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Rapaport Weekly Market Comment January 20, 2012
TRADE ALERT: INDIA IMPOSES IMMEDIATE 2% IMPORT TAX ON POLISHED DIAMONDS. High expectations for jewelry sales during Chinese New Year but diamond dealers cautious as economic growth slows. U.S. market slow. Rough trading weak as ALROSA cuts prices by about 5%. Dealers expect similar declines from DTC and hope for small sight next week. Rio Tinto’s 4Q diamond production -7% to 3M cts. BHP’s FY2Q output -29% to 481,000 cts. Tiffany and Damas form JV in UAE. Richemont’s FY3Q jewelry sales +25% to $1.7B. India’s Dec. polished exports -40% to $1.5B. Belgium’s Dec. polished exports +19% to $1.2B. U.S. Nov. polished imports +7% to $1.5B. China’s 2011 diamond imports +56% to $2B.
Latest Auctons
Mon to Thurs 16th to 26th January
Rapaport Melee Auction
New York & Belgium
email: auctions@rapaport.com
Wed-Thurs 18th to 26th January
Rapaport Single Stone Auction
New York & Israel
email: auctions@rapaport.com
Wed 25th January
You are invited…
What: RapNet member meeting with Martin Rapaport, Chairman of the Rapaport Group
Why: Market Discussion, Ethical Campaign and Changes to RapNet
When: 6:00 p.m.
Where: 3 West Club “Grand Salon,” 3 W. 51st, NYC
Open to all members of the trade, but space is limited
RSVP: conference@diamonds.net or call 866.374.6700
Sun-Tues 29th to 31st January
Rapaport at Centurion
Scottsdale, Arizona
Rapaport Contact: John Colletta
john.colletta@diamonds.net
More info at: Rapaport Auctions
RapNet Data: Jan. 19
Diamonds 880,290
Value $5,807,563,817
Carats 913,115
Average Discount -26.52%
More info at: www.rapnet.com