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Rapaport Weekly Market Comment
October 27, 2016
Oct 27, 2016 11:00 AM
By Rapaport News
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Markets quiet with New York, Antwerp
and Israel returning from Jewish holidays and India closing for Diwali
festivals. Polished prices relatively stable since September HK show but
overall demand relatively weak and inventories high. Rough trading active with
percentage increases due to low sales last year. De Beers 3Q sales +77% to 5.3M
cts., production +4% to 6.3M cts. Petra Diamonds 3Q production +30% to 1.1M
cts. Luk Fook 2Q gem-set jewelry same-store sales -14%. India Sept. polished
exports +30% to $2.5B, rough imports +71% to $1.8B.
Fancies:
Markets improving. Curved fancy shapes improving. Large sizes getting some
interest, but buyers are extremely picky. Fancy shape prices relatively soft in
a buyer’s market. U.S. demand supporting market for small to medium size,
commercial-quality fancies. (H-J- SI2-I2).Far East fancy demand weak. 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.
United States and
Belgium: Trading quiet as dealers return from Jewish
holidays.
Israel:
Market quiet as traders return from nearly a month of holidays. Better variety
of goods available with improved sales. Solid demand for RapSpec A3+ diamonds.
Some demand for oversized goods in high colors including usually slow VVS
clarities. Good demand for VS-SI in low colors.
India:
Market gearing up for Diwali with businesses closing, reopening Nov. 7-9.
Cutting factories to shut for up to 3 weeks. Trading slow. Weak demand and
growing inventories putting prices under pressure. Rough flooding market as
Sept. imports grow 71% amid miners’ higher production and sales.
Hong Kong:
Market sentiment low with Hang Seng Index falling and increased political
disorder over the extent of Chinese control. Luk Fook 2Q gem-set jewelry
same-store sales -14%, gold sales -47%. |
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Tags:
Rapaport News
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