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Rapaport Weekly Market Comment
Aug 4, 2016 11:00 AM
By Rapaport News
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Diamond trading quiet. Polished prices soften
in July with 1 ct. RAPI -1.7%, 0.30 ct. -1.8%, 0.50 ct. -0.5%, 3 ct. -1.5%. India
IIJS show opens with steady local traffic but no foreign buyers. Rough demand
stable as De Beers sells $520M in July. Canada’s Gahcho Kué mine begins
production that is expected to reach 4.5M ct. a year. Rio Tinto 1H diamond
revenue +3% to $342M, profits -29% to $22M. Ben Moss to close all 54 stores.
Belgium July polished exports -14% to $1.2B, rough imports +17% to $907M.
European Commission approves Antwerp ‘Carat Tax’. Industry mourns passing of
former Dominion Diamond CEO Robert Gannicott.
Fancies:
Markets slow with some weakening of prices. Ovals and Pears doing well.
Cushions supported by specific orders. Emeralds selling with improving
large-stone demand. Princess and Hearts slow. 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.
United
States: Sentiment
weak with quiet polished market. Stable demand for 1 ct., H-I, SI diamonds.
Good demand for 3X as prices softened. Large retail programs creating orders
but jewelers avoiding inventory buildup. Sales focused on engagement and bridal
jewelry for summer wedding season.
Belgium:
Market at a standstill with the bourses closed from August 1 to 22. New Carat
Tax introduced for 2017 aiming to simplify tax calculation and ease tensions
with banks and authorities. Antwerp World Diamond Centre (AWDC) hosting
information session on Carat Tax on Friday, August 5.
Israel:
Polished
trading seasonally slow in August. Dealers preparing for vacation before bourse
closes (August 15 to 28). Slight improvement at one-day Blue and White fair
with few overseas participants. Steady demand for 0.30 ct. to 0.89 ct., D-I,
VVS1-VS2 diamonds. Concern about increased supply and rising demand for
synthetics.
India:
Polished
trading quiet. Jewelers focused on IIJS show (August 4 to 8). Low expectations
for diamond and gold jewelry sales. Very few foreign buyers attending.Good
demand for 1 ct., G-J, VS-SI diamonds. U.S demand steady. Chinese and domestic
Indian demand cautious. Rough trading stable after last week’s De Beers sight.
Hong
Kong: Jewelry
retailers discounting to clear stock during slow summer typhoon season. General
retail sales declines 11 percent in first half – worst drop in 17 years – due
to slowdown in tourism and economic growth. Jewelry and luxury sales weak.
Diamond trade stable with steady demand for 1 ct., G-J, VS-SI, 3X diamonds. |
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Tags:
Rapaport News
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