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Týždenný prehľad zaujímavostí vo svete diamantov .

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RAPAPORT NEWS SERVICE | June 29, 2012 www.rapaport.com | news@rapaport.com



Industry
Retail & Wholesale
India
Mining
EconWatch








Rapaport Weekly Market Comment June 29, 2012


Polished prices coming under increasing pressure as poor Hong Kong show disappoints suppliers. Tight liquidity, plummeting rupee and irresponsible Indian government policies destroying Indian demand. DTC sightholders, tired of losing 10% to 20% on overpriced rough, are refusing boxes. Irrational, exploitative rough prices expected to decline as cutters run out of money. U.S. consumer confidence falls to a 5-month low of 62 in June. Chow Tai Fook FY 2012 revenue +61% to $7.3B, net income +79% to $847M. Rockwell Diamonds 1Q revenue -24% to $5.9M as prices slump 42%. Itzu Kaszirer passes away at age 90.


RapNet Data: June 28

Diamonds 947,992
Value $6,102,318,320
Carats 1,003,455
Average Discount -27.04%

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RAPAPORT ANNOUNCEMENTS


July
9-19
Mon-Thu


Rapaport Melee Auction
New York & Belgium

View details.



July
11-18
Wed-Wed


Rapaport Single Stone Auction
New York

View details.




QUOTE OF THE WEEK
We note that there is a problem of transparency in Zimbabwe's diamond mining sector's revenues...Transparency is a political issue but it is also a technical issue that demands proper capacity to carry out due inspections. Therefore, if so requested by the government of Zimbabwe, the E.U. could provide the necessary technical assistance to update, upgrade, complete the national installed capacity to carry out proper inspections.

Aldo Dell'Ariccia | E.U. Ambassador









Careers@Rapaport




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















INDUSTRY



DTC to Allow Deferments

The Diamond Trading Company (DTC) informed sightholders that they may reschedule up to 50% of their in-plan-‎target for July to any other sight in the current intention to offer (ITO) period that ends March ‎‎2013. Sightholders had also been deferring goods in June due to diminished demand for rough and high DTC prices.

Des Kilalea, an analyst with RBC Capital Markets, said he expects rough prices will ‎remain under pressure in the near-term, given the lack of liquidity in the cutting centers. RBC estimates that De Beers sales, including at DTC, its retail division and its industrial ‎synthetics business, fell 15% year on year to around $3 billion in the first half of the ‎year. Rapaport estimates that DTC sales declined by 19% to approximately $2.83 ‎billion during the period. ‎







HK Show Disappoints Dealers

The June Hong Kong Jewellery & Gem Fair failed to signal significant Far East demand ‎as dealers in round diamonds left the show disappointed. ‎Traffic and trading was lower than previous shows and this soured the mood of dealers. Buyers were looking for SI goods while better-quality VVS stones were ‎still proving difficult to sell. Exhibitors suggested that suppliers were prepared to lower prices in order to spur sales of rounds. But the show was better for dealers in fancies, even if trading was below levels seen at ‎the June show of 2011.‎

Inter-dealer trading was significantly reduced from one year ago as Indian buyers were not a ‎significant presence at the show. While buyers from mainland China attending the fair were there to shop around, however, they did not buy significant quantities. ‎Dealers in the region may be holding ‎large inventories of goods and therefore can hold back from buying, while economic sentiment remains so weak. ‎







Consumer Confidence Remains Weak

U.S. consumer confidence in June was at 62 points (1985=100), according to The Conference Board, which was up from 58.5 points one year ago. The consumer Expectations Index was flat year on year at 72.3 points and the Present Situation Index rose to 46.6 points from 37.6 points in June 2011. Even though consumer confidence was slightly more positive from one year ago, it was weaker than the readings from May and represented a fourth consecutive monthly decline. Consumers held a slightly more pessimistic view on the economy for the short-term and expectations for higher income declined.







E.U. Tour of Diamond Fields Ends

E.U. Ambassador Aldo Dell'Ariccia led a delegation of Western diplomats on a two-day tour of Zimbabwe's Marange diamond fields and said it was impossible to determine how much of the country's diamond revenue reaches government coffers. The country's Finance Minister Tendai Biti has told Parliament that the government has recieved about $25 million so far this year, much less less than the anticipated $600 million. Dell'Ariccia said, "For the moment, the benefit of diamonds is not translating to the betterment of lives for the people."















RETAIL & WHOLESALE



Top Emerging Online Retail Markets

WATCH NOW: As e-commerce sales skyrocket across the developing world, building an online presence is a low-risk way to test new markets if done right, according to A.T. Kearney. The group published its inaugural E-Commerce Index, examined the top 30 countries for online retail sales potential and rated emerging markets by retail-specific variables. China, Brazil, Russia and Chile were the top, but overall many Middle Eastern and Latin American countries proved to be strong contenders.







Chow Tai Fook Profit +79%

Chow Tai Fook reported that revenue rose 61% year on year to $7.3 billion, while cost of sales jumped 60% to $5.2 billion for the year that that ended on March 31. Same-store sales increased 40.3%, gross profit margin increased to 29.1% from 28.3% one year earlier. Retail sales accounted for about 83% of total revenue with wholesale sales representing 17%. Net income surged 79% to $847 million. Chow Tai Fook had 1,627 points of sale at the close of its financial year, up from 1,358 one year earlier. Gold product sales represented the bulk of revenue during the year at $3.8 billion and gem-set jewelry was the second strongest category at $2 billion.







Birks & Mayors Profit at $219K

Birks & Mayors Inc. reported net sales rose nearly 12% to $302.2 million for its fiscal year that ended on March 31. Comparable-store sales rose 5%. Net profit improved to $219,000 from a net loss of $7.7 million. The retailer observed an increase in the average sales transaction during the year, a cash benefit from a weaker U.S. dollar and a gross profit margin improvement of 114 basis points.







NRF to Fight Health Care Law

The National Retail Federation (NRF) vowed to redouble its efforts to repeal the Affordable Health Care Law that was upheld by the Supreme Court, citing it would continue to work with regulators to smooth implementation for retailers and businesses alike. The NRF contended that the law has many shortcomings and wrongly focuses more on penalizing employers and the private sector than reducing health costs.







FTC Seeks Comment on Jewelry Guides

The Jewelers Vigilance Committee (JVC) reminded the trade that as part of the Federal Trade Commission's (FTC) systematic review of rules and guides, the government agency is seeking public comment on revisions to the jewelry guides. The deadline for comments is August 27. Public comments and concerns about the guides can also address specific issues such as the marketing of lead-glass-filled composite stones --hybrid or composite rubies for example-- use of the word "cultured" in marketing laboratory-created diamonds and gemstones, disclosures relating to freshwater pearls and treatments to pearl products, and content descriptions of alloys and alloy products containing precious metals in amounts less than the minimum thresholds currently reflected in the guides. The FTC completed its last comprehensive review of the guides in 1996 and has modified them four times since, according to JVC.







RJC Seeks COP Comment

The Responsible Jewellery Council (RJC) seeks public comment on its Code of Practices (COP), the standards against which all members must demonstrate independently verified conformance to achieve certification. The first of at least three scheduled public comment periods is open until September 10, 2012. The COP is the cornerstone of RJC’s certification program and sets standards for responsible business practices for companies in the jewelry supply chain.







U.S. Marshals to Auction Jewelry

The U.S. Department of Justice's U.S. Marshals Service is conducting a live and online simulcast auction to sell nearly 400 lots of fine jewelry, watches, gold, diamonds and other items on June 30. The auction starts at 10 a.m. (MDT) at the Colorado Convention Center in Denver, with the online simulcast at www.txauction.com. A catalog with the expected price range for each item is available at that same website and a public preview is scheduled for June 29 from 10 a.m. to 3 p.m. in Denver. All items being sold were seized from federal court cases nationwide and are now forfeited to the government. Proceeds generated from the sale are used to compensate victims of crimes and supplement law enforcement programs.







Antwerp Police Arrest Four

Antwerp police arrested four people in connection with alleged bribery at HRD Lab headquarters over improper grading practices. Police have not revealed any names. HRD conducted an internal investigation of diamond graders who were allegedly paid to prepare certificates falsifying the value of the diamonds. As a result, four people were asked to leave in April. HRD then turned its results over to Antwerp police who decided to pursue it further.

Two of the arrests were diamond dealers and one was a grader allegedly active in the bribery, while the fourth was alleged to be a middleman. HRD refused to comment on the ongoing investigation.















MINING



De Beers Canada Posts Year in Review

De Beers Canada released its 2011 ''Year in Review,'' summarizing the company's performance in the areas of operations, finance, sustainability and contributions to Canada and the communities in which it operates. This year, the company detailed its Snap Lake mine in the Northwest Territories and the Victor mine in northern Ontario among other projects. In 2011, De Beers Canada employed 1,023 people and injected more than $500 million directly into the Canadian economy. At Snap Lake, De Beers Canada spent $161 million on local goods and services with $110 million of the amount going directly to northern businesses, and $40 million buying these services from Aboriginal suppliers. At the Victor mine, $101 million was spent on goods and services and $57 million worth was supplied by Aboriginal businesses.







Namakwa to Raise $55M

Namakwa Diamonds expects to raise approximately $55 million after shareholders approved issuing more shares. Funds were expected to pay down debt and provide working capital. The diamond-mining junior expects to repay approximately $45 million in debt.

Namakwa's largest shareholder, Jarvine Limited, approved the share offering and agreed to subscribe for all of the shares if other qualifying shareholders don’t subscribe.







Rockwell 1Q Sales -24%

Rockwell Diamonds reported revenues dropped 24% year on year to $5.9 ‎million during the first quarter that ended May 31, as rough diamond prices slumped ‎from weaker demand. The volume of sales rose 30%, however, to 6,234 carats while the ‎average price of the goods sold fell 42% to $944 per carat. ‎Production from four recovery projects reached 6,116 carats, or more than twice the number from one year ago. At the company's Saxendrift mine, the number of carats rose 26% year on year to 2,126. Rockwell added 1,118 carats from its Saxendrift bulk x-ray and 1,222 carats from its Tirisano mine, both recovery projects were not online one year ago. The Klipdam mine's production rose 51% year on year to 2,768 carats.







Kennady Diamonds to List in July

Mountain Province Diamonds Inc. announced that, subject to final approval of the TSX Venture Exchange, shares of Kennady Diamonds Inc. will commence regular trading on July 10. Mountain Province will transfer its Kennady North diamond property and working capital in the amount of approximately $3 million to Kennady Diamonds and distribute the shares of Kennady Diamonds to Mountain Province shareholders on the basis of one Kennady Diamonds share for every five shares of Mountain Province held by shareholders. Once Kennady Diamonds is listed on the TSX-V, the company intends to pursue a listing on the OTCQX in the United States.







Global Witness Finds Diamonds Funding Military

Global Witness called for urgent action to prevent a businessman in China from financing Zimbabwe's President Robert Mugabe's military regime. According to the group, Zimbabwe’s Central Intelligence Organisation (CIO) received financing from Hong Kong-based businessman, Sam Pa, at the same time that the CIO is alleged to be engaging in a campaign to discredit key members of Mugabe's political opposition.

CIO members jointly control Sino Zimbabwe Development (Pvt.) Ltd., a diamond, cotton and property development company in Zimbabwe. Pa, their partner, is a prominent member of the Queensway Syndicate, a network of companies with a track record of negotiating opaque resource for infrastructure deals across Africa, according to Global Witness. The NGO also exposed that a Zimbabwean military lawyer owns half of Anjin Investments (Pvt.) Ltd., the biggest diamond company in Zimbabwe’s Marange diamond fields, on behalf of Zimbabwe’s Ministry of Defence. Pa did not respond to the group's request for comment.















ECONWATCH



Diamond Industry Stock Report

The dollar proved stronger this week, while gold and platinum sank. Shares in nearly all U.S. and E.U. diamond retailers dropped, Zale (+5%) and Damiani (+2%) were the exceptions. Indian shares were moderatly higher, but strong gains for Goldiam (+17%) and Suashish (+11%). Mining shares tumbled by mid-single digits except for Namakwa (+5%). Read the extended industry stock report for this past week.
June 28 June 21 Chng.
$1 = Euro 0.800 0.797 0.003
$1 = Rupee 56.82 56.28 0.5
$1 = Israel Shekel 3.94 3.89 0.05
$1 = Rand 8.41 8.38 0.03
$1 = Canadian Dollar 1.03 1.03 0.00

Precious Metals
Gold $1,554.90 $1,565.70 -$10.80
Platinum $1,385.00 $1,435.00 -$50.00

Stock Indexes Chng.
BSE 16,990.76 17,032.56 -41.80 -0.2%
Dow Jones 12,602.26 12,573.57 28.69 0.2%
FTSE 5,493.06 5,566.36 -73.30 -1.3%
Hang Seng 19,025.27 19,265.07 -239.80 -1.2%
S&P 500 1,329.04 1,325.51 3.53 0.3%
Yahoo! Jewelry 889.64 905.83 -16.19 -1.8%
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Rapaport Weekly Market Comment July 27, 2012


Rough markets under pressure with prices softening, inventories rising and ‎cutters losing money. Polished trading very weak as Israel and Belgium head to vacation ‎and liquidity pressures mount in India. De Beers 1H profits -44% to $386M with ‎rough sales -12% to $3.1B and production -13% to 13.449M Cts. Zale secures new ‎‎$665M credit facility. Swatch Group 1H net sales +16% to $3.7B, net income +25% to ‎‎$729M. Bulgari boosts LVMH 1H jewelry & watch sales 133% to $1.6B, operating profit +87% to $195M. Antwerp bourses to close July 30 to Aug. 19 and Israel Diamond Exchange to ‎close Aug. 5-19 for vacations.


RapNet Data: July 26

Diamonds 994,148
Value $6,257,670,387
Carats 1,052,793
Average Discount -27.17%

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RAPAPORT ANNOUNCEMENTS


August
6-9
Mon-Thu


Rapaport Melee Auction
New York

View details.



Aug-Sep
29-5
Wed-Wed


Rapaport Single Stone Auction
New York & Israel

View details.



August
29
Wed


Rapaport Intl. Diamond Conference 2012
Mumbai, India
• Diamond Prices
• Diamonds as an Investment
• The Branding Opportunity

Registration is now open. Visit www.diamonds.net/idc for more details or call: +91-22-6627-2618



QUOTE OF THE WEEK
Today’s consumer is looking for assurance that the jewelry they buy has been produced to the highest ethical, social and environmental standards.

Jean-Marc Lieberherr | Rio Tinto Diamonds









Careers@Rapaport




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















INDUSTRY



De Beers Profit -44%

De Beers earnings fell 44% to $386 million in the first half of 2012 as group sales declined 14% to $3.35 billion. Sales of rough diamonds through the Diamond Trading ‎Company (DTC) dropped 12% to $3.07 billion. De Beers observed that DTC prices ‎remained relatively stable and that sightholder demand ‎was impacted by increased inventories in the cutting centers, while tight liquidity persisted in India. De Beers Diamond Jewellers saw a decline in the ‎high-end market, while experiencing growth in its core jewelry market.

The mining giant expects trading to remain challenging in the second half, but anticipates global diamond jewelry sales will see moderate, positive growth in ‎‎2012. The company expects the U.S., China, the Gulf and Japan to contribute the bulk of ‎the growth, while India and Europe are expected to remain weak. ‎ De Beers production in the first half of the year fell 13% to 13.449 million carats. Production in Botswana and Canada fell 9%, South ‎Africa's slumped 41%, but Namibia's production ‎grew 30%.







Group Pressures KP Vice Chair

South Africa's Mineral Resources Minister, Susan Shabangu, is the target of a letter-writing campaign meant to show support for adding human rights to the mandate of the Kimberley Process (KP). Shabangu, pictured, is currently the KP's vice chair and will assume the rotating chairmanship role in 2013. The campaign was launched by Sokwanele and calls for an investigation into Chiadzwa's diamond fields for human rights abuses and calls to end diamond sales in support of a "parallel government" in Zimbabwe.








MDC: Diamond Revenue Funds Zanu-PF

The Movement for Democratic Change (MDC), the political party in Zimbabwe which has a power sharing agreement with President Robert Mugabe's ruling Zanu-PF, said it sympathizes with the plight of civil servants who are on strike for better wages, however, the group urged them not to protest Zimbabwe's Finance Minister Tendai Biti. MDC contended that Biti, pictured, is ''on record as saying revenue inflows to treasury are pathetic owing to the lack of transparency in the remittance of funds mostly from the sale of diamonds.'' Biti, who is a member of the MDC, favors the Zimbabwe Revenue Authority monitoring diamond revenue from the Marange.

The MDC stated that four companies extracting diamonds from the Marange have failed to meet revenue targets, with the largest one, ''Anjin being the main culprit. There is strong suspicion that the money from Marange is being used to run a parallel government with Anjin buying more than 200 trucks to fund Zanu-PF's election campaign,'' according to the political statement.
















RETAIL & WHOLESALE



LVMH Profit +28%

LVMH reported revenue growth of 26% year on year to $16 billion for the first half of 2012. Group profit rose 28% to $2 billion. The luxury group, which acquired Bulgari one year ago, reported organic growth (comparable sales at constant exchange rates) of 13% year on year for the watches and jewelry segment. With Bulgari's revenue now included, sales for the category improved 133% to $1.6 billion. Profit from recurring operations of jewelry and watches increased by 87% to $195 million, notably as a result of Bulgari’s performance.







Zale Refinances; Swatch's Profits Soar

WATCH NOW: Zale's refinancing arrangement of $665 million this week should save the company about $17 million in the new fiscal year and improve liquidity. Swatch Group sales and profit jump despite some headwinds. Gold prices have settled to just about where they were one year ago.







Charles & Colvard Reports a Profit

Charles & Colvard reported a 69% year on year increase in revenue of $5.1 million for the three months that ended on June 30. Profit rose to $548,572 from a loss of $103,314 one year ago. The company held $11.5 million in cash and investments and no long-term debt at the close of its second quarter. Loose moissanite sales increased 65% to approximately $4.1 million and finished jewelry sales rose 86% to approximately $968,000.







Thangamayil Profit +42%

Thangamayil Jewellery Ltd. reported that its fiscal first-quarter profit rose 42% year on year to $2.7 million and sales increased 61% to $64.7 million for the three months that ended on June 30. The company, which owns jewelry stores in the southern Indian city of Madurai and trades in gold, diamond and platinum jewelry, reported that expenditures grew 61% to $59.1 million.







DGSE Secures Credit Line

DGSE entered into a loan agreement for up to $7.5 million with its majority shareholder, NTR Metals LLC. The credit facility provides DGSE the flexibility to pursue growth in its core business lines and carries an interest rate of 2%. Proceeds from the first draw were used to repay Texas Capital Bank.







Goldenwest to Invest in EZ Diamonds

Goldenwest Diamond Corporation, which conducts business as The Jewelry Exchange, The Jewelry Source and The Jewelry Factory, announced that it was negotiating a financial interest in long-time partner EZ Diamonds. Goldenwest stated that the companies' principals first met in 1987 and have a close personal relationship. Goldenwest had been actively seeking a major new investment for nearly three years. While EZ Diamonds will continue providing diamonds to Goldenwest, existing relationships and purchasing volume with other vendors should not be affected, according to the retailer.







USPTO Issues Trademark to De Beers

The United States Patent & Trademark Office (USPTO) approved the trademark ''The World's Most Carefully Selected Diamonds'' to De Beers Centenary AG of Switzerland on July 17. The trademark, registration number 4177237, was originally filed on March 17, 2011 and includes jewelry, imitation jewelry featuring diamonds, gemstones and diamonds, and horological and chronometric instruments featuring diamonds. The trademark will be used in retail and wholesale store services, advertising and marketing services, all in the field of jewelry and diamonds.







AURELSA's Fairtrade Gold Heads to U.K.

Ingle & Rhode and S&P Trading received a first batch of certified Fairtrade & Fairmined gold from The Comunidad Aurifera Relave S.A (The Relave Gold Community ) or AURELSA, a small community in Peru. AURELSA received Fairtrade & Fairmined gold certification in May 2012 following a series of independent audits by Fairtrade International (FLO), the certification body that is responsible for verifying compliance with the Fairtrade & Fairmined gold standards. AURELSA is only the fourth gold producer to obtain Fairtrade & Fairmined status, sharing the distinction with the Cotapata Mining Cooperative in Bolivia, SOTRAMI in Peru and Oro Verde in Colombia.







Rio Tinto Markets Sustainable Jewelry Line

Rio Tinto launched its inaugural sustainable jewelry collection "Nature's Beauty," using gold from its Kennecott Utah Copper mine in the U.S. and white and champagne diamonds from the Argyle mine in Australia. Nature’s Beauty is a pilot project for the U.S. market and includes earrings, rings, necklaces and cuffs.







Dealfind Adds 'Jewelry Deals'

Shopping deals website Dealfind launched "Jewelry Deals" to promote special savings on bracelets, earrings, necklaces and more. All of Dealfind's jewelry offerings will be showcased from a new Jewelry Deals tab and occur on a weekly basis for consumers in the U.S. and Canada. The company found that jewelry was an especially popular category with consumers so it created the new platform, which offers a select range of products from local retail partners.







RSBL SPOT Launches July 31

RiddiSiddhi Bullions Ltd. (RSBL) will launch its online trading system, RSBL SPOT, in Delhi on July 31. RSBL’s trading system enables jewelers to buy and sell precious metals such as gold, silver and platinum online. RSBL's online trading system is available in 16 centers across India. RSBL SPOT was introduced in 2008 and has a client base of more than 2,100 jewelers across India.







Stuller is Certified for Recycled Metals

Stuller Inc. was certified by the Scientific Certification Systems for producing 100% recycled metals. The certification process is specific and detailed with potential applicants having to comply with several requirements regarding environmental, social and supply chain management. Operating under its green initiative, Refined Karats, Stuller’s environmental commitment reaches out to all areas of its facility and production processes including water, waste and energy management.















MINING



Namakwa Tender Nets $4M

Namakwa Diamonds sold all 14,495 carats of rough diamonds offered in Antwerp from its Kao diamond mine for $286 per carat. The largest diamond sold was 32.38 carats at $2,577 per carat. The sale realized approximately $4.2 million, with prices achieving about 3% above initial estimates. Since January 2012, the junior miner has sold 87,011 carats from Kao, generating $24.6 million in revenue.







Firestone Tender Nets $4M

Firestone Diamonds sold 45,773 carats from its Liqhobong mine for $4.14 million at ‎dual tenders held in Gaborone and Antwerp in July. The sale achieved an average price of $91 ‎per carat, compared with $71 per carat fetched during the June quarter. The company reported continued strong demand for higher-quality stones, while some ‎pressure remains on poorer quality and smaller stones. The tender included the sale of three ‎large stones with an average size of 138 carats and numerous fancy yellow diamonds with a ‎combined weight of 500 carats. ‎







Endiama Signs Exploration Deal

Angola's National Diamond Company (Endiama EP) and Endiama Mining, which is a subsidiary of a holding companies Sitramal, Jall, Saccir and Solaris, signed a $50 million exploration agreement this week. The deal focuses on prospecting in Cacuala in eastern Lunda Norte, according to Angola Press, and the project carries an initial investment of $25 million. The funds could be increased $15 million with certain milestones. A second contract will focus on exploring for diamonds in Yetyene with an investment of $10 million.







Gem Increases Resource Base

Gem Diamonds increased its resource base at the Letšeng mine by 10% due to ‎higher-resource grade estimates and raised its revenue estimate by 5% to $2,839 per carat. Sales from the mine ‎achieved an average price of $2,776 per carat in 2011. ‎Gem Diamonds maintained its resource base estimate at around 29 million carats ‎with its resource base for the developing Ghaghoo mine in Australia unchanged at 20.53 ‎million carats. The Ghaghoo revenue estimate increased by 16% to $259 per carat.‎







Stornoway Begins Program on Renard 65

Stornoway Diamond will begin a 5,000 tonne bulk sample program costing $2.3 ‎million at its Renard 65 kimberlite pipe in north-central Quebec. The program is scheduled to be completed by the end of the year and aims to collect a large ‎enough parcel of diamonds to ascertain whether the pipe can be classified as a mineral ‎reserve. The company expects to recover approximately 1,000 carats of diamonds, based on ‎previously measured grades at the sampling site, which will be sent to Antwerp, for ‎valuation. Renard is estimated to contain 18 million carats with the ‎project’s inferred mineral resources totaling another 17.5 million carats.







Teeling Says Cameroon Site is Viable

Botswana Diamonds recovered a 2 carat diamond from a sampling project at Libongo, Cameroon. The diamond is low value and near gem quality, but John Teeling, pictured, the chairman of the company, said the find proves the project is viable. Full results of the sampling project are expected in the third quarter of 2012.















ECONWATCH



Diamond Industry Stock Report

U.S. shares were mixed with Zale (+10%) pulling ahead after it refinanced its debt and line of credit. Birks & Mayors, Blue Nile, Kohl's, Movado, Signet and Tiffany were lower. Europe was mainly up on the week with Theo Fennell (+7%) leading the way followed by Swatch (+4%). Indian shares were mostly lower with Classic Diamonds (-16%) showing the largest decline. Diamond mining shares were mostly lower except for Firestone (+14%), Namakwa (+9%) and Stornoway (+4%). Read the extended industry stock report for this past week.
July 26 July 19 Chng.
$1 = Euro 0.814 0.814 0.000
$1 = Rupee 55.49 55.17 0.3
$1 = Israel Shekel 4.09 4.00 0.09
$1 = Rand 8.24 8.17 0.07
$1 = Canadian Dollar 1.01 1.00 0.01

Precious Metals
Gold $1,616.00 $1,582.10 $33.90
Platinum $1,402.00 $1,414.00 -$12.00

Stock Indexes Chng.
BSE 16,639.82 17,278.85 -639.03 -3.7%
Dow Jones 12,887.93 12,943.36 -55.43 -0.4%
FTSE 5,573.16 5,714.19 -141.03 -2.5%
Hang Seng 18,892.79 19,559.05 -666.26 -3.4%
S&P 500 1,360.02 1,376.51 -16.49 -1.2%
Yahoo! Jewelry 926.34 941.15 -14.81 -1.4
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RAPAPORT NEWS SERVICE | Aug. 3, 2012 www.rapaport.com | news@rapaport.com



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Rapaport Weekly Market Comment Aug. 3, 2012


All eyes on India as polished suppliers reduce prices while Belgium and Israel are on vacation. Indian market under pressure as weak rupee reduces domestic retail demand and tight credit limits purchasing power and export financing. RapNet Diamond Index (RAPI) for 1 ct. -5.4% in July. Rough markets problematic as De Beers limits supply by overpricing sights. Global 2011 rough production +26% to $14.4B, volume -3% to 124M Cts., average price +31% to $116/ct. Petra’s FY12 production +98% to 2.2M Cts. Gem Diamonds delays development plans as Letšeng 1H sales -22% to $125M, prices -30% to $2,133/Ct. Botswana declines purchase of extra 10% in De Beers as Anglo American to claim 85%. Blue Nile 2Q sales +13% to $91M, profit -44% to $1.6M.


RapNet Data: Aug. 2

Diamonds 975,723
Value $6,194,288,526
Carats 1,035,451
Average Discount -27.38%

www.rapnet.com







Get Current Price List | Subscribe to Rapaport | Join RapNet



RAPAPORT ANNOUNCEMENTS


August
6-9
Mon-Thu


Rapaport Melee Auction
New York

View details.



Aug-Sep
29-5
Wed-Wed


Rapaport Single Stone Auction
New York & Israel

View details.



August
29
Wed


Rapaport Intl. Diamond Conference 2012
Mumbai, India
• Diamond Prices
• Diamonds as an Investment
• The Branding Opportunity

Registration is now open. Visit www.diamonds.net/idc for more details or call: +91-22-6627-2618



QUOTE OF THE WEEK
Lower prices are healthy and necessary for the diamond market as they allow trading to adjust to lower levels of demand. The diamond trade makes money by selling diamonds, not by holding them. Dealers must learn how to make profit when prices go down by selling and replacing inventory at lower prices. The value of inventory is its replacement cost.

Martin Rapaport | Chairman of the Rapaport Group









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INDUSTRY



RAPI -5% in July

In July, the RapNet Diamond Index (RAPI™) for 1 ct. certified diamonds fell 5.4%, while RAPI for 0.3 ct. stones declined by 4.9%, RAPI for 0.5 ct. ‎diamonds ‎dropped 5.3% and RAPI for 3 ct. diamonds fell 5.1% during the month. During the first seven months of 2012, RAPI for 1 ct. diamonds fell 8.8% with the steepest declines occurring since May. RAPI for 1 ct. diamonds is down 18.3% from one year ago.

The Rapaport Research Report, “Tough Opportunities,” described diamond markets as quieter than usual in July, while demand in the U.S. remained stable; the Far East retailers noted caution among Chinese consumers as economic growth has slowed. Polished dealer trading slackened ahead of the summer vacations in Belgium and Israel and as India’s weak domestic market has curbed activity there. Depreciating currencies against the U.S. dollar, including the Indian rupee, euro and Israeli shekel, is raising operating expenses and adding uncertainty to diamond trading. Cautious trading is expected to continue through the remainder of 2012. Polished inventories are sufficient to see through the summer as buying remains custom-based for specific orders. Expectations are low for the Mumbai show in August and the Hong Kong September show.







Consumer Confidence Improves

U.S. consumer confidence rose 11% year on year in July to 65.9 points (1985=100), according to The Conference Board. The Expectations Index rose five points to 79.1 and The Present Situation Index increase nearly 10 points to 46.2. Lynn Franco, the director of economic indicators at The Conference Board, explained that readings in July were slightly better than those taken in June. Nonetheless, all three indexes remain at ''historically low levels.''







What was hot at JA New York?

WATCH NOW: In this broadcast three exhibitors from the JA New York summer show describe which of their pieces were hot with retail buyers: Polly Wales of London; jewelry artist Pierre-Yves Paquette of Saint-Sauveur, Quebec, and the New York Diamond District's own Leon Mege of Leon Mege Inc., and of Art of Platinum.







Rapaport Presents at NY DDC

WATCH NOW: Martin Rapaport, the chairman of the Rapaport Group of Companies, presented the ''State of the Diamond Industry'' to the New York Diamond Dealers Club (DDC) on July 24. Rapaport's industry overview was the first in a series the DDC expects to schedule of guest speakers at the club in coming months.















RETAIL & WHOLESALE



Blue Nile 2Q Profit -44%

Blue Nile's revenue rose 13% year on year to $90.98 million in the second quarter that ended on July 1, however, cost of sales increased 16% to $73.79 million. As a percentage of net sales, gross profit was 18.9% compared with 21.3%. Blue Nile reported net income of $1.58 million or 11 cents per share, down from $2.8 million or 19 cents per share one year ago.

Net cash provided by operating activities totaled $18.7 million on July 1, compared with $33.4 million for the trailing 12-month period one year ago. Blue Nile reported that the number of new customers rose 32% year on year during the second quarter. By region, Blue Nile's sales in the U.S. jumped 13% year on year to about $76.6 million, while international sales rose 13% to $14.4 million. The online retailer disclosed that U.S. engagement sales for the second quarter rose to $52.4 million from $43.9 million one year earlier. But non-engagement sales were basically flat at $24.2 million.








Titan's 2Q Profit +9%

Titan Industries, which owns the Tanishq brand, reported sales of $397 million, net profit of $28.1 million and expenses of $361.1 million --all reflecting a 9% year-on-year increase-- for the three months that ended June 30. Jewelry sales, including those from its flagship Tanishq brand, ‎rose 8% to $319.6 million and watch sales increased 14% to ‎‎$64.9 million. Growth from the jewelry division was affected by higher gold prices in rupee along with fewer wedding dates during the quarter. The ‎company opened 20 stores during the quarter to end the period with a network of 847 ‎stores across its watch, jewelry and eyewear product divisions.







Renaissance Closes Quarter With a Loss

Renaissance Jewellery Ltd. reported sales rose 2% year on year to $33.4 million for three months that ended on June 30, as jewelry segment sales decreased by 3% to $28.3 million. The company recorded a net loss of $1.6 million compared with a net profit of $233,951. Total expenditures increased 7% to $34.7 million.







Roberto Coin Introduces Fifth Season

Roberto Coin debuted a new brand, The Fifth Season by Roberto Coin, which is a silver jewelry collection, and introduces the company's designs to an entirely new generation of consumers with price points of $100 to $1,500. The Fifth Season by Roberto Coin features pieces inspired by Coin's tradition, while encompassing modernity and a youthful, fresh look. The collection is designed in sterling silver with yellow, white and rose gold finishes that features both diamond and semiprecious stone accents. The Fifth Season by Roberto Coin also bears the signature hidden ruby on each of the pieces.















GENERAL



Drosos Joins Signet Board

Signet Jewelers Ltd. appointed Virginia (Gina) C. Drosos to its board of directors on July 25. Drosos is the group president for Procter & Gamble's beauty, skin, cosmetics and personal care division. She intends to retire from that position on September 1. Drosos joined Procter & Gamble in 1987 and became group president of the company's global female beauty, beauty and grooming division in 2010 before assuming her current position in August 2011.

In a separate announcement out of the U.K., Signet plans to reduce its headcount at headquarters by 99 employees. Those involved in the resource-action are reportedly in a 30-day consultation period with the firm to determine severance.







Bonaparte to Head JA

Jewelers of America (JA) appointed David Bonaparte ‎to serve as its next president to replace Matthew Runci, who ‎retires at the end of 2012. Bonaparte will work with Runci starting October 1 before ‎officially taking over on January 1. ‎Bonaparte has been heading JCK brands for Reed Exhibitions and will be tasked to expand JA’s membership, strengthen the ‎organization’s influence and resources, and continue its leadership role in public and industry ‎affairs as an advocate for its members and the larger jewelry industry.









RBI Backtracks on EEFC

The Reserve Bank of India (RBI) backtracked somewhat on guidelines for currency exchange trades held in Exchange Earner's Foreign Currency (EEFC) accounts by restoring its previous provision of allowing full credit on foreign exchange earnings to the EEFC account after requiring a 50% conversion into rupee in May. However, even with the new provisions, the earnings are still subject to the conditions that the sum of accruals in the account during a calendar month should be converted into rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. RBI said that will allow exporters to cancel and rebook forward contracts to the extent of 25% of the total contracts booked for hedging their currency exposure.















MINING



Anglo to Hold 85% Interest in De Beers

Botswana declined to exercise a preemptive right to raise its stake in De Beers, which allows mining giant Anglo American to complete its planned purchase from the Oppenheimer family (CHL) for $5.1 billion. The decision was largely expected. As a result, Anglo American will acquire an incremental 40% interest in De Beers for cash, subject to adjustment as provided for in its agreement with CHL, taking its total interest to 85% at some point before the end of September.








Petra's FY Revenue +44%

Petra Diamonds' revenue grew 44% year on year to $316.9 million in the ‎fiscal year that ended on June 30, but the company did not provide profit figures. Petra’s total production rose 98% to 2.208 million carats, while the ‎quantity of goods sold increased 77% to 2.084 million carats. ‎Production was boosted by the Finsch mine, which Petra acquired from De Beers in ‎September 2011. Petra announced plans to sell its fissure mines, which include the Helam, Sedibeng and ‎Star mines in South Africa.









Moody's Upgrades ALROSA

Moody’s improved its outlook on ALROSA’s ratings to ''positive'' from ''stable'' as analysts expects the mining giant to partially dispose of assets related to its Timir iron ore project by the end of the year, coupled with a strong pricing environment for rough diamonds. The positive outlook is further supported by the company’s substantial global market share and low cost reserve base, it noted. Moody's expects a ''relatively favorable'' diamond market to persist throughout 2012 due to strong jewelry sector demand driven by demand from the U.S. and Southeast Asia and underpin strong cash flow generation in 2012.








Gem Diamonds Reviews Capital Plans

Gem Diamonds is reviewing its capital investment plans and could delay the development of future projects in Lesotho and Botswana as rough diamond ‎prices fell in the second quarter due to weak economic conditions. ‎Diamond trading deteriorated since May as tight liquidity and ‎reduced demand in India and other emerging markets have resulted in increased rough ‎and polished inventory levels in the manufacturing sector.

‎Gem Diamonds expects continued short-term volatility and diamond prices to weaken ‎further given that traders have become more cautious and due to the traditional slowing ‎of the market in July and August. ‎ Sales from Letseng, including ‎goods extracted for internal polishing, dropped 22% to $125.2 million during the first six ‎months of 2012. Sales from Ellendale rose 73% to $57.5 million boosted by the sales contract for fancy yellow diamonds with Tiffany & Co.








Kennady's First Strike Encouraging

Kennady Diamonds Inc., a subsidiary of Mountain Province Diamonds, reported that the first drill hole at its Kelvin Lake property in the Northwest Territories of Canada intersected kimberlite more than 70 meters from a down-hole depth of approximately 102 meters. The current drill program is designed to provide an understanding of the size, shape and grade of the Kelvin and Faraday kimberlites. Core recovered from the Kennady North summer drill program will be sent to Saskatchewan Research Council analytical laboratory for microdiamond testing by caustic fusion.








Catoca Lowers Forecast

Angola's Catoca mining company reduced its revenue forecast 20% for 2012 to $400 million due to a 5% reduction in rough sales during the first half of 2012. The company has also reduced production approximately 9% to about 500,000 carats per month this year.








Stellar's Tongo Renewed

Sierra Leone renewed Stellar Diamonds' exploration license at the Tongo diamond project. The project's four diamondiferous kimberlite dykes represent an inferred resource of 660,000 carats with a modeled diamond value of $248 per carat. Drilling and evaluation is ongoing with the objective of increasing the resource estimate. Stellar Diamonds stated that discussions are continuing with the Ministry of Mines concerning the renewal of its Kono license.








Namakwa Lowers Production Outlook

Namakwa Diamonds commenced a technical review of its operations in July, with the primary focus on the Kao mine in Lesotho. While the review continues, Namakwa identified operational inefficiencies in the current mining operation and in the metallurgical plant. In order to address these issues, short term production will be negatively impacted and management downgraded market guidance on production for 2012 from 150,000 carats to 120,000 carats.







Anjin Penalizes Striking Workers

Anjin, which mines diamonds in Zimbabwe's Marange, reportedly suspended more than 1,500 diamond workers who had engaged in a wage strike. Members of a workers’ committee told VOA Studio 7 that they were penalized with layoff for demanding at least $650 a month for the lowest paid worker instead of the $235 offered now. Some of the male workers also claimed they had been sodomized by three male managers after protesting against Anjin. Those managers reportedly apologized for their assaults.








Gemfields Opens in India

Gemfields opened sales offices in Mumbai and Jaipur to supply cut and polished Zambian emeralds to India and the greater Asian market. Gemfields stated that every emerald will be sourced directly from its distribution partners, which have successfully bid and acquired lots from the company’s rough auctions. The Mumbai office will be managed by Pinank Vora and the Jaipur office will be led by Rohit Kumar.















STATS



Kimberley Process Stats for 2011


Top 10 Countries in 2011 $Mil. %Chng.
Angola $1,163 19%
Australia $221 -12%
Botswana $3,902 51%
Canada $2,551 11%
DRC $180 3%
Lesotho $359 81%
Namibia $873 17%
Russia $2,675 12%
South Africa $1,730 45%
Zimbabwe $476 40%
Global production total: $14,407 26%















ECONWATCH



Diamond Industry Stock Report

U.S. shares were mainly lower with Movado (-7%), JCP (-8%), Signet (-3%), Tiffany (-5%) and Zale (-4%) the largest declines. European and Indians shares were mixed: Asian Star (-7%), Goenka (+13%), Vaibhav (+9%), Damiani (-6%). Mining shares were lower, Peregrine (-25%), Firestone (-9%), Petra (-8%). Read the extended industry stock report for this past week.
Aug. 3 July 26 Chng.
$1 = Euro 0.820 0.814 0.006
$1 = Rupee 55.80 55.49 0.3
$1 = Israel Shekel 4.02 4.09 -0.07
$1 = Rand 8.35 8.24 0.11
$1 = Canadian Dollar 1.00 1.01 -0.01

Precious Metals
Gold $1,588.90 $1,616.00 -$27.10
Platinum $1,385.00 $1,402.00 -$17.00

Stock Indexes Chng.
BSE 17,224.36 16,639.82 584.54 3.5%
Dow Jones 12,878.88 12,887.93 -9.05 -0.1%
FTSE 5,662.30 5,573.16 89.14 1.6%
Hang Seng 19,690.20 18,892.79 797.41 4.2%
S&P 500 1,365.00 1,360.02 4.98 0.4%
Yahoo! Jewelry 928.33 926.34 1.99 0
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Rapaport Weekly Market Comment Aug. 10, 2012


Diamond trading very quiet with deep concern about Far East and Indian demand ahead of the Mumbai and Hong Kong shows. Indian cutters under pressure to keep workers while demand is below capacity and liquidity is tight. Unity Marketing reports U.S. luxury spending -27% in 2Q. Rio Tinto’s 1H diamond revenue +12% to $350M, loss of $38M vs. loss of $10M in previous year. Sarin Technologies’ 2Q revenue +16% to $18M, profit +31% to $7M. U.S. June polished imports -15% to $1.6B, exports -6% to $2.2B. Belgium’s July polished exports -20% to $1.3B, rough imports -45% to $785M. Japan’s June polished imports +28% to $91M. Botswana’s June diamond exports -51% to $353M.


RapNet Data: Aug. 9

Diamonds 975,412
Value $6,149,846,545
Carats 1,031,069
Average Discount -27.40%

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RAPAPORT ANNOUNCEMENTS


August
29
Wed


Rapaport Intl. Diamond Conference 2012
Mumbai, India
• Diamond Prices
• Diamonds as an Investment
• The Branding Opportunity

Registration is now open. Visit www.diamonds.net/idc for more details or call: +91-22-6627-2618


Aug-Sep
29-5
Wed-Wed


Rapaport Melee Auction
New York & Belgium

View details.



Aug-Sep
29-5
Wed-Wed


Rapaport Single Stone Auction
New York & Israel

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QUOTE OF THE WEEK
When consumers choose to part with their jewelry in exchange for cash, it is often a difficult decision made during hard economic times. Our laws protect those consumers, by helping to ensure transparency by jewelers who price, weigh, and evaluate the precious metals brought in by individuals seeking to sell them. Jewelers who fail to comply with these laws will be held accountable.

Jeffrey S. Chiesa | NJ State Attorney General









Careers@Rapaport




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















INDUSTRY



Forevermark Prepares 'The Center Of My Universe'

WATCH NOW: Charles Stanley, the president of Forevermark U.S., discusses how the diamond brand will engage retail partners and consumers heading into Christmas season for its new ''The Center of My Universe™'' product concept. The Forevermark campaign includes video commercials online, on television and in stores, and cinema engagement. Spots will offer a variety of high-impact digital video placements and can be customized for partners. The Center of My Universe depicts the halo setting, anchored with a Forevermark center stone surrounded by small diamonds.















RETAIL & WHOLESALE



Retail Sales

July Comps July Sales Total $Mil.
Bon Ton 0% -0.1% $173
Costco 7% 8% $7,250
Kohl's 1.7% 3.4% $1,161
Macy's 4.1% 5.1% $1,693
Nordstrom 0.9% 1.1% $1,000
Saks 3.5% 5.1% $201
Target 3.1% 3.2% $4,995
Quarterly Comps Quarterly Sales
Dillard's 3% 2% $1,456
Kohl's -2.7% -1% $4,210
Macy's 3% 3% $6,118
Neiman Marcus 7.9% 9.3% $1,010
Nordstrom 4.5% 7.4% $2,920
Target 3.1% 3.5% $16,451
FY12 Comps FY12 Sales
Neiman Marcus 7.9% 8.6% $4,350









U.S. Affluent Consumer Spending -27%

Unity Marketing revealed that wealthy U.S. consumers are growing more nervous about their financial status and they dramatically reduced spending in the second quarter. The research and marketing firm will release its detailed report, including the latest Luxury Consumption Index (LCI), on August 21. The group observed that affluent consumers cut their luxury spending for the April through June period by 27% year on year. This level of spending was also down 8.2% from the first quarter. Spending by ultra-affluents this past quarter dropped to its lowest level since 2008. Unity Marketing expects challenges for luxury brands to continue for at least the next six months, especially as lower-income ''high earners not rich yet'' or HENRYs, have also reigned in their spending.







Pandora's Profit -90%

Pandora reported that sales fell 10 percent year on year to $210 million during the second quarter. Profit slumped 90% to $10.5 million. Pandora’s sales in the Americas plummeted 14.6% in local currency, European sales dropped 17.4% in terms of euro and sales dropped 14% across the Asia Pacific in local currency. Company profit was impacted by a stock re-balancing campaign that Pandora launched in the first quarter, during which it accepted returns of discontinued products valued at $30.5 million and replaced it with inventory worth $51.7 million.







TBZ Reports 2Q Results

Tribhovandas Bhimji Zaveri Ltd. (TBZ) reported sales of $50.6 million and a profit of $2.9 million during its first fiscal quarter that ended on June 30, and it was the first reporting period since the company went public. TBZ stated that it maintained a net profit margin of 5.7%, helped by a carefully monitored sales mix of gold and diamond jewelry. TBZ in April raised approximately $36 million through an IPO.







Sotheby's Profit -33%

Sotheby's reported an 18% year on year decline in second quarter revenue at $303.9 million and, subsequently, profit fell 33% to $85.4 million. Lower revenue and net income reflected a decrease in net auction sales when compared with one year ago. In particular, Sotheby's noted a 67% decline in single-owner sales volume in the second quarter and a 55% decline for the first half. Revenue for the first six months of the year fell 16% to $408.9 million and profit declined 42% to $74.8 million.







Fitch Downgrades India's Retail

Fitch Ratings downgraded its outlook for the Indian retail sector to “negative” from ‎‎“stable” for the second half of 2012. Fitch cited sustained ‎deterioration in discretionary spending, deceleration of same-store sales and tighter margins as the main factors. The agency warned retailers to contain debt levels and advised as an alternative to financing expansion, they should raise equity and sell non-core assets.







Banks Withdraw Capital From Classic Diamonds

Classic Diamonds (India) Ltd. reported that a consortium of bankers withdrew working capital and export financing facilities and demanding repayment of outstanding balances.‎ Classic Diamonds is in the process of negotiating arrangements with the banks, according to the company. The firm closed its diamond cutting and polishing factory in Surat and its jewelry manufacturing ‎facility in Mumbai’s SEEPZ location. Sales in fiscal 2012 fell 55% to $41 million and it posted a loss of $5.5 million compared with a profit of $1 million the previous year.







Neimans to Launch Rachel Zoe Jewelry

Neiman Marcus will add a new vintage-inspired costume jewelry line designed by Rachel Zoe to its offerings in the fall. The collection will be exclusively available at Neiman Marcus and Bergdorf Goodman and consist of statement rings, cuffs, necklaces, and earrings. Coinciding with the jewelry launch, NeimanMarcus.com created a clickable video from which customers can shop in addition to a special tab on Facebook with related content.















GENERAL



Feds Arrest Jeweler for Fraud

Tejas Mehta, 36, the owner of Saritijediam Inc., doing business as Design Trends in New York, was arrested by federal official and accused of using a forged U.S. Customs and Border Protection seal to allegedly steal approximately $1 million in goods from dealers. Prosecutors alleged that Mehta would receive diamonds, jewelry and precious stones on memo, sell the goods, but then tell suppliers that the diamonds had been seized by U.S. authorities.







NJ Cites 12 Jewelers for Violations

Twelve jewelers in New Jersey face allegations that they violated laws protecting consumers who sought to trade precious metal for cash. The New Jersey Division of Consumer Affairs, State Office of Weights and Measures, the Passaic County Prosecutor’s Office, and the Wayne Police Department announced 171 state civil complaints and 30 municipal code violations against the dozen retailers, following a joint undercover sting operation dubbed “Operation Going for Gold.” Each state violation carries a maximum penalty of $500. The Wayne Township municipal code violations each carry a potential penalty of up to $2,000, as well as up to 90 days incarceration, or 90 days community service.

New Jersey law requires that the buyer must weigh the precious metals and test their fineness, within clear sight of the seller. The buyer must also use a scale that has been certified by the Office of Weights and Measures and must post a sign clearly showing the prices he or she offers, by weight and fineness, for various precious metals. New Jersey also requires that the seller must obtain proof of identification from the seller and create a serialized receipt that includes the date of the transaction; the name, address, and signature of the seller; the name and address of the buyer; and the types of precious metals purchased, their weight and fineness, and the prices paid. The buyer must give the seller a copy of the receipt, and must keep another copy for the buyer’s own records for at least one year. The buyer also must retain any precious metals in the form in which they were purchased, for no less than two business days.







USPTO Grants Patent to Gemshares

The U.S. Patent & Trademark Office (USPTO) issued patent number 08239211 to Gemshares LLC of Chicago, Illinois for a process in which investment-grade natural and synthetic gemstones can be identified for use in financial investments and commercial trading. The invention relates to a method of standardization of natural or synthetic diamonds, rubies, sapphires and emeralds in order to enable the delivery of a standardized, fungible and certified global investment-grade gemstone, or basket of gemstones, which then can be used in futures contracts, options, exchange-traded funds or any other regulated or unregulated financial vehicle.

The patented process involves grouping diamonds in an investment standard according to their gemological, proportional, optical and light behavior characteristics. Diamonds that conform to the investment-grade standard are interchangeable within a specific size range, according to an equivalent monetary bundling process, the filing stated. Diamond characteristics will be classified using the Gemological Institute of America's (GIA) Diamond Grading Reports; however, other ''recognized gemological grading standards'' may be used as long as the characteristics are substantially similar to the standards used by the GIA or can be correlated, according to the inventors. The patented vehicle listed preferred sizes of 0.50 carats to 2.20 carats, but they remained flexible to include stones of 0.25 carats and those greater than 3 carats in order to keep consistent with a basket of gemstones.







Shabangu, Milovanovic to Speak at Congress

South Africa's Minster of Mineral Resources, Susan Shabangu (pictured), and the Kimberley Process chair, Gillian Milovanovic, will present their viewpoints on key industry issues at the 35th World Diamond Congress organized by the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA). The congress will take place between October 14 and 17, in Mumbai and is being hosted by the Bharat Diamond Bourse (BDB) and the Gem & Jewellery Export Promotion Council (GJEPC).















MINING



Rio Tinto's Diamond Sales +12%

Rio Tinto's diamond business revenue rose 12% year on ‎year to $350 million during the first six months of 2012. Diamond operations recorded a net loss of $38 million compared with a ‎loss of $10 million the previous year. Diamond production for the first half of 2012 rose 18% ‎to 6.167 million carats across its three diamond mines. Rio Tinto owns the Argyle mine in ‎Australia, a 60 percent stake in the Diavik mine in Canada, and 78 percent share in the ‎Murowa mine in Zimbabwe. The company did not provide an update regarding its ‎intention to sell its diamond assets.‎







Catoca Production -1% in 2011

Catoca mine production rose 1% year on year to 6.780 million ‎carats in 2011, but the volume of carats sold fell 1% to 6.758 million. Sales rose 16% to $611.3 million with ‎the average price per carat up 18% to $90.45. Catoca’s net profit increased 27% to $141.6 million. Prices for rough diamonds remained volatile during the year, with the average price achieved at its sale in January 2011 at ‎‎$88.09 per carat; by June it had increased to $95.22 per carat and then to $97.51 per carat in ‎September before falling to $89.55 at its final sale of the year in December. ‎







De Beers, Trans Hex Rework Agreement

De Beers entered into an amended sales agreement with Trans Hex for the Namaqualand Mines in South Africa. The parties agreed that De Beers will retain the Buffels marine mining rights and Trans Hex will acquire the balance of the Namaqualand Mines mining and prospecting rights and associated environmental rehabilitation liabilities. The transaction, excluding Buffels, is valued at $20 million. Both parties have also entered in to an option agreement whereas Tran Hex's subsidiary, Emerald Panther Investments, could take ownership of Buffels within the next four years and it will also have an additional two year preemptive period to acquire Buffels should a transaction not transpire.







Afri-Can Closes Financing

Afri-Can Marine Minerals Corporation closed a second tranche of a $1 million brokered private placement announced in April through Trinity Assets Management International Ltd. The closing of another $1 million is expected shortly, according to the company. The firm also raised $435,480 by way of a non-brokered private placement. To date, Afri-Can Marine has raised aggregate gross proceeds of $2,435,480 from private placements.















STATS



U.S.A.

June $Mil. %Chng. YTD $Mil. %Chng.
Polished imports $1,621 -15% $10,473 -7%
Polished exports $2,233 -6% $8,987 4%
Net imports ($612) $1,487 -22%

Rough imports $53 10% $255 -22%
Rough exports $28 -30% $183 -19%
Net imports $25 212% $75 -29%

Net diamond account ($587) $1,562 -23%







Belgium

July $Mil. %Chng. YTD $Mil. %Chng.
Polished exports $1,252 -20% $8,268 -7%
Polished imports $943 -20% $8,085 0%
Net exports $309 -19% $183 -78%

Rough imports $785 -45% $7,330 -14%
Rough exports $1,230 -43% $8,259 -14%
Net imports ($445) 0% ($929) 17%

Net diamond account $754 -9% $1,112 -43%








Japan

July $Mil. %Chng. YTD $Mil. %Chng.
Polished imports $91 28% $440 20%







Botswana

June $Mil. %Chng. YTD $Mil. %Chng.
Rough exports $353 -51% $1,890 -29%















ECONWATCH



Diamond Industry Stock Report

U.S. retail shares rallied after weeks of poor performace. Several shares rose by double digits including Blue Nile (34.3%), Movado Group (18.2%), Sotheby’s (12.1%), and Signet (12.1%) Read the extended industry stock report for this past week.
Aug. 9 Aug. 3 Chng.
$1 = Euro 0.810 0.820 -0.010
$1 = Rupee 55.17 55.80 -0.6
$1 = Israel Shekel 3.99 4.02 -0.03
$1 = Rand 8.09 8.35 -0.26
$1 = Canadian Dollar 0.99 1.00 -0.01

Precious Metals
Gold $1,616.90 $1,588.90 $28.00
Platinum $1,409.00 $1,385.00 $24.00

Stock Indexes Chng.
BSE 17,560.87 17,224.36 336.51 2.0%
Dow Jones 13,165.19 12,878.88 286.31 2.2%
FTSE 5,851.51 5,662.30 189.21 3.3%
Hang Seng 20,269.47 19,690.20 579.27 2.9%
S&P 500 1,402.80 1,365.00 37.80 2.8%
Yahoo! Jewelry 970.01 928.33 41.68 4.5%
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RAPAPORT... The Gemological Institute of America (GIA) held a jewelry career fair in New York on July 30, attracting 800 job seekers and 44 companies to the Javits Center. It was the first time since 2008 that GIA held a career fair in New York.

“I’m happy to report that our industry is wide and diverse – valued at over $160 billion last year; sila vo svete...... growing even through difficult times,” said Donna Baker, GIA’s president, during her opening remarks to attendees. “And the U.S. is only one market. China, India and the Middle East are expanding rapidly, and so are opportunities.”

The event kicked off with “Job Success in Today’s Market,” a special panel discussion moderated by Baker. Panelists David Yurman, founder of David Yurman Inc.; Ann Arnold, of Lieberfarb; Lex Graham, a recent GIA graduate and retail jeweler at Betteridge; and Rahul Kadakia, jewelry department head at Christie’s New York, shared their experiences in the gem and jewelry business and offered advice for newcomers.

GIA noted that companies recruiting at this event included Harry Winston, Ivanka Trump Fine Jewelry, Montblanc, Saks Fifth Avenue, Tiffany & Co. and Zale Corporation. The Jewelers for Veterans Foundation was also present to meet with and assist U.S. military veterans in their job search.

GIA hosted its first jewelry career fair in 1991 in Santa Monica, California. Since that time, the event has expanded and linked recruiters with future employees at more than 40 events worldwide in Bangalore, Las Vegas, Mumbai, New York and the current GIA world headquarters in Carlsbad, where the next career fair will take place on October 5.
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grofik napsal
QUOTE OF THE WEEK
We note that there is a problem of transparency in Zimbabwe's diamond mining sector's revenues...

:D To jsem jim mohl říct také a v Africe jsem nikdy nebyl ;)
Registrovaný uživatel
turtle ; GIA po svete priberá cca 800 ludí na svoje pracoviská , prihlás sa a občas nám podáš nejakú novinku. :roll:

Máš u mňa mazácky lichotek :mrgreen: za čítanie. ;)
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Rapaport Weekly Market Comment Aug. 24, 2012


First day of India’s IIJS show meets low expectations but market very concerned about prices. Next week’s De Beers DTC sight allocation reduced to about $500M with half the goods expected to be refused unless DTC reduces prices. Russians also reducing supply. Polished demand uncertain with supply manipulations by mining companies unlikely to increase polished price levels. BHP Billiton’s FY’12 diamond revenue -30% to $707M, EBIT -58% to $224M. Gem Diamonds 1H revenue -8% to $180M, net profit -51% to $25M. Signet Jewelers 2Q sales +7% to $854M, profit +7% to $71M. Anglo American completes Oppenheimer buyout of De Beers.


RapNet Data: Aug. 23

Diamonds 971,880
Value $6,126,166,859
Carats 1,037,683
Average Discount -27.64%

www.rapnet.com







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RAPAPORT ANNOUNCEMENTS


August
29
Wed


Rapaport Intl. Diamond Conference 2012
Mumbai, India
• Diamond Prices
• Diamonds as an Investment
• The Branding Opportunity

Registration is now open. Visit www.diamonds.net/idc for more details or call: +91-22-6627-2618


Aug-Sep
29-5
Wed-Wed


Rapaport Melee Auction
New York & Belgium

View details.



Aug-Sep
29-5
Wed-Wed


Rapaport Single Stone Auction
New York & Israel

View details.




QUOTE OF THE WEEK
Any stalemate in [India's] Parliament is unfortunate. The opposition runs away from discussion of key issues and that is unhealthy. Due to partisan politics, reforms are getting delayed.

Anand Sharma | India's Minister of Commerce & Industry









Careers@Rapaport




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















INDUSTRY



CNBC to Air 'The Diamond Rush'

CNBC will debut "The Diamond Rush" on August 27, at 9 p.m. and 12 a.m. Eastern. This special report, hosted by anchorman Bob Pisani, follows the diamond pipeline from mine to market in a quest to reveal diamond investment appeal. Pisani travels to Africa to visit diamond mines and he attends the JCK Vegas show, where he meets up with Martin Rapaport, the chairman of the Rapaport Group. Next stop, he takes the viewer to New York's 47th Street to meet with traders at the Diamond Dealers Club.







Kothari Positions Role of Indian Design

WATCH NOW: Sanjay Kothari, the vice chairman of the Gem & Jewellery Export Promotion Council (GJEPC) discusses how the industry group is promoting India as an innovation and design destination for jewelry buyers. GJEPC hosted the third India International Jewellery Week (IIJW) at the Grand Hyatt in Mumbai. Participants include more than 32 leading designers and jewelry brands showcasing some of the most spectacular jewelry pieces made by Indian designers.







IIJS Opens With Fewer Visitors

The India International Jewellery Show (IIJS) 2012 opened with noticeably ‎less traffic than previous years and buyers in attendance seemed focused on getting a feeling for ‎prices. ‎Exhibitors came to the show with low expectations as tight liquidity and high inflation has ‎affected local consumer confidence. Overall, Exhibitors noted that there is good demand for G-H color, SI and lower clarity, clean-cut ‎stones, and weak demand for for better quality stones. ‎ As the festival ‎season in India has already started, diamond suppliers expect retailers to book orders for Diwali at the show.















RETAIL & WHOLESALE



Signet Profit +7%

Signet Jewelers reported that sales rose 7% year on year to $853.9 million for the second quarter that ended on July 28. Same-store sales climbed 7.1%; cost of sales increased 7.9% to $542.7 million and profit improved 6.6% to $70.7 million. U.S. division sales rose 9.2% to $701.9 million and same-store sales were up 8.2%, while U.K. division sales improved 1.4% at a constant exchange-rate and comparable-store sales rose 2.1%. Same-store sales increased at all of the group's brand stores, which include Kay, Jared, H.Samuel and Ernest Jones. However, gross margin fell to 36.4% from 37%, accounts receivable rose 13.8%, reflecting both higher sales and greater participation of in-house customer financing and inventory rose 9.1% to $1.3 billion, primarily the result of higher diamond and gold costs.







Classic Diamonds Posts a Loss

Classic Diamonds (India) Ltd. posted a loss of $1.2 million during its first fiscal quarter that ended on June 30, and sales slumped 95% year on year to $1.2 million. Expenditures declined 93% to $1.6 million.‎ Classic Diamonds is in the process of negotiating capital and export funds with the banks.







Goenka Diamond Profit +80%

Goenka Diamond and Jewels Ltd. reported that group sales rose 24% year on year to $22 million and profit increased 80% to $1.6 million. Diamond business sales rose 57% to $19.3 million, however, sales at its jewelry segment declined 51% to $2.7 million.







Macao's Jewelry Sales Soar

Macao's Statistics and Census Service determined that the country's second-quarter retail sales rose 30% year on year to $1.6 billion for the three months that ended on June 30. Sales of jewelry, watches and clocks performed extremely well, surging 64% year on year to $513 million. The government observed that value of retail sales for the second quarter decreased by 3% compared with the first quarter.







Gitanjali Acquires Stake in Verite

Gitanjali Gems acquired a 15.3% stake in Verite Co. Ltd., a Japan-based jewelry retailer, for an undisclosed amount. The deal was made through Gitanjali’s Hong Kong-based subsidiary, Aston Luxury Group Ltd. Verite operates a network of 101 jewelry retail stores in Japan. In India, Gitanjali unveiled a number of new brands and collections at the India International Jewellery Show (IIJS), which will run through August 27.

New brands include Envi, Moira, True Platinum and Karina. Envi by Gitanjali and Gemfields is a collection of emerald jewelry, while Moira is the combination of pearls and natural diamonds. Karina is a delicate mix of precious rubies and exquisite diamonds and the collection also includes emerald and diamond jewelry. True Platinum is a diamond studded range with collections that include work wear, love bands, a wedding collection, platinum bars and coins.







H Boutique Opens in Eugene

The H Boutique will open on August 23 in the Inn at the 5th in Eugene, Oregon. This boutique concept was integrated with the hotel to redefine the way people shop for jewelry and also offers concierge-style shopping, in-room delivery and personal styling. Store features and services include hot and cold beverages from local business partners, make-up touch-ups by in-house stylists, jewelry cleaning and the city's largest assortment of timepieces, according to the owners.







Directors Weigh Taking LJ Private

LJ International Inc. formed a special committee of disinterested directors to consider a non-binding proposal to take the company private. The board appointed independent directors, Xiang Xiong Deng, Jin Wang and Jieyun Yu, to consider a bid from Yu Chuan Yih, the company's president along with Urban Prosperity Holdings Limited, to acquire all of the outstanding ordinary shares not currently owned by Yih for $2 per share.







Mouawad, Premier Gem Form Supply Alliance

The Mouawad Group and Premier Gem Corporation created a joint venture, the ''Premier Diamond Alliance,'' in an effort to integrate the supply chain and provide a secure and consistent supply of high-quality diamonds to the luxury retailer. Mouawad also recently opened its new flagship boutique at Jameel Square in Jeddah, Saudi Arabia, which encompasses 700-square-meters, was designed in the gray and gold colors of the Mouawad brand image, and includes a private viewing room.







GIA to Open Lab in Israel

The Gemological Institute of America (GIA) is on track to open a laboratory in the Israel ‎Diamond Exchange in early September. The new facility will provide on-site lab services, including GIA diamond ‎grading reports, diamond dossiers and related services. The Ramat Gan laboratory will ‎be GIA’s eighth such global facility and the sixth located outside of the U.S.







Art of Jewellery Launches Hindi Version

Bangalore-based AOJ Media Pvt Ltd, which is the publisher of ''The Art of Jewellery,'' India’s No. 1 jewelry magazine for the past 11 years launched a Hindi version in effort to reach a wider audience, especially in the tier II and tier III cities of India, particularly north and central India. The Art of Jewellery (English) magazine is now in its eleventh year of publishing and is considered to be the leading source of information for the gems and jewelry sector.















MINING



Anglo Completes De Beers Acquisition

Anglo American completed its acquisition of an additional 40% stake in De Beers for $5.2 billion from CHL, representing the Oppenheimer family's interests. Anglo American's share in De Beers rose to 85%. Under the terms of the agreement with CHL, originally announced in November 2011, Anglo American paid cash, comprised of the agreed-upon purchase price of $5.1 billion, plus a number of adjustments provided for under the agreement.







Gem Diamonds Profit -51%

Gem Diamonds reported revenue fell 8% year on year to $180.2 million in the ‎first half of 2012 as rough diamond demand softened. Profit slumped 51% to $24.9 million. Rough prices fell 30% in the fourth quarter of 2011 but they ‎stabilized during the first three months of 2012 before declining again in May. Steeper price declines were ‎observed for smaller, lower-quality production, while prices for the larger, high-end ‎goods were mostly unaffected during the period.‎







BHP Diamond Revenue -30%

BHP Billiton reported that revenue from its diamond operations fell 30% year on year to $707 million during the ‎fiscal year that ended on June 30. Underlying earnings before interest and tax (EBIT) declined 58% to $224 million. ‎ Production at Ekati fell 29% to 1.784 million carats.







Gemfields Production -36%

Gemfields plc reported production of emerald and beryl for the fiscal year that ended on June 30 fell 36% year on year to 21.1 million carats. Operating costs rose approximately 12% to $15.7 million. Gemfields recorded $36.7 million in cash on hand and outstanding debt of $2.9 million at the close of its fiscal year. Despite a slightly reduced demand for lower-quality goods at its Jaipur auction in June, demand for ethical emeralds continues to remain firm across all major markets.







Lonrho Recovers 131.50ct. Diamond

Lonrho Mining Ltd. recovered a 131.50-carat gem-quality diamond and a 38.30-carat rough stone from its Lulo concession in Angola. Both were recovered from bulk sampling, with the largest diamond being the biggest rough diamond ever recovered by Lonrho at this property. The 38.30-carat stone was its third biggest recovery so far.







Diavik Mine's Value Near $3B

Harry Winston Diamond Corporation updated its life-of-mine plan for the Diavik diamond mine for the period extending through 2023. Development of the underground mine the past two years has provided better understanding of future production levels, the best mining methodology and clarity on cost structures, according to the firm. Harry Winston holds a 40% stake in Diavik and Rio Tinto owns a 60% share.

Using a real discount rate of 7% and a rough diamond price increase of 2% per annum, the updated assessment provides a net present value (NPV) of approximately $2.6 billion for the Diavik diamond mine for all reserves and resources, or approximately $2.1 billion for only proven and probable reserves. The plan estimated that rough diamonds recovered would total approximately 78 million carats, cash inflow from the sales of diamonds totaled $13.5 billion and revenue less costs was $4.3 billion. The Diavik diamond mine has been in production since 2003 and as of December 2011 it had produced approximately 69 million carats of diamonds.







Shear Delivers Rough Parcel to Tache

Shear Minerals delivered 22,289.39 carats of rough diamonds to Taché Company N.V. from the explorer's Jericho diamond mine stockpile; however, on August 20 Shear halted the recovery process in order to make equipment repairs. Shear anticipates normal production will resume in about three weeks and it intends to deliver another parcel of rough diamonds to Taché at that time. In other news, Shear appointed Manuel Rappaport to its board of directors. Rappaport is a financial and operational consultant for Taché and the director of Banyan Consulting.















ECONWATCH



Diamond Industry Stock Report

U.S. retail stocks were mixed with Blue Nile (+7%), Sotheby's (-4%) and Birks & Mayors (-2%) the biggest movers. European shares were mostly lower except for Theo Fennell (+5%) while Indian shares rose for C.Mahendra (+15%), Su-Raj (+10%) and Vaibhav (+19%). Diamond-mining shares were under pressure except for Lucara (+9%), Peregrine (+14%) and True North (+20%). Read the extended industry stock report for this past week.
Aug. 23 Aug. 16 Chng.
$1 = Euro 0.790 0.801 -0.011
$1 = Rupee 55.27 55.78 -0.5
$1 = Israel Shekel 4.02 4.03 -0.01
$1 = Rand 8.32 8.20 0.12
$1 = Canadian Dollar 0.99 0.99 0.00

Precious Metals
Gold $1,670.30 $1,615.30 $55.00
Platinum $1,535.00 $1,439.00 $96.00

Stock Indexes Chng.
BSE 17,850.22 17,657.21 193.01 1.1%
Dow Jones 13,057.46 13,250.11 -192.65 -1.5%
FTSE 5,776.60 5,834.51 -57.91 -1.0%
Hang Seng 20,132.24 19,962.95 169.29 0.8%
S&P 500 1,402.08 1,415.52 -13.44 -0.9%
Yahoo! Jewelry 968.34 963.33 5.01 0.5%
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Moderátor
Rychle se zbav svých diamantových zásob a reinvestuj do zlata, obrazů či starožitností :P :
http://zpravy.ihned.cz/svet-rusko/c1-57550410-sibirsky-krater-ukryva-naleziste-diamantu-muze-zasobit-lidstvo-na-tri-tisice-let
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Máš podrobnejšie informácie. ;)

http://www.dailymail.co.uk/news/article-2204566/Russia-diamonds-Source-Siberian-asteroid-crater-supply-world-markets-3-000-years.html
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Rapaport Weekly Market Comment Sept. 21, 2012


Hong Kong show begins with steady but selective Far East demand for ‎inexpensive lower-quality diamonds. Sales better than expected but price sensitive ‎Chinese buyers still not buying for inventory. Rising concerns about polished shortages ‎as Indian manufacturing remains below capacity. DTC expects small October sight. ‎ALROSA 1H rough diamond sales +11% to $2.4B, production -15% to 16.4M Cts.‎


RapNet Data: Sept. 20

Diamonds 995,471
Value $6,127,601,927
Carats 1,063,038
Average Discount -27.81%

www.rapnet.com







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RAPAPORT ANNOUNCEMENTS




The Rapaport Group wishes all of our friends and clients a happy, healthy, prosperous and peaceful Jewish New Year.

Our offices will be closed for the following Jewish holidays:

Yom Kippur: September 26
Sukkoth: October 1-2, and 8-9

With best wishes for the new year,
The Rapaport Group




September
19-23
Wed-Sun


Rapaport Melee Auction in Hong Kong

Offering over 47,000 carats (328 lots) of recycled polished diamonds.

Diamond assortments being sold at good prices.

Excellent buying opportunities.

Regal Airport Hotel, 9 Cheong Tat Road
Hong Kong Int'l Airport, Chek Lap Kok
Berlin Suite, Basement Level

Register Now
email: auctions@diamonds.net



September
21
Fri


Mordy Rapaport Hong Kong Presentation
Asia-World Expo, Room 201, Level 2

State of the Diamond Industry
2:30 p.m. - 4 p.m.
Topics: Primary forces impacting diamond prices and markets, analysis of price trends and socio-economic and political forces impacting diamond demand and supply; branding; synthetics/treatments and social responsibility.

RapNet Trading Network - Saville Stern
4 p.m. - 4:30 p.m.

How to Do Business in China - Julius Zheng
4:30 p.m. - 5 p.m.

These presentations are open and free to all.
Register now!


Visit the Rapaport Booth at Hall 7 # K32






QUOTE OF THE WEEK
Gitanjali had an overwhelming response from consumers after the launch of our second [gold and diamond jewelry dispensing] kiosk at Siddhivinayak Temple. Devotees flock to Lal Baugcha Raja in huge numbers every Ganeshotsav. The vending machine launched here dispenses gold and silver coins with Lal Baugcha Raja embossed on it.

Vijay Shanker | Gitanjali Lifestyle









Careers@Rapaport




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















INDUSTRY



Conservative Demand at Hong Kong Show

Polished diamond suppliers reported average sales on the first two days of the Hong ‎Kong Jewellery & Gem Fair, which opened on Wednesday. After a quiet first day, trading ‎improved on Thursday with buyers focused on specific, commercial-quality goods. ‎ Buyers have been price shopping and prices are generally holding firm -- at least for the popular items.‎ Demand has been strong for G-I color, SI and lower and VS2-SI2 clarity, while better-quality IF-VS remain difficult to sell.‎ Inventory is high for VVS+ goods but there are ‎shortages of supplies in the VS2- categories in large part due to weakened manufacturing levels.







Value of Gold ETFs Increase for India

The value of India’s gold exchange-traded funds (ETFs) rose 41% year on year to $1.93 billion as of August 31, as net inflows increased for the second consecutive month. Gold ETFs experienced inflows of $16 million in August, following a net inflow of $17.2 million in July. Gold ETFs recorded an outflow of $41 million in June. The number of gold ETFs in India has increased to 14 since the product was first launched in early 2007. An ETF is generally comprised of a basket of securities, which provide broad exposure to the market. An ETF is traded on the stock exchange. Industry officials noted that jewelry retailers are also expected to buy gold to fulfill their immediate requirements in the ongoing festival season.








Fluor Upgrades Jwaneng; Gallup Warns of Political Games

WATCH NOW: Fluor Corporation completed its infrastructure and plant upgrades for Debswana's Jwaneng Cut-8 expansion project in Botswana. Gallup advised small businesses in the U.S. to prepare for a worst case scenario, i.e. recession, in 2013. The group warned that the ''political economy,'' created by the upcoming November election cycle coupled with the so-called looming fiscal cliff, was likely to result in little if any government action to solve pressing financial problems, improve economic activity and/or keep consumer confidence from plunging.















RETAIL & WHOLESALE



Jewelry CPI -1%

The U.S. consumer price index (CPI) for jewelry fell 1.4% year on year in August to 177.1 points. While the index measured its highest level since March, still, it registered a second consecutive monthly year-on-year decline. Nonetheless, the CPI remains at historically high levels and August's reading marked 20 consecutive months with a reading of more than 170 points.







Jewelry Stores Sales +1%

U.S. jewelry store sales rose 0.6% year on year to $1.998 billion in July 2012. While the sales increase was mediocre at best, considering the tough retail environment, at least jewelry price inflation for July was lower, falling 3% year on year. Jewelry store sales so far this year have improved 4.3% to $15.4 billion, while the average CPI for jewelry is up 2% to 178.1 points. Looking at the broader retail environment, the U.S. reported August retail sales in which department store sales rose 2.7% year on year to $15.2 billion. All retail and food services sales in August jumped 4.7% to $406.7 billion, with healthy increases in sales from automobile dealers and non-store retailers. Retail trade sales rose 4.4% from August 2011.







Macy's Expands in Las Vegas

Macy's will build a two-level, 180,000-square-foot store in Shops at Summerlin, a new shopping venue in west Las Vegas, Nevada, being developed by The Howard Hughes Corporation. This will be Macy's first new full-line store to be built in the Las Vegas market since 1996 and it will include fashions and accessories for women, men, children and home. This location is expected to open in the fourth quarter of 2014 and become the anchor store for Shops at Summerlin, a 1.5 million-square-foot development. Macy's will soon expand its presence in the Fashion Show Mall on South Las Vegas Boulevard with a new two-level, 105,000-square-foot Macy's Men's Store to open in spring 2013. Today, Macy's operates a full-line store there with 201,000 square feet of space. After the men's department is moved to the new store, located across the mall's corridor, the current main store will be significantly remodeled by fall 2013 primarily to increase selling space for women's accessories, including handbags, shoes, fashion jewelry and fine jewelry.







TBZ Opens in Kolkata

Tribhovandas Bhimji Zaveri Ltd. (TBZ) expanded its operations into eastern India by opening two stores in Kolkata. TBZ is maintaining the momentum of its aggressive retail expansion across key marketplaces, according to Shrikant Zaveri, the chairman of TBZ. In the past six months, TBZ opened three showrooms in the cities of Pune, Mumbai, and Vadodara. The company now has 18 showrooms in 11 cities across India.







Gitanjali Adds Third Vending Kiosk

Gitanjali Group launched its third jewelry vending machine at Mumbai’s most popular and most visited Ganpati – Lal Baugcha Raja by partnering with Lal Baugcha Raja Ganeshotsav Mandal. Sudhir Salvi, the secretary of Lal Baugcha Raja Ganeshotsav Mandal and actress Sayali Bhagat unveiled the vending machine, which dispenses gold and diamond jewelry.







Kama Jewellery Adds to Collections

Kama Jewellery, the retail segment of Kama Schachter, launched a new assortment of gold and diamond studded Ganesha -- the God of wisdom, prosperity and good fortune -- pendants for devotes all over India. Ganesh Chaturthi, also known as Vinayak Chaturthi, is celebrated by Hindus around the world as the birthday of Lord Ganesha. The Kama Jewellery collection offers a range of diamond jewelry in gold and platinum, with rings, earrings, pendant, bangles, bracelets and necklaces for prices of $185 to $1,852.







88 Rue du Rhone Unveils Diamond Watch

Watch brand 88 Rue du Rhone unveiled its Double 8 Origin Lucky Lady Diamond timepiece. Lucky Lady features a steel 35mm case, coated in extra resistant black PVD and an alligator-style leather strap. The face is accented by the number "88" in a delicate pattern reminiscent of fine lace. At the outer edge of the motif, the company added 10 Wesselton diamonds to punctuate the hours, nesting delicately in the 8s' outline. An extra special jewel rests playfully on top of the only numeral index, positioned at 8 o'clock, as a signature and a reminder of the luck that this number brings.







Seiko Launches XNY Watches

The Seiko Corporation of America launched its newest watch brand, XNY™, which it says was influenced by a fusion of what both fashion and cultural independence represent. XNY watches capture youthful energy, artistic diversity and the powerful strength of New York City, according to the brand. XNY is being introduced exclusively at Macy's nationwide with prices ranging from $120 to $220.







Gems Cube Planned for Shenzhen

The Gems Cube Jewelry & Jade Creative Cultural Park, known as Gems Cube, is a jewelry and cultural complex that is due to open in Shenzhen, China in May 2013. Gems Cube was developed by the Shenzhen MKH Group under the guidance of the local Bao’an government in order to support Shenzhen’s growing importance as an international gem and jewelry hub. Facilities include a jewelry and cultural exhibition hall, creative research and development building, jewelry identification center and the Gems Cube Hotel.















MINING



ALROSA Lowers Guidance

ALROSA's interim management report for the first half of 2012 recorded rough diamond sales of $2.4 billion, up from about $2.16 billion one year ago. However, the company's executive committee stated today that rough demand began to slump in March and this trend continued well into August due to a ''number of macroeconomic and intrasectoral factors.'' Therefore, ALROSA has lowered guidance for the year and expects group sales to reach about $4.5 billion in 2012, or on par with 2011. Rough diamond output by the ALROSA group of companies in the first six months of 2012 came to about 16.4 million carats, down from about 19.3 million carats one year ago.







Sierra Leone's 1H Exports +3% to $69M

Sierra Leone's rough diamond exports for the first half of 2012 rose 3% year on year to $69.4 million, according to the country's Central Bank. The volume of gem-quality diamond exports for the first six months of 2012 jumped 21% to 147,900 carats. In total, Sierra Leone exported 212,700 carats of rough stones during the period, an increase of 1% from one year ago.







Namakwa Tender Nets $7M

Namakwa Diamonds' recent sale of rough diamonds from its Kao diamond mine in Lesotho achieved $6.8 million with all 75 lots offered sold. The company sold a total of 25,210 carats at an average price of $269 per carat. Namakwa has sold 112,221 carats from the Kao mine's production in the past nine tenders since January 2012, generating $31.4 million in revenue.







Lucara Tender Nets $2M

Lucara Diamond Corporation sold 4,657 carats of rough diamonds from its Mothae diamond mine for $1.51 million, yielding an average price of $324 per carat. The diamond sale consisted of 32 parcels of which 26 were sold at Bonas-Couzyn in Antwerp. The highest value stone sold was a 9.74-carat, type IIA diamond, which achieved a price of $272,720 or $28,000 per carat. Two weeks ago, Lucara's third sale of Karowe rough diamonds ‎fetched $13.4 million and all 48 lots offered sold.















ECONWATCH



Diamond Industry Stock Report

U.S. retail stocks had a difficult week except for Birks & Mayors (+4%), Signet (+1%) and Zale (+6%), while Chinese and European shares all experienced moderate gains. Indian as well as diamond-mining stocks were mixed. Read the extended industry stock report for this past week.
Sept. 20 Sept. 13 Chng.
$1 = Euro 0.773 0.769 0.004
$1 = Rupee 54.33 55.30 -1.0
$1 = Israel Shekel 3.90 3.94 -0.04
$1 = Rand 8.30 8.23 0.07
$1 = Canadian Dollar 0.98 0.97 0.01

Precious Metals
Gold $1,769.50 $1,765.60 $3.90
Platinum $1,631.00 $1,681.00 -$50.00

Stock Indexes Chng.
BSE 18,349.25 18,021.16 328.09 1.8%
Dow Jones 13,596.93 13,539.86 57.07 0.4%
FTSE 5,854.64 5,819.92 34.72 0.6%
Hang Seng 20,590.92 20,247.63 343.29 1.7%
S&P 500 1,460.26 1,459.99 0.27 0.0%
Yahoo! Jewelry 985.99 976.63 9.36 1.0
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September 20th, 2012

Industry News

TOP STORIES
JCK online: New Company Producing Colorless Synthetic Diamonds
Yet another company plans to start producing colorless, lab-grown synthetic diamonds-except this one claims its stones are bigger and of better quality than others on the market.Washington Diamonds...
National Jeweler: New lab-grown diamond co. launches in US
Washington, D.C.--A new company called Washington Diamonds Corp. announced recently that it will begin selling loose, colorless synthetic diamonds online in December or January. The stones will be grown in a facility located just outside of Washington, D.C., using the chemical vapor deposition (CVD) process.
Russia reveals shiny state secret: It's awash in diamonds
'Trillions of carats' lie below a 35-million-year-old, 62-mile diameter asteroid crater in eastern Siberia known as Popigai Astroblem. The Russians have known about the site since the 1970s.
JCK online: Designer Does Not Own Van Cleef Creations, Court Rules
Van Cleef & Arpels has won an intellectual property case in a Paris court against a former employee who claimed he owned the designs he created, according to reports in the Financial Times and...

TRADE SHOW EVENTS
HKTDC - September 2012 Show
September 21-25, 2012
HK Convention & Exhibition Centerr
Miami Beach Antique Jewelry & Watch Show
October 5-7, 2012
Miami Beach Convention Center, Miami, FL
Portland Jewelry Symposium
October 21-22, 2012
The Governor Hotel Portland, Oregon
JA New York - Special Delivery
October 28-30, 2012
Javits Convention Center, NY, NY
JA Chicago - Special Delivery
November 4-5, 2012
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http://www.sme.sk/c/6539006/rusi-po-rokoch-prezradili-ze-ich-krater-ukryva-diamanty.html
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Velké diamanty sú strategická surovina pre priemysel.
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Veľké diamanty sú surovina ? Som myslel, že práve malé ako napr. hlavice do vrtných súprav.
Jeden človek mi hovoril, že s veľkými diamantami je problém pri obchodovaní. Teda, aby som bol presný - problém je nájsť kupcu. Preto sa veľké diamanty väčšinou rozrežú na menšie kusy, aby boli predajné. Trošku ma šokoval systém predaja na Slovensku, keď ma oslovili dve viac-menej ženy v domácnosti a chceli mi predať diamant. No je to celkom komédia :lol:
Registrovaný uživatel
Na hlavice do vrtných súprav sa používajú priemyselné diamanty, čím vačší a super kvalitný ten ide určite inde, tie nie je problém predať hlavne kvalitu FL a IF.

Pre podobné odborníčky v predaji ,dobrovolne idem sa venovať ťažbe v Afrike ,aby som nemusel počúvať chytrolínstva od takých predajcov, ale to je vec niektorých firiem ohladne vťahovania do predaja hociko. :'( :'( :evil:
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Rapaport Weekly Market Comment Sept. 28, 2012


Polished trading selective and price sensitive as Hong Kong show reflects mediocre Far East demand ahead of China’s Oct. 1 holiday. Rough demand weak with tight cutters’ profit margins. ALROSA’s Jan.-Sept. sales -7% to $3.2B. Petra Diamonds FY revenue +44% to $317M, net loss of $2M vs. profit of $59M. Sotheby’s NY sells $16M (79% by lot) with 5.08ct., VVS2 brilliant-cut fancy light pink diamond selling for $1.4M ($280,807/ct.). Belgium’s Aug. polished exports -23% to $404M, rough imports -46% to $656M. India’s Aug. polished exports -41% to $1.4B, rough imports -37% to $523M. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED NEXT WEEK OCT. 5, DUE TO THE JEWISH HOLIDAY OF SUKKOT.


RapNet Data: Sept. 27

Diamonds 970,002
Value $6,035,515,088
Carats 1,035,840
Average Discount -27.89%

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RAPAPORT ANNOUNCEMENTS




Our offices will be closed for the following Jewish holidays:

Sukkoth: October 1-2, and 8-9

With best wishes for the new year,
The Rapaport Group




October
15-25
Mon-Thu


Rapaport Melee Auction
New York & Belgium

View details.



October
17-24
Wed-Wed


Rapaport Single Stone Auction
New York & Israel

View details.




QUOTE OF THE WEEK
The PureFunds ISE Diamond/Gemstone ETF aims to track the supply and demand cycles of the rough and polished precious stone industry. The demand for diamonds and other gemstones has substantially increased as global investors look for hard assets as a potential safe haven from the degradation of fiat currency.

Paul Zimnisky | PureFunds









Careers@Rapaport




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















INDUSTRY



De Beers Preps for Shortfall

De Beers won't meet sightholder demand for the next six months due to a shortfall in production. While production forecasts are intact, De Beers supply depends more on the type of goods it can present, which may not match sightholder requests. Nonetheless, De Beers has not adjusted its previously stated forecast of 28 million to 30 million carats in 2012, representing a decline of up to 11% from 2011. The company’s production in the first half of the year fell 13% to 13.449 million carats. ‎ Sightholders rejected Diamond Trading Company (DTC) goods at the June and July sights largely as De Beers maintained high prices despite the drop in demand. DTC reduced its prices by an average of approximately 10% at the August sight.







HK Show Ends With Steady Trading

Diamond trading at the Hong Kong Jewellery & Gem Fair reflected a steady, but lower-than-expected level of demand out of the Far East. Sales for dealers were in line with ‎expectations, which simply underscored how the market is selective and price sensitive at this point. Overall, there was a steady demand for certified VS2-SI, H-, Triple Ex diamonds, larger stones over 10-carats and princess, pear, oval and heart shapes. Demand continued to be weak for VVS goods. Rough prices also remained a concern for manufacturers who claim they still can’t profit from ‎the cutting and polishing process. The show did not provide the boost for the season ‎that dealers hoped for.















RETAIL & WHOLESALE



Rapaport IDC Videos

The Rapaport International Diamond Conference (IDC) opened in Mumbai with P.M. Saleem, the commissioner of customs at Mumbai International Airport, remarking on the future of India's diamond industry, economy and consumer perception of diamonds and jewelry and what the emerging middle and upper income classes means for demand. In this video, Rapaport's Avi Krawitz also presents facts and figures relevant to the diamond industry in 2012 in the context of the global economy. Other speakers include Dr. Suresh Surana, the founder of RSM Astute Consulting Private Ltd., Nishant Shah, a partner at Economic Laws Practice and Ajit Tolani, a partner at Economic Laws Practice. WATCH NOW

Martin Rapaport, the chairman of the Rapaport Group leads a panel discussion of industry leaders and advisors to address India's regulatory and banking environment. Panelists included Dr. Suresh Surana, the founder of RSM Astute Consulting Pvt. Ltd., Ajit Tolani and Nishant Shah, partners at Economic Laws Practice, Vasant Mehta, previous chairman of the Gem & Jewelry Promotion Council (GJEPC), Sanjay Kothari, the vice chairman of GJEPC and Manish Jeloka, the head of consumer bank treasury for India for Standard Chartered Bank. WATCH NOW

Tackling the issues of synthetics, Matthew Hall, the director of Gemological Institute of America (GIA) Mumbai laboratory operations and Mark Brauner, the co-chief executive of International Gemological Institute (IGI) Worldwide answers how synthetic diamonds influence the diamond market. WATCH NOW








U.S. Consumer Confidence Rises

Consumer confidence in the U.S. is up sharply from one year ago, according to the Conference Board. The group's Consumer Confidence Index&reg; for September 2012 rose to 70.3 points from 45.4 points in September 2011. The reading this month was also higher than the measure in August of 61.3 points. The Expectations Index increased to 83.7 points from 54 and the Present Situation Index rose to 50.2 points from 32.5 points one year ago. Nonetheless, the readings have much room for improvement in order to reach the benchmark of 100 points.







Sotheby's Sale Tops $16M

Sotheby’s New York completed its sale of important jewels, which achieved a total of $16,383,856 and was 79.3% sold by lot. The top lot was a 5.08-carat, VVS2 brilliant-cut fancy light pink diamond that sold for more than twice its high presale estimate at $1.4 million or $280,807 per carat. A 3.09-carat, VS1 pear-shape fancy intense orangey-pink diamond pendant also fetched $770,500 or $249,353 per carat and a 13.22-carat Kashmir sapphire and diamond ring sold for $578,500.







Buxbaum to Host Fall Auction

Buxbaum Jewelry Advisors will accept sealed bids until 6 p.m. (EDT) on October 19, for millions of dollars’ worth of jewelry and diamonds in its first fall auction. Viewing is scheduled for New York from October 15 to 19 at Malca-Amit, at 580 Fifth Avenue, and in Los Angeles from October 8 to 12 at Malca-Amit, 550 South Hill Street, Suite 1590. The upcoming sale will include melee as well as a larger diamond lots consisting of 70-pointers, 1-carat, round diamonds, and a selection of finished jewelry that includes an array of pieces with diamonds and colored gemstones.







CRISIL Sees Continued Momentum

Indian jewelry retailers are likely to maintain momentum as gold prices rise and jewelers add new stores, the CRISIL Ratings agency concluded. Jewelry retailers are expected to continue expanding their footprint in new regions to drive growth, which will help them brave the current economic slowdown. Consequently, the credit risk profiles of jewelry retailers are expected to remain stable over the midterm, CRISIL noted.







Rio Tinto Unveils Argyle Empress

Rio Tinto combined pink diamonds with jade for a statement necklace, known as The Argyle Empress, designed by luxury jeweler Chow Tai Fook. The value was placed at $5.5 million. The necklace combines more than 43 carats of Argyle pink diamonds with 33 imperial jade beads. The Argyle pink diamonds include five of its signature pink tender diamonds, collected over the past five years. The necklace has been designed around two beautiful pink diamond encrusted flower motifs depicting the Hong Kong Camellia, the perfect counterpoint to the verdant colors of the leaves depicted in the surrounding jade, the company explained.















MINING



ALROSA Sales -7%

ALROSA's preliminary sales figure for September was about $400 million worth of rough and polished diamond, while for the first nine months of 2012, ALROSA sold about $3.18 billion worth of goods. This is about 7% less than last year. The Russian diamond company also reported it unearthed a rare 158.20-carat diamond worth more than $1.5 million at factory No. 16 of the Nyurbinsk mine in the Republic of Yakutia, in northeastern Russia.







Petra Reports Loss of $2M

Petra Diamonds reported fiscal year revenue rose 44% year on year to $316.9 million for the 12 months that ended on June 30. However, the mining company reported a loss of $2.1 million compared with profit of $59.2 million one year ago in part because mining and processing costs surged 52% to $222.6 million and Petra recorded a foreign exchange loss of $38.6 million. Rough diamond production rose 98% year on year to 2.2 million carats. Petra Diamonds confirmed that its expansion plans remained on target to increase its production to 5 million carats by year 2019.







PureFunds Plans Diamond ETF

FactorShares submitted a prospectus with the U.S. Securities and Exchange Commission (SEC) to market three new exchange-traded funds (ETFs) under the PureFunds brand name. The funds will invest in diamond mining and retailers (PureFunds ISE Diamond/Gemstone ETF), exploration companies (PureFunds ISE Mining Service ETF) and silver mining companies (PureFunds ISE Junior Silver ETF) and have expense ratios of 0.69 percent. The fund managers plan to launch the ETFs before the end of 2012. The underlying index for the diamond-specific fund tracks the performance of the largest and most liquid companies involved in the gemstone industry, according to the filing. Three of the six largest stocks were Petra Diamonds Ltd., Harry Winston Diamond Corporation and Chow Tai Fook Jewellery Group.







DiamondCorp. Secures Funds

DiamondCorp secured a $26.7 million loan from South Africa’s Industrial Development Corporation (IDC) to develop a block cave mining operation at the company’s owned Lace mine. The loan covers 77% of the peak funding requirements for the South African project, in which DiamondCorp owns a 74% stake. The company will repay the loan over a seven-year period at an interest rate of 2% over South Africa's prime rate, which is currently 8.5%.







Doyle Joins Paragon's Board

Martin Doyle, a former senior vice president of exploration for De Beers Canada, will join the board of directors of Paragon Diamonds Limited. Doyle, 58, began his career with Anglo American in 1977 as a field geologist conducting diamond exploration in Botswana and he has worked in many other parts of the world in progressive roles for De Beers and Anglo American.















STATS



India

Aug. $Mil %Chng. YTD $Mil %Chng.
Polished exports $1,414 -41% $11,775 -41%
Polished imports $365 -77% $3,770 -76%
Net exports $1,049 33% $8,005 98%

Rough imports $523 -37% $9,507 -8%
Rough exports $161 2% $1,078 -4%
Net imports $362 -46% $8,429 -6%

Net diamond account $687 ($425)







Belgium

Aug. $Mil %Chng. YTD $Mil %Chng.
Polished exports $404 -23% $8,672 -8%
Polished imports $761 -23% $8,846 -2%
Net exports ($356) ($174)

Rough imports $656 -46% $7,986 -18%
Rough exports $430 -34% $8,689 -15%
Net imports $226 -59% ($703)

Net diamond account ($582) $529 -44%















ECONWATCH



Diamond Industry Stock Report

U.S. retail shares broke their streak of strong increases the past three weeks with only Blue Nile (+3%) and Zale (+10%) showing gains. European shares were mainly lower too but Indian shares were mostly higher with Asian Star (+26%), Classic Diamond (+27%) and Vaibhav Gems (+14%) the strongest of the bunch. Mining shares took a dive as Peregrine, Shore Gold, True North and Mwana Africa all recording double-digit drops. Read the extended industry stock report for this past week.
Sept. 27 Sept. 20 Chng.
$1 = Euro 0.774 0.773 0.001
$1 = Rupee 52.90 54.33 -1.4
$1 = Israel Shekel 3.90 3.90 0.00
$1 = Rand 8.22 8.30 -0.08
$1 = Canadian Dollar 0.98 0.98 0.00

Precious Metals
Gold $1,777.60 $1,765.60 $12.00
Platinum $1,647.00 $1,681.00 -$34.00

Stock Indexes Chng.
BSE 18,579.50 18,349.25 230.25 1.3%
Dow Jones 13,485.97 13,596.93 -110.96 -0.8%
FTSE 5,779.42 5,854.64 -75.22 -1.3%
Hang Seng 20,762.29 20,590.92 171.37 0.8%
S&P 500 1,447.16 1,460.26 -13.10 -0.9%
Yahoo! Jewelry 978.97 985.99 -7.02 -0.7%
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Rapaport Weekly Market Comment Oct. 12, 2012


Stable jewelry demand during China’s Golden Week but Far East consumers are cautious and selective due to the tough global economy. Polished centers quiet. Rough trading weak with slight premiums on DTC boxes. Large De Beers Oct. sight estimated at $750M with prices stable amid concerns that excess rough supply will further weaken the market. Rapaport Melee Index +3% in 3Q. Belgium’s Sept. polished exports -19% to $1.3B, rough imports +5% to $1.1B. RJC appoints Platinum Guild’s James Courage as new chairman. GJEPC appoints Asian Star’s CEO Vipul Shah as 2013-14 chairman.


RapNet Data: Oct. 11

Diamonds 981,420
Value $5,975,193,671
Carats 1,040,069
Average Discount -27.90%

www.rapnet.com







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RAPAPORT ANNOUNCEMENTS


October
15-24
Mon-Wed


Rapaport Melee Auction
New York & Belgium

View details.



October
17-24
Wed-Wed


Rapaport Single Stone Auction
New York & Israel

View details.




QUOTE OF THE WEEK
There has been a noticeable uptick in prices and trading volume for small melee diamonds following a slow summer season. The recent strengthening of the rupee and expectations for a reasonably good U.S. holiday season improved demand and stabilized prices for a broad range of commercial and promotional-quality diamonds at popular price points.

Ezriel Rapaport | Rapaport Global Trading









Careers@Rapaport




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















INDUSTRY



DTC Sight Estimate $750M

De Beers sold an estimated $750 million worth of rough diamonds at the Diamond ‎Trading Company (DTC) October sight, while maintaining prices relatively ‎stable. ‎Many sightholders took allocations that were deferred from previous sights, making the ‎October sight the largest De Beers sale so far in 2012. ‎There were relatively low levels of refusal of goods this month. Sightholders noted that most DTC boxes are trading on the secondary market at list or low, ‎single-digit premiums, while some goods are still being discounted. ‎







Rapaport Melee Index +3% in 3Q

Rapaport Auctions reported strong activity for the third quarter of 2012 with sales of 82,260 carats for $14.3 million. Melee prices stabilized, increasing 3% after a decline of 13% in the second quarter. Single stone sales were better than expected with steady demand from Israeli dealers.















RETAIL & WHOLESALE



Diamond Prices Panel Discussion

What factors influence polished diamond prices and what can we expect? Have prices hit bottom? What short- and long-term factors do India's business leaders see affecting diamond prices, investment demand and the commoditization of gemstones? This panel discussion, which was videotaped during the annual Rapaport International Diamond Conference on August 29 in Mumbai, features Martin Rapaport, the chairman of the Rapaport Group, Russell Mehta, the managing director of Rosy Blue India, Ashish Mehta, a partner with Kantilal Chhotilal and Vishal Doshi, the group executive director of Shrenuj. WATCH NOW.







Boston's Jewelers Exchange Celebrates 90

The Jewelers Exchange Building in Boston opened its doors 90 years ago, beginning a long tradition of selling fine jewelry, and this year it celebrates that milestone. Individual businesses have come together to launch a campaign designed to remind local consumers they can find personal service, expert jewelry craftsmen and watchmakers and order one-of-a-kind pieces. Built in 1922, the historic Jewelers Exchange Building established itself as the soul of Boston’s jewelry scene. The building is nestled in the heart of Downtown Crossing, at 333 Washington Street, a beautiful Art Deco building, hosting 125 jewelers and expert craftsmen.







Gitanjali Partners with Myntra

Gitanjali Group partnered with Myntra.com, an online retailer of fashion and lifestyle products in India, to boost sales. The company’s strength in the branded jewelry space and experience in marketing of jewelry would complement Myntra.com’s reach to millions of online consumers, it explained. Gitanjali expects to achieve sales of up to $28.4 million through this partnership by 2016, with a target of $5.7 million just by 2014. Myntra.com expects that fine jewelry online sales will grow 300% during the festival season.







His & Her Watches Make 'Fantasy Gift'

Neiman Marcus unveiled its 86th annual Christmas Book, which included plenty of jewelry as well as one ''fantasy gift'' of his and hers watches. Jewelry brands Ippolita, Roberto Coin, David Yurman, Jose & Maria Barrera and John Hardy feature prominently in this year's catalog with price points ranging from less than $500 to more than $60,000. The top jewelry gift in this year's Christmas Book is one set of his and hers ''Poetic Wish'' watches from Van Cleef & Arpels for $1,090,000. But the lucky buyer will also receive two business-class tickets to Paris and Geneva to tour the Van Cleef & Arpels boutique, atelier, and watchmaking workshops.







Jewelry Brands Maintain Ranking

Economic confidence in the U.S. remains negative but is sharply divided by political affiliation, according to Gallup's latest survey. Chopard launches ecommerce; Tiffany, Gucci and Cartier score as top brands as measured by Interbrand, and the Birmingham Assay Office plans its new office space in the U.K. WATCH NOW.







Inflation Subdues Indian Consumers

Indian consumers will be forced to cut spending this festive season in order to meet their monthly expenses as persistently high inflation eats away their disposal income, according to a survey conducted by ASSOCHAM. The survey on "High prices reduce festive spirit” revealed that more than 71% of the respondents from the middle- and lower-income family groups across the country overwhelmingly cited inflation, fewer job opportunities and shrinking salary packages this past year as reasons why their festive season will be lackluster.

More than 87% of the respondents said that monthly grocery bills have jumped to about $116 from $39 in the past 12 months. Most of the respondents plan to cut personal expenses or shop bargains to keep their festive budgets under control. More than 54% of the respondents will only buy items on sale or that have been discounted, while 27% will spend less on sweets and clothing. About 12% of those surveyed said they will buy fewer gifts, while 5% will purchase recycled gifts and the rest, 2%, will buy a group gift.







U.S. Daily Consumer Spending Rises

Gallup reported that U.S. consumers spent an average of $74 per day in September, up from $65 one year ago, but the figure was down from $77 per day in August. The group's daily tracking survey found all income levels reduced their spending in September compared with August. But compared with September 2011, lower-income consumers' average daily spending was basically flat at $61, while higher-income households spent $126 per day compared with $108 daily one year ago.







Swiss Watch Exports Climb 16%

Despite a stagnant global economy, the Swiss watch industry is going strong. According to the Federation of the Swiss Watch Industry the first eight months of the year experienced a record 16% year on year increase in exports of Swiss-made watches. More than 23 million watches were sent for export, representing a value of $13.9 billion (CHF 13 billion). Asia accounted for more than half of these exports in terms of value and that region remains the biggest market for Swiss watches. Fine watches were a huge driving force behind this the rise in exports as their sales rose by 21.5%.















GENERAL



Rio Tinto Showcases Argyle Pink Diamonds

Rio Tinto is showcasing its rare Argyle pink diamonds in a unique exhibition at Kensington Palace in the U.K. The exhibition titled “Out of the Vault: Pink Diamonds and Royalty,” features more than $60 million worth of pink diamond jewelry. The inspiration for the exhibition came from Her Majesty the Queen’s Diamond Jubilee. The Queen had a solitaire pink diamond, gifted to her (The Williamson Pink) and set in the center of a flower spray brooch created by Cartier, in the year of her coronation. The 40 rare and valuable items of pink diamond jewelry on display at Kensington Palace are sourced from luxury jewelers and designers from the U.S., Australia, Japan, China, India and Europe, the company said.







GJEPC Appoints Shah

India’s Gem & Jewellery Export Promotion Council (GJEPC) appointed Vipul P. Shah as the ‎new chairman for the next two years. He replaces outgoing chairman ‎Rajiv Jain, while Pankaj Parekh will serve as his vice chairman to replace Sanjay Kothari.‎ Shah is the managing director and chief executive of Asian Star Co. Ltd. GJEPC noted that he brings to the ‎position widespread knowledge of current business trends and insight about the diamond ‎market. ‎ Parekh, a mechanical engineer by training, has worked in the jewelry business since 1988. He ‎was the first person from east India to be elected to the council’s central managing committee in ‎‎1997 and has since held several positions in the central and regional committees of the GJEPC.‎







RJC Appoints Courage

The Responsible Jewellery Council (RJC) appointed James Courage as its new chairman to replace outgoing chairman Matt Runci on January 1. Courage is currently the chief executive of Platinum Guild International with more than 30 years of experience in the jewelry industry having worked at De Beers in the 1980's before joining Platinum Guild in 1996. Courage has worked and lived in Europe, Africa and Asia and is well respected by all his contacts in the jewelry industry and related national and international organizations and regulatory agencies, RJC stated.















MINING



Mountain Province to Raise $47M

Mountain Province Diamonds filed for a rights offering to raise gross proceeds of approximately $47.1 million, which will be used to fund the company’s 49% share of capital costs for the Gahcho Kué diamond mine, a joint venture with De Beers Canada. Mountain Province anticipates that proceeds from this offering will be sufficient to cover the initial capital costs through to the completion of permitting of Gahcho Kué in 2013.







Peregrine Closes Subscription Agreement

Peregrine Diamonds closed its option and subscription agreement with De Beers Canada and as part of the closing, De Beers has completed the $2.5 million private placement with Peregrine priced at 75 cents per unit, for an aggregate of 3,333,333 units. Each unit consists of one common share and one-half share purchase warrant with each whole warrant entitling De Beers to buy a common share in Peregrine for $2 per share for a period of 24 months. De Beers is required to make a $2.5 million payment to BHP Billiton on January 31, 2013 for Peregrine's purchase of 51% interest in the Chidliak diamond project. De Beers now has the exclusive right until December 31, 2013 to enter into an earn-in and joint venture agreement with Peregrine on a 50.1% De Beers to 49.9% Peregrine ownership basis, with De Beers being the operator of Chidliak.







Firestone Plans a Tender

Firestone Diamonds reported that the quality and value of diamonds recovered at its ‎Liqhobong plant in Lesotho has improved since the company shut down the plant in July. ‎Firestone Diamonds stated that it has recovered three yellow stones weighing 27 carats, 17 ‎carats and 15 carats and three white stones weighing 12.4 carats, 9.2 carats and 9.1 carats ‎during the third quarter. ‎The company has scheduled a dual tender to be held in mid-October 2012 in Gaborone and ‎Antwerp.‎







Namdeb Averts Workers Strike

Wage negotiations at Namdeb have concluded successfully with an agreement effective from April 1, 2012 and provides for a sliding scale increase in wages for employees in the bargaining unit, as well as increases in a number of allowances. The increases in the 2013 basic wages range between 8.5% and 10% depending on the grade of the employee, while the increase for the 2014 wages is 7.5%.
















ECONWATCH



Diamond Industry Stock Report

Industry stocks rode a rollercoaster this week, with most U.S. retail shares down except for JCP (+10%) and Blue Nile (+4%). European shares were mostly higher, Indian shares were mixed with Classic Diamond (-22%) and Su-Raj (-5%) on the skids, while Gitanjali (+6%) and Goenka (+4%) on the upside. Read the extended industry stock report for this past week.
Oct. 11 Oct. 4 Chng.
$1 = Euro 0.773 0.768 0.005
$1 = Rupee 52.69 51.70 1.0
$1 = Israel Shekel 3.85 3.86 -0.01
$1 = Rand 8.67 8.52 0.15
$1 = Canadian Dollar 0.98 0.98 0.00

Precious Metals
Gold $1,767.30 $1,791.10 -$23.80
Platinum $1,674.00 $1,715.00 -$41.00

Stock Indexes Chng.
BSE 18,804.75 19,058.15 -253.40 -1.3%
Dow Jones 13,326.39 13,575.36 -248.97 -1.8%
FTSE 5,829.75 5,827.78 1.97 0.0%
Hang Seng 20,999.05 20,907.95 91.10 0.4%
S&P 500 1,432.84 1,461.40 -28.56 -2.0%
Yahoo! Jewelry 1,010.97 998.69 12.28 1.2%
_______________
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Rapaport Weekly Market Comment Nov. 9, 2012


U.S. wealthy brace for tax hikes as President Obama wins second term in the White House. Far East retailers hope China’s leadership change will restore consumer confidence and luxury spending. Indian retail jewelry demand improves ahead of next week’s Diwali festival. Rough trading weak as Surat factories close for one month vacation. Berkshire Hathaway 9-month jewelry revenue flat with declining earnings. Pandora 3Q revenue +14% to $308M, profit +11% to $65M. U.S. 3Q online retail sales +15% to $42B. U.S. Sept. polished imports -18% to $1.5B, polished exports -15% to $1.4B. Belgium Oct. polished exports -4% to $1.1B, rough imports +29% to $901M. We wish everyone a happy Diwali.


RapNet Data: Nov. 8

Diamonds 1,004,742
Value $6,126,746,369
Carats 1,060,822
Average Discount -27.33%

www.rapnet.com







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RAPAPORT ANNOUNCEMENTS


November
14-21
Wed-Wed


Rapaport Single Stone Auction
New York & Israel

View details.



Nov-Dec
26-6
Mon-Thu


Rapaport Melee Auction
New York & Hong Kong

View details.




QUOTE OF THE WEEK
We are pleased to complete the acquisition of Ultra stores. We expect Ultra to allow us to broaden our customer reach, build upon our market leadership position in specialty jewelry retail and make Signet one of the leading jewelry players in the growing outlet channel. We look forward to working with our new team members as we continue to drive our competitive strengths for the future.

Michael W. Barnes | Signet









Careers@Rapaport




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















RETAIL & WHOLESALE



Polished Prices Drop in Oct.

Certified polished diamond prices continued to decline in October as economic and political uncertainties have diminished U.S. Christmas sales expectations. Trading quieted toward the end of the month as a major storm impacted New York. In China, there was stable jewelry demand during Golden Week but growth continues to slow and the holiday did not restore Far East consumer confidence. Diamond buyers suspect the market has not yet bottomed out. The volatile rupee and high gold prices continue to unnerve Indian dealers and consumers.

The RapNet Diamond Index (RAPI) for 1 ct. certified diamonds fell 1.8%. RAPI for 0.3 ct. stones rose 0.2%, while RAPI for 0.5 ct. diamonds decreased 1.1%. RAPI for 3 ct. stones fell 1.4%. Trading remains cautious and budget-conscious diamond buyers continue to focus on commercial quality VS2-SI goods. During the first 10 months of 2012, RAPI for 1 ct. diamonds fell 11.9%. RAPI for 1 ct. stones is down 13.8% from one year ago. Watch additional coverage. Purchase Rapaport Research Report.







Sotheby's Loss Grows to $33M

Sotheby's reported third-quarter revenue rose 18% year on year to $68.5 million, driven by a $4.9 million, or 50% improvement in private sale commission and a $1.6 million, or 56% increase in finance segment revenue. Despite strong sales, Sotheby's reported a net loss of $32.6 million, which was up from a loss of $29.7 million one year ago. For the nine months ending September 30, Sotheby's net income declined 58% year on year to $57.7 million and revenue dropped 16% to $433.5 million.








PPR Sales +7%

PPR reported third quarter revenue on a comparable-basis rose 7% year on year to $3.3 billion for the three months that ended on September 30. On a reported basis, removing exchange-rate fluctuations and integrating Brioni, Sowind and Volcom, revenue rose 16%. The retailer's luxury division revenue, which includes the brands Gucci, Bottega Veneta, Yves Saint Laurent and others, rose 12% on a comparable-store basis to $2 billion. Timepieces and jewelry experienced strong growth, up 26%, with Boucheron's latest ''High Jewellery'' collections receiving rave reviews from clients, according to PPR.







Berkshire's Jewelry Store Sales Weaken

Berkshire Hathaway reported modest increases in its retail business during the third ‎quarter that ended on September 30, however, the company concluded that revenue from jewelers was flat and earnings were lower than at this point in 2011. Revenue across Berkshire’s retail division, which includes Borsheim’s, Helzberg Diamonds, Ben ‎Bridge Jewelers, four home furnishing businesses and See’s Candies, rose 5% year on year to $712 million during the quarter, with pre-tax earnings up 6% ‎to $33 million.‎ During the first nine months of the year, retail revenue increased 5% to $2.2 billion ‎and pre-tax earnings rose by 18% to $127 million. ‎







Pandora's Profit +11%

Pandora reported third quarter revenue rose 14% year on year to $308 million for the three months that ended on September 30. Profit rose 11% to $65 million and gross margin as a percentage of sales fell to 64.1% from 73.6% one year ago. Pandora recorded a foreign-exchange benefit, which more than off-set the negative impact from the company's ongoing stock re-balancing initiative. Returns of discontinued products were valued at $15 million at the wholesale level, and the company replaced those items with new merchandise valued at $22 million. Sales based on local currency in the quarter increased nearly 10% for the Americas and 11% in Europe. However, revenue plunged 17% in local currency for the Asia Pacific region.







Shree Ganesh Profit Doubles

Shree Ganesh Jewellery House reported that sales rose 54% year on year to $419.1 million in the second fiscal quarter that ended on September 30. Profit nearly doubled to $15.2 million and exports surged 68% to $378.1 million, however, domestic sales declined 23% to $43 million. Total expenditures rose 48% to $395.6 million.







U.S. Online Retail Sales +15%

U.S. online retail sales during the third quarter rose 15% year on year to $41.9 billion, according to comScore Inc. The rate of growth was in line with the previous quarter and confirmed the continued strength of the ecommerce sector, despite economic headwinds. The top-performing online product categories, which grew at least 16% year on year, were digital content and subscriptions, consumer electronics, event tickets, apparel and accessories, and computer software. Additionally, according to comScore’s quarterly online retail survey, 37% of U.S. consumers said they had engaged in “showrooming” behavior, this is a process where shoppers use a smartphone while in a retail store to check prices or to even purchase a product online. The higher number of showrooming shoppers represented an increase of five percentage points in the past two quarters, according to comScore.







Harry Winston Increases Credit Facility

Harry Winston Diamond Corporation secured a $40 million increase in its senior secured revolving credit facility for the luxury brand subsidiary of Harry Winston Inc. The amended facility of $300 million has no scheduled repayments required prior to the maturity date, which remains August 30, 2017. There were no changes to its existing credit agreement covenants, interest rates, borrowing base or maturity date.







Signet Acquires Ultra

Signet Jewelers completed its acquisition of Ultra Stores Inc., the parent company of Ultra Diamonds, from Crystal Financial LLC and its other stockholders for approximately $57 million in cash. Signet has not assumed any debt with this acquisition. Ultra Stores reported sales of approximately $140 million for its most recent fiscal year. Ultra operates 102 stores in outlet centers and through 38 other formats, primarily licensed jewelry departments. Signet expects the deal to add $40 million to $45 million in sales for fourth quarter sales.







Aviv Collections Now On Board

Jewelry designer Joseph Aviv's collections of diamonds and jewels will be offered on board the cruise ships operated by Starboard Cruise Services Inc. The cruise line also carries jewelry brands such as Cartier, Bulgari, Chopard and others. Aviv's most renowned collections include diamonds, amethyst, tanzanite and the one-of-a-kind Brown Gold™ collection. Starboard operates the Allure and the Oasis of Royal Caribbean and Holland America and Celebrity ships.







Investcorp Buys Georg Jensen

Bahrain-based Investcorp acquired jewelry-maker Georg Jensen of Denmark for $140 million. The acquisition was intended to help the retailer expand across Asia and become a global brand, according to the investors. David Chu, a luxury brand entrepreneur and founder of Nautica, was appointed chief creative director and co-chairman of the board. Guy Leymarie, the former chief executive of De Beers Diamond Jewellers, Cartier International and Dunhill, will also join the board. Ulrik Garde Due, the current chief executive of Georg Jensen, will continue to lead the management team as he has since 2007.

Tiffany Plans New Flagship in Paris

Tiffany & Co. plans to open a European flagship store in Paris in 2014. The approximately 10,000-square-foot, multi-level store will be located at 62 Avenue des Champs Elysées. The store's expected opening on the Champs Elysées will mark a new milestone in Tiffany’s connection with Paris, which began in 1850 when the company established its first store. At the Paris World’s Fair in 1867, Tiffany & Co. became the first U.S. firm to win an award for the excellence of its silverware. In 1999, Tiffany returned to Paris with a store on rue de la Paix. Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations and is celebrating its 175th anniversary this year.
GENERAL



Belgium Awards Paz

Avi Paz was awarded the Ordre de la Couronne, an official title from Belgium, in recognition of his achievements in advancing diamond trade between Israel and Belgium. The Ordre de la Couronne was established in 1879 to award outstanding achievements in the fields of art, literature, science industry and trade. The award was presented to Paz on behalf of Belgium's King Albert II by Benedicte Frankinet, Belgium's ambassador to Israel.


MINING



MAC Lauds Mining Bill

The Mining Association of Canada (MAC) welcomed a federal government's decision to table Bill C-47 and include the Nunavut Planning and Project Assessment Act, which could help spur more responsible mining projects in the territory. The legislation would result in a framework to determine how environmental assessment and permitting processes in Nunavut will proceed as new land use plans for the territory come forward, according to the group. Bill C-47 also includes the Northwest Territories Surface Rights Board Act, which also makes amendments to the Yukon Surface Rights Board Act. These amendments will also aim to increase efficiencies and improve processes to support further economic growth, according to MAC.

Rio Tinto Hosts Special Tender

Rio Tinto reported strong bidding at its recent sale of special-sized stones that were larger than 10.8 carats, which included 94 parcels of diamonds, 26 weighing more than 20 carats. The most expensive diamond, the Diavik Selene of 22 carats, was sold to specialist Israeli diamond company Eshed Diam for an undisclosed sum. Rio Tinto offered rough diamonds from one year’s worth of production out of three operating diamond mines.

Gemfields' Auction Nets $27M

Gemfields raised $26.8 million from its auction of predominantly higher-quality rough emerald and beryl in Singapore between October 29 and November 2. The company offered about 925,000 carats for sale of which 902,000 carats were sold. Thirty-seven companies attended the auction and 35 of these placed bids on the goods. The auction yielded an average of $29.71 per carat for the lots sold. Gemfields noted that there is solid demand for its ethical Zambian emeralds.
Lucara Recovers Blue Diamond

Lucara Diamond Corp. has recovered a 9.46-carat, type II blue diamond from its ‎Karowe mine in Botswana, marking a rare find of great importance, according to the mining company's president ‎William Lamb. The diamond will be placed for sale during Lucara’s ‎upcoming tender on November 26, where more than 57,000 carats of diamonds will be ‎offered.‎

STATS
U.S.A.

Sept. $Mil. %Chng. YTD $Mil. %Chng.
Polished imports $1,472 -18% $14,975 -11%
Polished exports $1,430 -15% $12,924 -7%
Net imports $42 -64% $2,051 -30%

Rough imports $35 -29% $377 -20%
Rough exports $17 -43% $238 -26%
Net imports $18 0% $139 -9%

Net diamond account $60 -56% $2,190 -29



Belgium

Oct. $Mil. %Chng. YTD $Mil. %Chng.
Polished exports $1,056 -4% $11,060 -9%
Polished imports $1,069 -10% $11,094 -6%
Net exports ($12) ($34)

Rough imports $1,162 29% $10,223 -10%
Rough exports $1,242 67% $11,080 -8%
Net imports ($80) ($857)

Net diamond account $67 $822 -3%

ECONWATCH



Diamond Industry Stock Report

U.S. stocks were mostly lower as investors pulled back on Birks (-6%), JCP (-10%), Tiffany (-8%), Zale (-9%) and other retailers. European, Indian and mining shares were mixed.
Read the extended industry stock report for this past week.
Nov. 8 Nov. 1 Chng.
$1 = Euro 0.785 0.772 0.013
$1 = Rupee 54.44 53.74 0.7
$1 = Israel Shekel 3.90 3.88 0.02
$1 = Rand 8.73 8.65 0.08
$1 = Canadian Dollar 1.00 1.00 0.00

Precious Metals
Gold $1,733.30 $1,714.10 $19.20
Platinum $1,543.00 $1,567.00 -$24.00

Stock Indexes Chng.
BSE 18,846.26 18,561.70 284.56 1.5%
Dow Jones 12,811.32 13,228.46 -417.14 -3.2%
FTSE 5,776.05 5,861.92 -85.87 -1.5%
Hang Seng 21,566.91 21,821.87 -254.96 -1.2%
S&P 500 1,377.51 1,427.16 -49.65 -3.5%
Yahoo! Jewelry 1,073.71 1,070.62 3.09 0.3%
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RAPAPORT NEWS SERVICE | Nov. 16, 2012 www.rapaport.com | news@rapaport.com



Retail & Wholesale
Stats
India
EconWatch
General
Mining

Rapaport Weekly Market Comment Nov. 16, 2012


Polished market improves on Thanksgiving weekend expectations. Rough trade quiet after uneventful $480M De Beers sight. Harry Winston to buy Ekati mine for $500M. Chow Tai Fook signs ALROSA rough supply deal. Letšeng 3Q average price -31% to $1,673/ct. Petra Diamonds 1Q production +70% to 654,690 cts. Christie’s Geneva nets $85M (84% by lot) as cushion, 76.02-‎carat, D, IF Archduke Joseph diamond sells for $22M ($280K/ct.). Sotheby’s Geneva sells $81M (89% by lot) with 10.48-carat, FL, fancy blue diamond sold to‎ Graff for $10.9M ($1M/ct.). Gitanjali Gems 2Q sales +32% to $718M, profit +15% to $28M. Hong Kong 3Q polished imports -14% to $4.2B, polished exports -20% to $2.7B.


RapNet Data: Nov. 15

Diamonds 987,782
Value $6,084,433,752
Carats 1,058,387
Average Discount -27.80%

www.rapnet.com

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QUOTE OF THE WEEK
I worry that a lot of things we're doing with technology right now are for the good of technology and not for the good of the customer relationship. Organizations use technology because they can, but they may actually be reducing brand engagement because they're reducing the opportunity to interact with a customer. Again, it doesn't mean everything has to be delivered through a human being. However, every one of those touchpoints is important, whether the customer is online checking an order, checking a balance, following up on a shipment, or making a return. There are opportunities in every customer life cycle, and those touchpoints must be understood and managed in an emotive way, regardless of the digital versus non-digital technology aspects.

Ed O’Boyle | Global Practice Leader, Gallup
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INDUSTRY



Gold Demand -14%

The value of global gold demand fell 14% year on year to $57.61 billion in the third ‎quarter of 2012, according to the ''Gold Demand Trends'' report, published by the World ‎Gold Council. Volume declined 11% to 1,084.6 tons, while the average ‎price of gold was $1,652 per ounce during the quarter, down 3%. Global gold jewelry demand declined 5% to $23.84 billion as ‎volume fell 2% to 448.8 tons. Jewelry demand from China, which is the second largest market, fell 8% to $6.94 billion due to a decline in purchases of 18-karat pieces and a notable ‎slowdown in the expansion of retail stores. In the Indian market, however, jewelry demand rose ‎‎4% to $7.23 billion. Global investment ‎demand increased 8% to $4.62 ‎billion.

De Beers Sight Estimate at $480M

De Beers sold an estimated $480 million worth of rough diamonds at its November sight ‎that ended this past week. Sightholders continue to note difficult market conditions and low ‎profit margins as De Beers has curbed supply and kept its prices steady.‎ De Beers reduced prices slightly for the more difficult, slow ‎moving boxes. On average, however, prices have been basically stable ‎since August, when De Beers reduced prices by about 10%. Assortments at the ‎November sight also remained relatively unchanged.‎ De Beers expects shortfalls in supply in the ‎next few months.

Smuggling Charges Surface as Conference Starts

Partnership Africa Canada (PAC) remained critical of Zimbabwe, citing ongoing corruption and money laundering from diamond asset holders in the Marange. PAC also claimed that the diamond industry's efforts to stifle smuggling from Zimbabwe have failed, thus compromised not only the Kimberley Process (KP) but ‎the entire diamond ‎supply chain. The group observed that diamond revenue is funding a parallel government, and benefitting only select insiders of the president's ruling party (ZANU-PF).

The report came as Zimbabwe hosted an international diamond ‎conference in Victoria Falls this week, which was intended to highlight the benefits of its diamond trade. Numerous industry insiders spoke at the conference as did President Robert Mugabe and South Africa's former President Thabo Mbeki. However, some attendees accused KP chair, Gillian Milovanovic, of failing to lift U.S. sanctions on Zimbabwe and asked her to resign. She told attendees that global sanctions were an issue between the federal governments of countries involved and clearly out of her own control. Other reports from the event suggested that PAC's accusations were dismissed by Zimbabwe's leaders as simply western fodder for sanctions and calls for improved transparency from the Marange were determined to be unnecessary.


RETAIL & WHOLESALE



U.S. Jewelry Store Sales +2%

Watch Now: U.S. jewelry store sales in September rose 1.5% year on year to almost $2.2 billion. However, the consumer price inflation (CPI) for jewelry resumed its climb during the month as well, advancing by 2.1% year on year. So far, for the first three quarters of 2012, U.S. jewelry store sales have risen 3.6% to $19.7 billion as price inflation steadied at 2%. Department store sales in September fell 1.5% to $13.5 billion and advanced estimates for October found that department store sales fell 2.7% to $14 billion.


Richemont's Profit +52%

Richemont reported that sales rose 21% year on year to $6.49 billion in the six months that ended on September 30. On a constant-exchange-‎rate basis, sales increased 12%. Profit rose 52% to $1.37 billion. Sales at Richemont’s jewelry division, which includes Cartier and Van Cleef & Arpels, ‎rose 20% to $3.31 billion and revenue from the watch division increased ‎‎25% to $1.85 billion. Johan Rupert will step down as the chief executive of Richemont on March 31, and be replaced by Bernard Fornas and Richard Lepeu as joint executives.

JCP's Loss at $123M

JCPenney's sales fell 27% year on year to $2.93 billion for the third quarter that ended on October 27. Same-store sales plunged 26% and Internet sales through jcp.com dived 37% to $214 million. The retailer lowered cost of sales 21% to $1.98 billion, and improved income loss by 14% to $123 million compared with $143 million one year ago. Gross margin in the third quarter was 32.5% of sales, compared with 37.4% one year ago and was impacted by lower-than-expected sales in the quarter along with a higher level of clearance merchandise sales. JCPenney incurred $34 million in restructuring and management transition charges during the quarter.

Rajesh's Profit +5%

Rajesh Exports Ltd. reported that net sales rose 17% year on year to $1.23 billion during its second fiscal quarter that ended on September 30. Profit increased 5% to $20.5 million as expenses jumped 17% to $1.19 billion. The company stated that it has developed a new collection of jewelry for the upcoming Christmas season and it has outstanding orders worth $1.19 billion.

Gitanjali's Profit +15%

Gitanjali Gems reported that net sales rose 32% year on year to $718.3 million ‎in the second fiscal quarter that ended on September 30.‎ Profit grew only 15% to about $28 million as expenses increased 34% to $675.5 million. Diamond revenue rose 5% to $307 million and ‎profit before tax and interest from the diamond segment grew 7% to $10.3 million. Jewelry revenue increased 59% to $448.1 million and profit before tax and interest at the jewelry segment rose 19% to $38.2 ‎million.

Kingold's Profit -10%

Kingold Jewelry reported revenue rose 5% year on year to $220.8 million for the third quarter that ended on September 30. Cost of sales rose almost 6% to $208.2 million and gross margin fell to 5.7% from 6.6% one year ago. Net income fell 10% to $8.4 million or 15 cents per diluted share. Kingold processed 9.5 metric tons of 24-karat gold product, up 44% from one year earlier.

Shrenuj's Profit -2%

Shrenuj & Co. Ltd. reported that group sales rose 7% year on year to $151.5 million during the second fiscal quarter that ended on September 30. Profit, however, declined 2% to $3.5 million as expenses and financing costs rose. Rough diamond prices softened during the quarter, providing a much needed relief to manufacturers. The diamond and jewelry manufacturer's diamond segment sales rose 11% year on year to $119.7 million, while sales at its studded jewelry business declined 14% to $33.7 million.

Asian Star's Profit +70%

Asian Star Co. Ltd. reported that group sales rose 65% year on year to $130.3 million during the second fiscal quarter that ended on September 30. Sales were driven by growth across all its business segments. Profit soared 70% to $2.8 million. Sales at the company’s cut and polished diamond segment increased 72% to $118.3 million and jewelry business revenue grew 33% to $18 million.

ShopNBC's Loss at $4M

ShopNBC’s third quarter sales rose 1.8% year on year to $137.6 million as gross margin slipped to 36.9% from 37.2% for the three months that ended on October 27. The company's net loss at $3.7 million was down from $6.3 million one year ago. The average selling price per item fell to $100 from $105. The network shifted airtime away from selling jewelry and watches to give more time selling higher-margin electronics and beauty aids.

Birks & Mayors' Loss Nears $6M

Birks & Mayors reported its sales fell 4% year on year to $124.9 million for the six months that ended on September 29. Cost of sales fell by only 2% to $71 million. The retailer reported a loss of $5.7 million compared with a loss of $5.6 million one year ago. During the first six months, comparable-store sales rose 3% overall with a 2% drop from U.S. stores, but an 8% increase in same-store sales across Canada. Profit margin decreased by 120-basis-pointsto 43.2% of sales.

Christie's Jewels Sale Nets $85M

Christie's Geneva concluded its fall sale of Magnificent Jewels on Tuesday, achieving a ‎total of $85,049,810. The auction was 84% sold by lot. The top lot sold was the Archduke Joseph Diamond, a cushion-shape, 76.02-‎carat, D, internally flawless Golconda diamond, which went to an anonymous buyer ‎for $21,474,525, or $280,000 per carat.‎ Many of the top lots offered, however, did not sell, while 19 lots still sold for more than $1 million.

Sotheby's Jewels Sale Nets $82M

Sotheby's Geneva sale of Magnificent Jewels on Wednesday garnered $81,092,327 and was 88.5% sold by lot. The top lot was a rare, 10.48-carat, flawless, fancy deep blue briolette diamond, which sold to ‎Laurence Graff for $10,860,146 or $1.04 million per carat, well above its high-end ‎presale estimate. The second top lot was a pair of cushion-shaped, 11.46-carat and 11.64-carat, Burmese rubies ‎pendent ear clips, which sold to a private Asian buyer for $3.52 million.


WGC Launches Azva

The World Gold Council (WGC) launched “Azva” wedding jewelry in the southern Indian city of Chennai, inspired by seven vows of the Indian wedding tradition. Azva is expected to appeal to young modern Indian couples between ages of 23 and 30. Crafted in 22-karat gold, the jewelry pieces include necklaces, earrings and bracelets all of which showcase the idea of seven, the council stated.
CRISIL Weighs PC Jeweller IPO

CRISIL assigned a “three on five” grade to the proposed initial public offering (IPO) of PC Jeweller Ltd. (PCJ), indicating that its fundamentals are ''average'' relative to the other listed equity securities in India. The ratings agency stated that the grade reflects PCJ’s relatively new market presence of seven years and the ensuing strong reputation in an industry. Strong brand recall, successful branch expansion and stellar increase in gold prices have added shine to PCJ’s revenue, which has grown at a three-year compound annual growth rate (CAGR) of 69%. Compared with other gold jewelry players, PCJ’s revenue mix leans toward higher-margin diamond jewelry, which is rewarding in the wake of increasing acceptance of diamond jewelry in India, CRISIL noted


MINING



Harry Winston to Buy Ekati

Harry Winston Diamond Corporation agreed to purchase all of BHP Billiton's diamond assets for a total of $500 million in two separate transactions. The combined deal includes BHP's controlling interest in the Ekati diamond mine in Canada as well as the associated diamond sorting and sales facilities in Yellowknife, Northwest Territories and Antwerp, Belgium. BHP has been shopping around its diamond assets for more than a year. Harry Winston already owns a 40% share of the Diavik mine, which is about 100 kilometers to the southeast of Ekati. The Ekati diamond asset consists of the operating mine and other permitted kimberlite pipes, defined as the ''core zone'' along with adjacent pipes that have development and exploration potential, called the ''buffer zone.'' Harry Winston agreed to a $400 million cash payment for the core zone interest and $100 million for the buffer zone interest, subject to adjustments in accordance with the terms of the share purchase agreements

Gem Diamonds Rough Sales Fall

Gem Diamonds reported a sharp decline in sales during the third quarter that ended on September 30, as rough prices ‎dropped and liquidity tightened due to economic headwinds descending upon the diamond ‎market. ‎Sales at the company’s high-value Letšeng mine in Lesotho fell 38% year on year ‎to $34.4 million, with the ‎average price of sales down 31% to $1,673 per carat. Gem Diamonds noted that ‎prices have since improved slightly as its October export achieved an average of $1,673 ‎per carat. ‎

Production at Letšeng fell 9% to 27,054 carats during the quarter with severe winter ‎snow conditions impacting its operations. A total of 180 rough diamonds greater than 10.8 ‎carats in size were produced at the mine during the period.‎ Sales from its Ellendale mine in Australia rose 8% to ‎‎$25.6 million during the quarter as a 76% increase in the volume of goods sold ‎compensated for weaker prices. ‎The company sold 4,880 carats of Ellendale’s fancy yellow diamonds to Tiffany & Co. for ‎an average price of $3,902 per carat, down 24% from a year earlier.
Lucara Revenue Nears $13M

Lucara Diamond Corporation reported revenue of $12.7 million in the third quarter of 2012 after ‎launching sales from its Karowe mine in Botswana. The company held two sales during the ‎period, achieving an average price of $225 per carat. Lucara posted a net loss of $3.4 million ‎compared with a net loss of $5.5 million a year earlier.‎ Production at Karowe rose to 91,400 carats during the quarter after the mine ramped up to full ‎throughput at the process plant. ‎
Petra Revenue Triples

Petra Diamonds reported that revenue nearly tripled year on year to $51.1 million in ‎its first fiscal quarter that ended on September 30, as production soared and prices remained relatively stable. The volume of diamonds sold during the quarter rose 190% to 318,700 carats. Profit was not provided in the mining company's trading statement. ‎ Petra’s production increased 70% to 654,690 carats due to the Finsch mine coming ‎online during the year, following the company’s acquisition of the mine from De ‎Beers. ‎
Chow Tai Fook Signs Supply Deal

Hong Kong-based Chow Tai Fook Jewellery Group has signed a two-year contract to ‎procure rough diamonds from ALROSA.‎ The ‎agreement enables the brand to secure more reliable supplies of rough diamonds, ‎particularly for those specifications that are in greatest demand in China. Chow Tai Fook has already ‎been an ALROSA customer on a ''spot term'' basis but this agreement marks the mining company’s first long term contract with a diamond firm from China. ‎Chow Tai ‎Fook is also a De Beers sightholder, receiving goods at the De Beers sights in London, ‎Botswana and South Africa, as well as a Rio Tinto Select Diamantaire.‎
ECONWATCH



Diamond Industry Stock Report

Investors pulled the plug on lackluster U.S. retailers this week, slamming Blue Nile (-11%), JCP (-24%) and Walmart (-5%). The mood was better in Europe and India for Damiani (+1%), Asian Star (+7%), Gitanjali (+6%), but mining stocks were mainly lower: Anglo (-10%), Firestone (-25%), Peregrine (-10%), Rockwell (-8%).
Read the extended industry stock report for this past week.
Nov. 15 Nov. 8 Chng.
$1 = Euro 0.782 0.785 -0.003
$1 = Rupee 54.75 54.44 0.3
$1 = Israel Shekel 3.98 3.90 0.08
$1 = Rand 8.93 8.73 0.20
$1 = Canadian Dollar 1.00 1.00 0.00

Precious Metals
Gold $1,714.90 $1,733.30 -$18.40
Platinum $1,568.00 $1,543.00 $25.00

Stock Indexes Chng.
BSE 18,471.37 18,846.26 -374.89 -2.0%
Dow Jones 12,542.38 12,811.32 -268.94 -2.1%
FTSE 5,677.75 5,776.05 -98.30 -1.7%
Hang Seng 21,108.93 21,566.91 -457.98 -2.1%
S&P 500 1,353.32 1,377.51 -24.19 -1.8%
Yahoo! Jewelry 1,077.85 1,073.71 4.14 0.4%
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Hi there,
Please Help. Do you know someone in Slovakia or Czech Republic who can cut and polish rough diamonds to reach the brilliance? Is there any company or person qualified and experienced in doing cutting and polishing of rough diamonds? I would be grateful if you help me find one. Thank you in advance
Registrovaný uživatel
Hi, certified companies. :roll:

http://www.diamanty.liberecko.com/

http://www.diamant.cz/index.php/67/brusirna.url
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Hmm, to by mně nikdy nenapadlo že něco takového v Čechách je. :shock:
Registrovaný uživatel
turtleoverhead napsal
Hmm, to by mně nikdy nenapadlo že něco takového v Čechách je. :shock:


Turtle , poznáš to príslovie, "že Ty nevieš o tom neznamená,že to neexistuje". ;)

Pri tom Patočkovci sú myslím 4 generácia brusičov diamantov ešte za Rakusko - Uhorska a Optima je pekných pár rokov na trhu ;)

Pritom farebné kamene brúsi minimálne dalších 30 firiem , brúsenie diamantov vyžaduje uplne inú technológiu.
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grofik, děkuju mnohokrát.

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