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] | [
"BAIN",
"&",
"COMPANY",
"(4)",
"The",
"Global",
"Diamond",
"Report",
"2019",
"Figure",
"5:",
"Midstream",
"inventories",
"grew",
"in",
"2018",
"but",
"are",
"expected",
"to",
"decrease",
"in",
"2019",
"Value",
"of",
"accumulated",
"midstream",
"inventory,",
"index",
"2013=100",
"2013",
"reported",
"by",
"Minor",
"inventory",
"Shift",
"of",
"inventory",
"Further",
"inventory",
"Inventory",
"many",
"midstream",
"growth",
"due",
"to",
"from",
"producers",
"to",
"accumulation",
"due",
"decline",
"in",
"value",
"players",
"as",
"a",
"increase",
"of",
"midstream,",
"driven",
"to",
"retail",
"efforts",
"to",
"but",
"not",
"likely",
"in",
"reference",
"year",
"rough",
"diamond",
"by",
"20%",
"increased",
"reduce",
"stocks",
"volume",
"due",
"to",
"with",
"normal",
"sales",
"to",
"normal",
"production",
"despite",
"stable",
"shifts",
"to",
"inventory",
"levels",
"levels",
"after",
"2015",
"demand",
"for",
"lower-quality",
"required",
"to",
"run",
"decline",
"diamond",
"jewelry",
"smaller",
"goods",
"operations",
"and",
"price",
"reductions",
"~138",
"a",
"~126",
"132",
"~110",
"~",
"$00",
"~102",
"110",
"2013",
"14",
"15,",
"16",
"17",
"18",
"19E",
"‘Sources:",
"Company",
"data;",
"Kimberley",
"Process;",
"expert",
"interviews;",
"Gem",
"&",
"Jewellery",
"Export",
"Promotion",
"Council;",
"International",
"Trade",
"Centre;",
"Antwerp",
"World",
"Diamond",
"Centre;",
"China",
"Customs",
"Statistics;",
"Bain",
"&",
"Company",
"Figure",
"6:",
"Profit",
"declined",
"across",
"the",
"value",
"chain",
"in",
"2019",
"Rough",
"Polished",
"diamonds",
"diamonds",
"Diamond",
"jewelry",
"Rough",
"Cutting",
"Jewelry",
"manufacturing",
"Retail",
"sales",
"diamond",
"and",
"sales",
"polishing",
"Estimated",
"average",
"operating",
"margin,",
"2019",
"19-21%",
"8-10",
"%",
"=",
",",
"Large",
"retailers",
",",
"24%",
"2-4%",
"(239%",
"of",
"etal",
"-3-2%",
";",
"3",
"market)",
"Small",
"retailers",
"(~65%",
"of",
"retail",
"market)",
"Change",
"in",
"profitability*",
"2018",
"vs.",
"17",
"=",
"as",
"=",
"=",
"=",
"2019",
"vs.",
"18",
"ws",
"ws",
"ws",
"Ss",
"ws",
"“Rectangle",
"width",
"illustratively",
"corresponds",
"to",
"segment",
"revenue",
"in",
"2019E",
"Notes:",
"Analysis",
"of",
"rough",
"diamond",
"sales",
"is",
"based",
"on",
"data",
"for",
"ALROSA,",
"De",
"Beers,",
"Rio",
"Tinto,",
"Petra",
"Diamonds;",
"analysis",
"of",
"large",
"retail",
"chains",
"is",
"based",
"on",
"data",
"for",
"Chow",
"Sang",
"Sang,",
"Chow",
"Tai",
"Fook,",
"Luk",
"Fook,",
"Signet",
"Jewelers,",
"Tiffany",
"&",
"Co.,",
"Titan",
"Company;",
"margins",
"for",
"upstream",
"are",
"adjusted",
"for",
"gains",
"and",
"losses",
"not",
"connected",
"to",
"continuing",
"operations",
"‘Sources:",
"Publication",
"analysis;",
"company",
"data;",
"expert",
"interviews;",
"Bain",
"&",
"Company",
"Page",
"5"
] | [
"text",
"text",
"text",
"text",
"text",
"text",
"text",
"text",
"text",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
"figure",
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"Luxury",
"Report",
"2018;",
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"You",
"It",
"was",
"clear",
"from",
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"outset,",
"Americans",
"missed",
"leisure",
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"were",
"essential",
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"out",
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"(48%),",
"while",
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"-",
"(74%)",
"missed",
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"Another",
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"longed",
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"celebrations",
"like",
"holidays,",
"birthdays",
"and",
"weddings.",
"Without",
"them,",
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"traditional",
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"for",
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"For",
"instance,",
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"miss",
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"or",
"(47%)",
"my",
"local",
"coffee",
"shop.",
"All",
"these",
"feelings",
"are",
"more",
"greatly",
"pronounced",
"by",
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"teens",
"and",
"children.",
"Then",
"as",
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"turned",
"to",
"Summer,",
"Americans",
"began",
"traveling.",
"We",
"saw",
"pent",
"up",
"demand",
"for",
"cars",
"rise,",
"and",
"people",
"saying",
"that",
"certain",
"especially",
"sales",
"-(72%)",
"said",
"business",
"meetings",
"with",
"prospective",
"clients",
"meant",
"taking",
"the",
"risk.",
"Janeen",
"Christoff",
"wrote",
"in",
"Travel",
"Pulse",
"on",
"this",
"pent",
"up",
"demand",
"to",
"travel",
"again,",
"“The",
"survey",
"found",
"that",
"31",
"percent",
"are",
"planning",
"to",
"“go",
"on",
"vacation/travel",
"when",
"things",
"return",
"to",
"normal.”",
"This",
"is",
"up",
"7",
"percent",
"from",
"last",
"week.”",
"In",
"the",
"below",
"chart",
"we",
"see",
"that",
"the",
"marketplace",
"has",
"become",
"a",
"fight",
"between",
"fear",
"and",
"desire.",
"In",
"daily",
"life,",
"Americans",
"continue",
"to",
"calculate",
"risk",
"and",
"reward,",
"making",
"safety",
"as",
"a",
"customer",
"journey",
"of",
"paramount",
"importance.",
"Americans",
"Are",
"Feeling",
"Lonely",
"as",
"They",
"Miss",
"Social",
"Activity",
"—Feel",
"lonely",
"—Miss",
"social",
"gatherings",
"—",
"iss",
"going",
"to",
"coffee",
"shops",
"—Miss",
"gathering",
"with",
"friends/family",
"——Miss",
"attending",
"concerts",
"and",
"sports",
"Miss",
"in-person",
"celebrations",
"—iss",
"going",
"to",
"church",
"1",
"SSS",
"tg,",
"ee",
"75%",
"49%",
"ee",
"ee",
" ———————",
"46%",
"47%",
"w7",
"Ws",
"‘wo",
"w10",
"wit",
"wi2",
"wi3",
"wi4",
"wi5",
"W116",
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"(4/3)",
"(4/20)",
"(4/27)",
"(5/3)",
"(8/10)",
"(6/17)",
"(6/28)",
"(5/31)",
"(6/8)",
"Source:",
"Harris",
"Poll",
"COVID19",
"Tracker",
"Wave",
"5-26",
"BASE:",
"GENERAL",
"PUBLIC",
"Q9",
"Do",
"you",
"think",
"your",
"income",
"in",
"2020",
"will",
"be",
"lower,",
"higher",
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"w26",
"(6/20)",
"(6/29)",
"(7/4)",
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"(7/19)",
"(7/26)",
"~—",
"(7/2)",
"(8/9)",
"(8/16)",
"(8/23)"
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"BAIN",
"&",
"COMPANY",
"(4)",
"The",
"Global",
"Diamond",
"Report",
"2019",
"Figure",
"3:",
"Rough",
"diamond",
"sales",
"are",
"expected",
"to",
"decline",
"25%",
"World",
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"-25%",
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"Of",
"Rio",
"Tinto.",
"—————_",
"De",
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"—————_",
"4%",
"ALROSA",
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"6%",
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"—(¥)",
"—(¥)",
"2%",
"—(¥)",
"—(¥)",
"—(¥)",
"2014",
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"16",
"17",
"18",
"19E",
"Notes:",
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"sales",
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"2017",
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"data",
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"Kimberley",
"Process;",
"analyst",
"reports;",
"expert",
"interviews;",
"technical",
"reports;",
"Bain",
"&",
"Company",
"Figure",
"4:",
"Rough",
"and",
"polished",
"prices",
"and",
"trading",
"volume",
"both",
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"in",
"2019",
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"performance",
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"rate",
"for",
"the",
"same",
"period",
"in",
"2019",
"‘Sources:",
"Polishedprices.com;",
"Hennig;",
"Rapaport;",
"Kimberley",
"Process;",
"company",
"data;",
"auction",
"results;",
"expert",
"interviews;",
"Bain",
"&",
"Company",
"Page",
"4"
] | [
"text",
"text",
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"Figure",
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"Arabia,",
"United",
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"H1",
"2019",
"Sources:",
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"National",
"Travel",
"and",
"Tourism",
"Office;",
"University",
"of",
"Michigan;",
"Euromonitor;",
"Bain",
"&",
"Company",
"Page",
"23"
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