{"id":3256,"date":"2018-12-31T14:59:13","date_gmt":"2018-12-31T14:59:13","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=3256"},"modified":"2018-12-31T14:59:13","modified_gmt":"2018-12-31T14:59:13","slug":"icex-diamond-report","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/icex-diamond-report\/","title":{"rendered":"ICEX Diamond Report"},"content":{"rendered":"<p><strong>Diamond News:<\/strong><br \/>\ni. Nevada-based Adamas One Corporation has bought all assets belonging to Scio Diamond, a producer of lab-grown diamonds. Adamas will pay $3.3 million over 18 months to cover Scio\u2019s secured debt. Scio will also receive 350,000 shares of Adamas stock, which it will use to settle its unsecured debts of more than $3 million.<\/p>\n<p>ii. TrueFacet, a platform for pre-owned luxury watches and jewelry, is offering nearly $10 million in shares in its latest funding round. So far, it has raised $7.1 million of the target Including that amount, it has procured $21.8 million over six rounds. Current investors include Founders\u2019 Coop, Freestyle Capital, Social Leverage and Maveron.<\/p>\n<p>iii. The Damiani family has planned to acquire the Italian jeweler that bears its name, thereby delisting it from the Milan Stock Exchange. Leading Jewels, the Damianis\u2019 holding company, has offered to buy the entire group for up to EUR 11.8 million ($13.5 million). It proposes to spend EUR 0.86 ($0.98) per share, representing a 5% premium to the stock\u2019s Thursday closing price.<br \/>\n(Source: Rapaport News)<\/p>\n<p><strong>Weekly Market Summary:<\/strong><br \/>\nUS consumer confidence positive, despite volatile stock markets, government shutdown, and rising interest rates. Holiday jewelry sales +3.7% and overall retail +5.1%, driven by effective omni-channel strategies, according to Mastercard SpendingPulse. Online shopping surges 19% as Amazon sees record season. Diamond market quiet, with Belgium and US dealers closed for the holidays. Industry consolidation accelerates as Eurostar enters administration, Alrosa set to acquire Kristall, and Niru Group incorporates EZ Diamonds\u2019 business for goods below 0.70 ct. US Oct. polished imports +28% to $2.3B.<\/p>\n<p><strong>Fancies:<\/strong> Fancy-shape market stable, driven by US and European demand for fashion jewelry. Ovals and Cushions are best sellers, followed by Emeralds and Pears. Supply shortage supporting prices for Pears. Radiants improving. Marquises and Princesses weak. Oversizes selling well. Steady demand for fine-quality 6 to 10 ct. Ovals, Pears and Emeralds, with prices firming for 3 to 5 ct. due to shortages. Chinese consumers seeking fancy shapes at better prices. US supporting market for commercial-quality, medium-priced fancies under 1 ct. Off-make, poorly cut fancies illiquid and hard to sell, even at very deep discounts.<\/p>\n<p><strong>United States:<\/strong> Wholesale trading quiet. Most business closed between Christmas and New Year. Focus on retail, with steady last-minute Christmas shopping. Studs, pendants, eternity bands strong sellers. A lot of goods out on memo.<\/p>\n<p><strong>Belgium:<\/strong> Polished and rough trading very quiet, with dealers on vacation during the Christmas to New Year period. Antwerp bourses closed until January 7.<\/p>\n<p><strong>Israel:<\/strong> Suppliers relatively satisfied with the season. Dealers waiting for memo returns to assess inventory needs. Focus now on Valentine\u2019s Day and Far East demand for the Chinese New Year. Businesses preparing to meet new tax requirements.<\/p>\n<p><strong>India:<\/strong> Polished market slow, with very few foreign buyers in Mumbai. Shortage of select in-demand items supporting prices. Good demand for 1 ct., G-J, SI1-I1, RapSpec A3+ diamonds.Trading confidence improving as exchange rate stabilizes around INR 70\/$1. Rough market seasonally quiet, with factories maintaining steady below-capacity production until the New Year.<\/p>\n<p><strong>Hong Kong:<\/strong> Wholesale activity down slightly during Christmas holiday. Dealers focused on filling Chinese New Year demand, but large retailers have already completed their inventory purchases.Retail relatively busy, with steady tourist arrivals reported over Christmas week. Yuan depreciation and US-China trade war still a concern for luxury retailers.<br \/>\n(Source: Rapaport News)<\/p>\n<p><strong>Macroeconomic News:<\/strong><br \/>\ni. Indian rupee depreciated to Rs 69.93\/$ on 28th Dec from the previous day\u2019s close of Rs 70.36\/$. Currently USD INR exchange rate trading at the level of Rs 69.90\/$.<\/p>\n<p>ii. India\u2019s fiscal deficit continued to widen further in Nov\u201918 after breaching the budgeted target for FY19 last month. Fiscal deficit stood at Rs 7.16 lakh crore at the end of Nov\u201918, at 114.8% of the budgeted estimate of Rs 6.24 lakh crore for FY19. The gap had stood at 112% in Nov\u201917.<\/p>\n<p>iii. Currently Brent crude is trading at the level of $53.82.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Diamond News: i. Nevada-based Adamas One Corporation has bought all assets belonging to Scio Diamond, a producer of lab-grown diamonds. Adamas will pay $3.3 million over 18 months to cover Scio\u2019s secured debt. Scio will also receive 350,000 shares of Adamas stock, which it will use to settle its unsecured debts of more than $3 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":3257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[3004,3005,3009,3008,3006,3007],"class_list":["post-3256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-adamas-one-corporation","tag-diamond-news","tag-pre-owned-luxury-watches-and-jewelry","tag-rapaport-news","tag-truefacet","tag-weekly-market-summary"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICEX Diamond Report - Finance Intellect<\/title>\n<meta name=\"description\" content=\"Nevada-based Adamas One Corporation has bought all assets belonging to Scio Diamond, a producer of lab-grown diamonds. 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