Hong Kong show meets low expectations
and increases trade liquidity. Buyers pushing for deeper discounts, but
suppliers holding prices firm for select RapSpec A3+ diamonds. Steady Far East
demand for 1 ct., I-L, VS-SI diamonds. Jewelry section slower than loose
stones. Rising expectations for Chinese consumer spending during Oct. 1
National Day holiday. Petra Diamonds faces uncertainty over Williamson mine and
striking workers at Finsch and Kimberley. Petra’s FY revenue +11% to $477M,
profit -69% to $21M. India Aug. net polished exports -0.3% to $1.7B, net rough
imports -5% to $884M. The Rapaport Price List will
not be published this week (Sep. 22) due to Rosh Hashanah. Best wishes to all
for a happy, healthy, prosperous and peaceful Jewish New Year.
Fancies: Ovals selling well in US. Pears and Cushions steady.
Squares soft, with declining interest in Princesses. US demand supporting
market for commercial-quality, medium-priced fancies for sizes under 1 ct.
Selective buyers of large, fine-quality fancy shapes facing limited supply. Far
East demand improving as consumers seek fancy shapes at better prices.
Off-make, poorly cut fancies illiquid and hard to sell, even at very deep
discounts.
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