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Rapaport Weekly Market Comment March 23, 2012
Rough premiums rise as market sentiment improves. Polished trading advancing on steady Far East and U.S. demand. India’s polished trade slumps in Feb. with exports -54% to $1.4B, imports -80% to $476M, rough imports +21% to $1.3B. Indian domestic market cautious as jewelers strike against tax hike on precious metals imports. U.S. retail demand stable: Tiffany & Co.’s 4Q revenue +8% to $1.2B, net earnings -2% to $178M. Signet Jewelers 4Q revenue +7% to $1.4B, net income +49% to $157M. Gem Diamonds 2011 revenue +49% to $396M, net profit +235% to $68M. Blue Nile appoints Harvey Kanter as president and CEO. EU extends sanctions on Zimbabwe’s Marange diamonds to February 2013.
RapNet Data: Mar 22nbd
Diamonds 867,084
Value $5,729,947,012
Carats 909,591
Average Discount -26.38%
More info at: www.rapnet.com
Latest Auctons
March
19-29
Mon-Thu
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Rapaport Melee Auction
New York & Belgium
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March
20-28
Tue-Wed
Rapaport
Rapaport Single Stone Auction
Israel & Belgium
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