swatch Group CHF 414.40 CHF 418.80 -CHF 4.40 -1.1%
Theo Fennell (pence) 48.00 43.97 4.03 9.2%

INDIA (rupee)
Classic Diamond 15.95 18.40 -2.45 -13.3%
Gitanjali Gems 178.00 269.05 -91.05 -33.8%
Goldiam Intl. 40.85 42.75 -1.90 -4.4%
Rajesh Exports 111.85 123.05 -11.20 -9.1%
Ren. Jewellery 74.85 79.15 -4.30 -5.4%
Su-Raj Diamonds 49.80 61.35 -11.55 -18.8%
Titan 3,354.25 3,788.85 -434.60 -11.5%
Zodiac JRD 24.90 26.85 -1.95 -7.3%
Suashish Diamonds 151.00 176.85 -25.85 -14.6%

NEW ZEALAND
Michael Hill NZD 0.82 NZD 0.82 NZD 0.00 0.0%

MINING STOCKS
CANADA
Harry Winston CAD 14.59 CAD 14.04 CAD 0.55 3.9%
Lucara Diamond CAD 0.95 CAD 1.02 -CAD 0.07 -6.9%
Mountain Province CAD 5.17 CAD 5.00 CAD 0.17 3.4%
Peregrine Diamonds CAD 2.74 CAD 2.65 CAD 0.09 3.4%
Rockwell Diamonds CAD 0.06 CAD 0.06 CAD 0.00 0.0%
Shore Gold CAD 0.82 CAD 0.77 CAD 0.05 6.5%
Stornoway Diamond CAD 0.64 CAD 0.71 -CAD 0.07 -9.9%
True North Gems CAD 0.16 CAD 0.13 CAD 0.03 23.1%
UK (pence)
African Diamonds 39.00 40.68 -1.7 -4.1%
Anglo American 2,993.54 2,999.50 -6.0 -0.2%
BHP Billiton 2,462.48 2,450.00 12.5 0.5%
Firestone Diamonds 26.75 25.00 1.8 7.0%
Gem Diamonds 252.75 227.25 25.5 11.2%
Gemfields 17.73 17.00 0.7 4.3%
Mwana Africa 10.50 9.49 1.0 10.6%
Namakwa Diamonds 51.00 44.00 7.0 15.9%
Petra Diamonds 118.25 109.50 8.8 8.0%
Rio Tinto plc 4,381.50 4,415.00 -33.5 -0.8%
Stellar Diamonds 6.32 6.10 0.2 3.6%
_______________
Múdry sa teší objaveniu pravdy, hlupák falošnosti.
Registrovaný uživatel
RAPAPORT NEWS SERVICE | DEC. 17, 2010 www.rapaport.com | news@rapaport.com


Industry Retail & Wholesale EconWatch India Mining Stats




Rapaport Weekly Market Comment Dec. 17, 2010


Polished suppliers hold firm on prices as buyers confront shortages for select goods. DTC sight estimated at $420M with rough prices stable. BHP Billiton prices estimated +2%. U.S. jewelry price index (CPI) +3.9% in Nov. to record high. Sotheby’s NY sells $53.2M with emerald-cut, 27.19ct, D, IF diamond pendant necklace selling for $3.7M ($134,847/ct.). U.S. Oct. polished imports +42% to $1.9B, polished exports +36% to $1.3B. Israel’s Nov. polished exports +4% to $550M. E. Oppenheimer & Sons sells 8% of its stake in Anglo American for $100M. Rockwell Diamonds CEO John Bristow resigns.


RapNet Data: Dec. 16

Diamonds 751,413
Value $4,823,635,351
Carats 835,952
Average Discount -31.18%





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RAPAPORT ANNOUNCEMENTS


December
13-16
Mon-Thu

Rapaport Melee Auction
New York
Over 34,000 carats.
Tel. 1-212-354-9100
auctions@rapaport.com


Dec-Jan
27-6
Mon-Thu

Rapaport Melee & Single Stone Auction
Mumbai, India
Diamonds in all shapes, sizes and qualities.
auctions@rapaport.com





QUOTE OF THE WEEK:
Selling luxury items like Rolex watches, fine certified diamonds and Mikimoto pearls is not the usual high street sales job. I sit down with customers over tea, coffee or champagne to discuss what they want. It's like being a personal shopper. You have to win their trust because you have a big responsibility to get it right.

Sharon Lee | saleswoman with Winsor Bishop, Norwich, UK






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. To get on the fast track, email your resume to careers@rapaport.com.









INDUSTRY


DTC Dec. Sight Estimated at $420M

The Diamond Trading Company (DTC) December sight had an estimated value of $420 million as prices and assortments remained relatively stable. Ex-plan, or goods not included in the original intentions to offer (ITOs), was supplied mainly to Indian sightholders, which boosted the sight value. Sightholders suggested that demand for rough is being stimulated by the Indian market and are concerned that rough prices will increase in 2011.





Denials Follow Leaked Documents

Previously unpublished government documents from 2008 and posted by WikiLeaks, allegedly quoting correspondences from U.S. ambassador James McGee, implicated Zimbabwe’s First Lady Grace Mugabe in the illicit diamond trade. Mugabe has since filed suit against Zimbabwe’s The Standard newspaper for reporting the leaked cables and her lawyers called the claims false and scandalous The same documents also alleged that Ernie Blom (pictured) had been dealing rough diamonds out of the Marange. Blom issued a statement calling the claims hearsay and denied that he had been involved with illegal trading activity.

Statements published also allegedly linked diamond smuggling in Zimbabwe to other members of President Robert Mugabe's family and to Gideon Gono, the central bank governor. Mugabe and members of his family, along with Gono, are currently on the U.S. sanctions list. Documents suggested that these diamonds were being shipped to Dubai for sale.






Cote d’Ivoire Stalemate Continues

Political uncertainty continues in Cote d’Ivoire following a runoff election in which both presidential candidates have claimed victory. Incumbent President Laurent Gbagbo and President-elect Alassane Ouattara reportedly have loyal military members ready to act. The U.N. meanwhile has called for calm and asked Gbagbo to resign his post peacefully after the governing body confirmed the polls favored Ouattara. Nonetheless, sporadic fighting has broken out in the capitol leaving at least seven dead.





U.S. Jewelry Inflation Hits Record High

The consumer price index (CPI) for jewelry in the U.S. rose 3.9 percent to a record 166.57 points in November. The CPI was about four points higher than October. The November reading marked the 34th consecutive month for which the jewelry CPI registered more than 150 points and the seventh month this year that it topped 160 points.





Rapaport Weekly Broadcast


WATCH NOW: Sotheby’s New York sale of Magnificent Jewels realized a total of $53,228,590 for 452 lots which included the single owner collection “Jewels from the Estate of William B. Deitrich,” making it the highest total ever for a Sotheby’s jewelry sale in New York. The top lot, was a diamond pendant by Tiffany & Co., showcasing a 27.19-carat DIF diamond, which sold for $3,666,500. All of the top 10 lots sold for over $1 million view the video to see more.











RETAIL & WHOLESALE


U.S. Online Retail Sales +12%

Online retail sales in the U.S. continued a 12 percent rate of growth this past week, according to comScore, with the latest tally of sales from November 1 through December 12 at $23.82 billion. Online sales during the most recent week reached $5.31 billion. Sales on “Green Monday,” December 13, hit $954 million.





U.S. Dpt. Store Sales +2% in November

U.S. department store sales for November rose 1.5 percent to $15.7 billion, as adjusted for seasonal variation but not for price changes. Retail trade sales rose 8.1 percent.





Roberto Coin Opens Two U.S. Boutiques

Roberto Coin opened two new boutiques in the U.S. in time for Christmas shopping. One store was opened in Park City, Utah, this month and another opened in Charleston, South Carolina. The jeweler now has a total of seven locations in the U.S. and 13 worldwide.





Diamond Sales Prominent on eBay India

According to the third edition of the eBay India Census, Delhi is the most active part of India on the auction website. The most popular items bought by residents were diamond rings, mobile handsets, pen drives, gemstones and watches.





Zale Weighs Selling Piercing Pagoda

Insiders from Zale leaked to Bloomberg News that the retailer is exploring the sale of its Piercing Pagoda kiosk business to focus on fine jewelry operations. There are about 680 Piercing Pagoda kiosks in malls across the U.S.





Rio Tinto Partners With Firestone Diamond

Rio Tinto’s Argyle Pink Diamonds business unit selected manufacturer Firestone Diamond as its partner in India. Firestone has previously acquired pink and blue diamonds from the Argyle mine and recently sold the Golconda Lotus Necklace, comprising a collection of 34 Argyle pink diamonds, for $3.6 million.









GENERAL


UN Members Show Unity Against Blood Diamonds

The U.N. General Assembly unanimously agreed to improve efforts against the trading of illcit diamonds just before the Democratic Republic of the Congo takes over Kimberley Process chairmanship January 1. Israel brought forward the measure to strengthen the commitment by all U.N. member states to halt the use of the diamond trade to fund armed conflicts across Africa.

The Kimberley Process has yet to reach a consensus on just how Zimbabwe may proceed with rough diamond exports.





Red Flag Rule Enforcement Begins Dec. 31

According to the Jewelers Vigilance Committee (JVC), the FTC’s Red Flags Rule, a federal law that requires covered companies to implement an identity theft prevention program, will be fully enforceable on December 31, 2010. JVC has been following the Rule, which requires companies that provide branded credit cards or in-house credit accounts for consumers to create a program to detect and prevent identity theft.





FTC Revises Guides for Platinum

The Federal Trade Commission (FTC) revised the platinum section of the Guides for the Jewelry, Precious Metal and Pewter Industries to reflect the use of base metal alloys in platinum jewelry. The edited Guides address how to mark and describe “platinum/base metal alloys” which contain between 50 percent and 85 percent platinum, the Jewelers Vigilance Committee (JVC) said today. The FTC declined to issue detailed guidance on products containing platinum plating or coatings. Check out the guides.







Sri Lanka's Gems Sector Grows 20%

Sri Lanka reported annual growth of 21 percent for its gem, diamond and jewelry sector, during the first six months of fiscal year 2011. Revenue from the sector rose to $197 million from $163 million in 2009. The country's National Gem & Jewellery Authority (NGJA) partnered with the Sri Lanka Gem & Jewellery Association to establish a new lab, Lanka Gemological Laboratory (Pvt) Ltd. The new space would have the capacity to issue internationally recognized testing reports.





Vietnam Jewelry Week Shines

Vietnam Jewelry Week 2010 will conclude December 19 and reportedly displayed 150,000 new designs in gold, diamond, pearls, precious stone jewelry and watches from 12 countries and territories.







KGJS Concludes with Record Attendance

Kerala’s third annual jewelry trade fair, KGJS 2010, concluded in Cochin, India, after a record high footfall observed during the show. More than 200 exhibitors showcased their goods to 10,000 trade visitors. KGJS 2011 is scheduled for December 2 to 4 in Cochin.





India to Setup Training Institutes in Africa

India plans to set up 19 training institutes across Africa, as part of an agreement reached at the first India-Africa Forum Summit that took place in 2008. Indian Diamond Institute Surat is one of the groups implementing training programs and will open the India Africa Diamond Institute, which will be a diamond center in Botswana.









STATS


U.S. Imports & Exports

Figures are rounded Oct. $Mil Chng. YTD $Mil Chng.
Polished imports $1,900 42% $15,200 51%
Polished exports $1,250 36% $11,500 47%
Net imports $650 56% $3,700 68%

Rough imports $57 56% $407 79%
Rough exports $55 111% $261 60%
Net imports $2 (80%) $146 125%

Net diamond acct. $657 53% $3,800 67%










MINING


Bristow Resigns from Rockwell Diamonds

John Bristow has resigned from his post as president and chief executive officer (CEO) of Rockwell Diamonds. The board is in discussions with Dr. Bristow, who remains as a director in the company, to provide consulting services to Rockwell to maintain continuity during the transition period of finding a replacement. No reasons were provided for his departure.





Debswana Launches Jwaneng Cut-8 Project

Debswana launched the cut-8 project at the Jwaneng mine. The construction phase of the project is approximately 20 percent complete and is scheduled to be finished at the end of 2011. The cut-8 project is expected to extend operations at Jwaneng by eight years to 2025 and ensure an additional 102 million carats from the mine. Debswana expects to invest up to $3 billion in the project during the next 15 years but the investment could total more than $15 billion over the life of the mine.





Gemfields Emerald Auction Nets $20M

Gemfields International’s rough emerald auction, which was held in Johannesburg, offered 870,000 carats and sold 750,000 carats of mainly higher quality emerald. The sale fetched $19.6 million, or about $26 per carat. The emeralds sold at the auction achieved an average per carat price increase of some 180 percent higher than Gemfields' July auction in London





Petra Increases Stake in Koffiefontein Mine

Petra Diamonds increased its interest in the Koffiefontein mine in South Africa to 74 percent. The mining company acquired an additional 4 percent stake from its black economic empowerment (BEE) partners at Koffiefontein, Re-Teng Diamonds (Pty) Limited. The interests in the mine are now Petra with 74 percent and its BEE partners with a 26 percent stake.







Stornoway Adds $5M Loss in 2Q

Stornoway Diamond Corporation incurred a loss of $5 million during second quarter and has now accumulated deficit of $143.8 million during its exploration stage. Stornoway also entered into an agreement with Diaquem Inc. to acquire full interest in the Renard diamond project. Diaquem will become a significant shareholder of Stornoway under the terms, and will receive a direct royalty interest on future diamond production.

Stornoway secured a credit agreement with Societe Generale in respect to future project debt financing of a minimum of $100 million. Upon closing of the acquisition, which is subject to shareholder approval, Stornoway will have acquired sole ownership of Renard. A syndicate of underwriters led by RBC Capital Markets Ltd. also agreed to purchase, on a bought deal basis, 57.4 million common shares of Stornoway at a price of 61-cents per common share for aggregate gross proceeds of $35 million.





Stellar's Rough Sales +260%, Narrows Loss

Stellar Diamonds reported revenue from rough sales rose 260 percent to $2.1 million during the first nine months of its fiscal year, and it narrowed its reported loss to $5.6 million from $9.6 million. The junior explorer increased production 37 percent at the Mandala mine to 48,052 carats and the project's sales tripled to $1.8 million. Production at the Bomboko mine rose to 3,920 carats from only 620 carats sales rose to $356,000 from $50,000.





Firestone' Gaborone Tender Nets Nearly $2M

Firestone Diamonds completed its first diamond tender in Gaborone, Botswana, and sold 14,673 carats for approximately $1.6 million. The mining company sold 12,510 carats from its Liqhobong main pipe at an average price of $98 per carat, which was 14 percent higher than the valuation. There were 2,162 carats sold from BK11 with an average price of $177 per carat, which was inline with valuation. Firestone Diamonds plans nine diamond tenders in 2011.









ECONWATCH


For the week ending Dec. 16

Dec. 16 Dec. 9 Chng.
$1 = Euro 0.755 0.754 0.001
$1 = Rupee 45.44 45.19 0.3
$1 = Israel Shekel 3.60 3.63 -0.03
$1 = Rand 6.85 6.87 -0.02
$1 = Canadian Dollar 1.00 1.00 0.00

Precious Metals
Gold $1,369.50 $1,386.80 -$17.30
Platinum $1,696.00 $1,673.00 $23.00

Stock Indexes Chng.
BSE 19,864.85 19,242.36 622.49 3.2%
Dow Jones 11,499.25 11,370.06 129.19 1.1%
FTSE 5,881.12 5,807.96 73.16 1.3%
Hang Seng 22,668.78 23,171.80 -503.02 -2.2%
S&P 500 1,242.87 1,233.00 9.87 0.8%
Yahoo! Jewelry 1,001.64 948.63 53.01 5.6%

USA
Birks & Mayors $1.49 $1.47 $0.02 1.4%
Blue Nile $55.08 $55.22 -$0.14 -0.3%
Charles & Colvard $2.79 $2.57 $0.22 8.6%
DGSE Companies $4.26 $4.15 $0.11 2.7%
Fuqi Intl. $6.45 $6.29 $0.16 2.5%
JCPenney $32.85 $34.18 -$1.33 -3.9%
Kohl's $54.22 $54.18 $0.04 0.1%
LJ Intl. $4.04 $3.88 $0.16 4.1%
Macy's $25.73 $25.40 $0.33 1.3%
Man Sang $2.95 $2.98 -$0.03 -1.0%
Movado Group $15.92 $16.65 -$0.73 -4.4%
Nordstrom $42.32 $42.10 $0.22 0.5%
Saks $11.67 $11.63 $0.04 0.3%
Signet $43.22 $41.19 $2.03 4.9%
Sotheby's $46.25 $43.11 $3.14 7.3%
Tiffany $64.61 $62.60 $2.01 3.2%
Walmart $54.63 $54.41 $0.22 0.4%
Zale $3.50 $3.26 $0.24 7.4%

EUROPE
Bulgari €8.23 €7.65 €0.58 7.6%
Bijou Brigitte €107.80 €107.96 -€0.16 -0.1%
Damiani €0.82 €0.87 -€0.05 -5.7%
LVMH €123.55 €120.70 €2.85 2.4%
PPR €125.25 €124.80 €0.45 0.4%
Richemont CHF 55.90 CHF 55.45 CHF 0.45 0.8%
Swatch Group CHF 424.00 CHF 414.40 CHF 9.60 2.3%
Theo Fennell (pence) 52.40 48.00 4.40 9.2%

INDIA (rupee)
Classic Diamond 16.75 15.95 0.80 5.0%
Gitanjali Gems 210.90 178.00 32.90 18.5%
Goldiam Intl. 40.55 40.85 -0.30 -0.7%
Rajesh Exports 120.50 111.85 8.65 7.7%
Ren. Jewellery 76.60 74.85 1.75 2.3%
Su-Raj Diamonds 53.50 49.80 3.70 7.4%
Titan 3,407.45 3,354.25 53.20 1.6%
Zodiac JRD 24.35 24.90 -0.55 -2.2%
Suashish Diamonds 152.90 151.00 1.90 1.3%

NEW ZEALAND
Michael Hill NZD 0.85 NZD 0.82 NZD 0.03 3.7%

MINING STOCKS
CANADA
Harry Winston CAD 11.51 CAD 14.59 -CAD 3.08 -21.1%
Lucara Diamond CAD 0.90 CAD 0.95 -CAD 0.05 -5.3%
Mountain Province CAD 5.32 CAD 5.17 CAD 0.15 2.9%
Peregrine Diamonds CAD 2.41 CAD 2.74 -CAD 0.33 -12.0%
Rockwell Diamonds CAD 0.06 CAD 0.06 CAD 0.00 0.0%
Shore Gold CAD 0.83 CAD 0.82 CAD 0.01 1.2%
Stornoway Diamond CAD 0.63 CAD 0.64 -CAD 0.01 -1.6%
True North Gems CAD 0.15 CAD 0.16 -CAD 0.01 -6.3%
UK (pence)
African Diamonds 38.60 39.00 -0.4 -1.0%
Anglo American 3,123.50 2,993.54 130.0 4.3%
BHP Billiton 2,505.00 2,462.48 42.5 1.7%
Firestone Diamonds 26.28 26.75 -0.5 -1.8%
Gem Diamonds 257.25 252.75 4.5 1.8%
Gemfields 17.25 17.73 -0.5 -2.7%
Mwana Africa 10.11 10.50 -0.4 -3.7%
Namakwa Diamonds 53.00 51.00 2.0 3.9%
Petra Diamonds 127.00 118.25 8.8 7.4%
Rio Tinto plc 4,393.32 4,381.50 11.8 0.3%
Stellar Diamonds 7.95 6.32 1.6 25.8%










INDIA MARKET REPORT
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