Latest news with #JCKLasVegas
Business Wire
01-07-2025
- Business
- Business Wire
Rapaport Press Release: Diamond Market Slow Amid Tariff Uncertainty
LAS VEGAS--(BUSINESS WIRE)--The diamond market remained cautious in June as the industry awaited decisions on prospective US tariffs. The Las Vegas shows saw resilience in the high-end segment and stability in other areas. However, uncertainty about America's trade policy dominated wholesale sentiment in the US and worldwide. The 90-day deferral of US reciprocal tariffs expires July 9, and the industry hopes these levies will not materialize. The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 0.3% during June. The index for 0.30-, 0.50- and 3-carat stones declined 1.7%, 2.3% and 0.8% respectively. JCK Las Vegas reflected healthy American consumer demand but a mixed wholesale market. The Luxury show, which focuses on high-end jewelry, was strong. So were 2-carat and larger diamonds at JCK, though demand was weak for rounds under 1.20 carats. Fewer overseas exhibitors attended than usual. India's rough imports exceeded its polished exports in May at $1.1 billion and $950 million respectively, intensifying concerns about an oversupply of less-desirable goods. Prices for smaller rounds softened during June, but prices for long fancies of 2 carats and up strengthened amid shortages. US retail demand was steady in June. India's consumer market was seasonally quiet, and business remained slow in China. Israel's diamond trade froze for two weeks due to its war with Iran. Global rough production for 2024 was up 6% from the previous year at 118 million carats, the Kimberley Process (KP) reported, although value fell 10% to $11.5 billion. The average price per carat dropped 15% to $97. Industry groups and African countries signed an agreement in Angola to finance the Natural Diamond Council (NDC) with an expected budget of $80 million. The Gemological Institute of America (GIA) has shifted to using descriptive terms when grading synthetic diamonds. HRD Antwerp has stopped grading loose synthetics altogether.
Fashion Network
17-06-2025
- Business
- Fashion Network
GJEPC travels to Las Vegas to promote Indian jewellery industry
The Gem and Jewellery Export Promotion Council welcomed Dr K Srikar Reddy, consul general of India in San Francisco, to the India Pavilion at JCK Las Vegas 2025 as part of its work to forge global jewellery industry connections. The visit highlights India's growing role in the global gem and jewellery industry and the government's continued backing of export-led growth, Diamond World reported. Dr Reddy was received by Kirit Bhansali, chairman of the GJEPC, with Dnyaneshwar Patil, IAS, development commissioner of SEEPZ; Dr. Gaetano Cavalieri, president of CIBJO; and Sabyasachi Ray, executive director of GJEPC also in attendance. The India Pavilion featured 30 exhibitors across sections such as Passport, Diamond Plaza, Lab-Grown Diamond, Gemstone, and Currents, showcasing India's capabilities in natural and lab-grown diamonds, coloured gemstones, and contemporary jewellery. The exhibit was designed to reflect a blend of craftsmanship, innovation, and design leadership. GJEPC also hosted two curated experiences alongside the Pavilion: the India Design Gallery, which celebrates modern Indian design, and the India Experience Lounge, offering a cultural and business engagement space. The presence of senior diplomats and industry leaders reinforced India's ambitions to expand its global market share and provides a timely boost to Indian exporters participating in the show. JCK Las Vegas is one of North America's leading jewellery trade events, according to its website.
Business Wire
04-06-2025
- Business
- Business Wire
Rapaport Press Release: Trade Cautiously Optimistic for JCK
LAS VEGAS--(BUSINESS WIRE)--The diamond market continued to operate under uncertainty in May. The postponement of higher tariffs, and the accompanying dialogue between the US and India, brought some relief to a market that no longer anticipates a 26% duty on polished. A US federal court ruled on May 28 that President Donald Trump lacked authority to impose tariffs unilaterally. The levies remain in place while the administration appeals. Dealers that raised prices in early April adjusted them downward. US consumer demand remained steady — a bright spot for the industry as it heads into the JCK Las Vegas show. The RapNet Diamond Index (RAPI™) for 1-carat stones — reflecting round, D to H, IF to VS2 diamonds — was flat during May. The index for 0.30- and 3-carat goods rose 0.4% and 0.6% respectively; the 0.50-carat RAPI fell 0.7%. Prices of round, 0.50- to 0.70-carat, SI diamonds softened, partly because of the tariff policy readjustment and the desire to complete sales before the July summer vacation. In late March and early April, the trade exported unusually large quantities of goods to the US to avoid tariffs. This created supply-demand imbalances, including a surplus of less-desirable goods. Sought-after diamonds remained scarce and costly to import because of the 10% duty. Preparations for JCK are at their peak. Dealers expect a reasonable show, with fewer international participants due to the tariffs. The industry is waiting to see how Trump's policy affects demand. The GemGenève show — which ended May 11 — was good, though not excellent, with strong demand for diamonds over 5 carats. It was a positive indicator for high-end items. A report claimed De Beers had sold cut-price rough to certain clients through special deals, creating waves in the industry. De Beers also announced the closure of its Lightbox synthetic-diamond venture. The GIA is updating its synthetic-diamond reports, using broader grading terminology that excludes color and clarity.
