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Rapaport Weekly Market Comment
Aug 17, 2017 11:00 AM
By Rapaport News
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Diamond trading slow ahead of Belgium
and Israel dealers’ return from vacation next week (August 21). Focus shifting
to China, with rising expectations for September Hong Kong Show. Improving
Chinese demand for branded, ethically sourced products as Chow Tai Fook
launches traceable T Mark collection. US demand steady, with jewelers avoiding
unnecessary inventory and taking goods on memo. Rough market cooling. Stornoway Diamond 2Q
profit -60% to $1.8M from revenue of $33M. Alrosa July rough sales subdued at
$286M, maintains 39M ct. production plan after Mir mine flood. Birks Group
sells Mayor’s Jewelers to Aurum Holdings for $105M. Authentic Brands Group buys
stake in Neil Lane.
Fancies: Ovals gaining popularity with
US consumers. Pears and Cushions steady. Squares soft, with declining interest
in Princesses. US demand supporting market for commercial-quality fancies,
especially for sizes under 1 ct. Buyers of large, fine-quality fancy shapes
extremely picky with tight supply. Far East demand for fancies improving as
consumers seek better-quality shapes at lower price points. Off-make, poorly
cut fancies illiquid and hard to sell, even at very deep discounts.
United States: Slow trading activity as retailers delay inventory purchases
for holiday. Selective buyers willing to pay firm prices for better-quality SIs
(RapSpec A2+). Suppliers with excess stock of lower-quality SIs trying to
stimulate buyer interest with lower prices. Bridal demand driving jewelry sales.
Belgium: Polished market very quiet during vacation period. Weak sentiment as
bourses set to open on Monday. Dealers concerned about tight profit margins and
limited bank credit.
Israel: Very little activity, with the Israel Diamond
Exchange closed for summer vacation until August 20.
India: Polished trading slow, with dealers hoping for improvement at the September
Hong Kong show. Steady US and Far East orders for SI-clarity diamonds. VVS
weak. Steady manufacturing continues to raise polished inventories. Rough
demand softening, with premiums down to low-single-digit percentages on the
secondary market. Jewelry retail sales stable ahead of October 19 Diwali festival.
Hong Kong: Stable polished market driven by increased Chinese
demand. Dealer sentiment improving ahead of September show. Steady demand for 1
ct., D-F, VS2-SI2, RapSpec A2+ (triple
Ex, no fluorescence) diamonds. Larger and better-clarity
diamonds weak. Steady Chinese bridal demand, with fashion diamond jewelry
gaining popularity.
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Tags:
Rapaport News
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