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Rapaport Weekly Market Comment
Oct 6, 2016 9:18 AM
By Rapaport News
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Diamond
trading slow over Jewish New Year and China National Day holiday. Chinese
demand improving with Sept. gold, silver and jewelry sales +11%. Dealers
focused on filling U.S. Christmas orders. Polished prices stable with Sept.
RAPI 1 ct. -0.2%, 0.30 ct. +0.3%, 0.50 ct. -0.2%, 3 ct. -0.2%. Polished market squeezed
by relatively high rough prices with suppliers preferring to delay sales rather
than suffer losses from expensive rough. Rough prices firm as De Beers reports better-than-expected
$485M Oct. sales. De Beers, GJEPC to launch generic marketing campaign on Oct.
10 for India Diwali season. Rapaport
offices will be closed on Wednesday (Oct. 12) due to Yom Kippur.
Fancies: Markets slow. Large 5 ct.-plus fine-quality goods getting
more interest. Curved fancy shapes improving. Ovals and Pears steady. Square
shapes slow. Emeralds selling with improving large-stone demand. Top-quality
fine-cut fancy shapes OK but buyers are extremely picky. Overall fancy shape
prices relatively soft. U.S. demand supporting market for commercial-quality
fancies, especially for sizes under 1 ct. Far East fancy demand weak. Buyers
are very selective and insisting on excellent-shape proportions. Significant
price differentials between excellent- and average-cut fancies. Off-make,
poorly-cut fancies illiquid and very hard to sell, even at very deep discounts.
Global Comments
United States:
Polished trading slow with many businesses closed during Jewish New Year.
Dealers focused on filling holiday demand with retail inventories in line with
last year. Steady demand for 0.70 to 2 ct., G-J, SI diamonds. Retail sales
mixed with store traffic steady but consumers shifting to lower ticket items.
Good demand for estate and vintage jewelry.
Belgium: Market quiet with
many businesses closed over Jewish New Year. Positive sentiment continues although
dealers cautious about U.S. and European holiday demand. Steady demand for 0.30
to 3 ct., D-H, VS2-SI, (3X, none) diamonds. Rough trading slower since De Beers
sight. AWDC pledges to raise disclosure standards to combat threat of
synthetics.
Israel: Bourse closed for
three days during Jewish New Year. Dealers focused on filling U.S. holiday
orders with good demand for 0.30 to 0.89 ct., D-I, VS-SI2 and 1 to 2 ct., D-I,
VS-SI2 diamonds. Bourse promoting opportunities to partner with James Allan,
eBay and others. Reports of progress made in Tax Authority negotiations with
agreement expected in coming weeks.
India: Polished trading
stable with steady U.S. and Chinese demand. Melee improving with very small -2 melee
still weak. Dossiers steady but manufacturing profits tight after rough prices
firmed. Rough trading slowed after De Beers sight as manufacturing tapers off
before Diwali break (Oct 30). Retailers hoping marketing campaign will boost
sales ahead of Diwali.
Hong Kong: Dealer trading slow with wholesale Chinese businesses
closed for week of Oct 1. National Day holiday. Hong Kong retail sales improve
during Golden Week, but sales significantly lower than previous years. Tourist
numbers slightly up but visitors spending less. Steady growth expected in
Mainland China during the festival as demand has stabilized.
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Tags:
Rapaport News
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