Diamond trading quiet but sentiment positive
due to improving retail expectations ahead of Mother’s Day, China’s May 1
holiday and India’s Akshaya Tritiya festival. US demand cautious as dealers
wait for JCK Las Vegas show. Consolidations continue as JBT reports 318
jewelers closed in 1Q, 16% fewer than last year. Sotheby’s NY sells $28.9M (85%
by lot) with pair of emerald, 20.29 & 20.02 ct., D, IF diamonds selling for
$5.3M ($131,481/ct.). Christie’s NY sells $35.2M with rectangular, 22.03 ct.,
D, IF Van Cleef & Arpels diamond ring fetching $2.6M. De Beers 1Q sales
volume +74% to 14.1M cts., production +8% to 7.4M cts. Industry mourns the
passing of Lloyd Jaffe.
Fancies: Steady demand for Pears in the Far East, with Ovals overtaking
Pears as the strongest shape in the US. Shortages of fine-quality large Pears
and Ovals. Cushions stable. Emeralds selling better than Princesses. Some
demand for big fancy shapes, but buyers extremely picky. Improving demand for
Radiant, 3.01 to 9.99 ct., D-I, SI1-SI2 elongated stones. Large 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: Polished trading stable and prices steady. Dealers preparing for
Las Vegas shows. Steady demand for nice-quality (RapSpec A2+) goods as demand
shifts to SI grades and with shortages of 3X goods. Good demand for 0.75 to 1.50
ct., G-J, SI1-I2 diamonds. Some optimism for Mother’s Day, with National Retail
Federation expecting jewelry to be the strongest gift category.
Belgium: Positive sentiment despite slow trading. Suppliers holding steady
prices. Demand weakening for 0.30 to 0.40 ct. goods due to price increases. Improving
demand and high availability for 0.50 ct.diamonds. Commercial-quality
(RapSpec A3), 1 ct., G-J, VS-SI diamonds stable. Rough trading strong with
steady premiums for Russian goods after last week’s Alrosa sale.
Israel: Market returned to normal following the Passover break.Very
few foreign buyers in the bourse, raising concerns that brokers are stuck with too
many goods. Suppliers maintaining steady prices ahead of the Las Vegas shows,
but pressure to sell is mounting as inventory rises. Demand for 1.01 to 1.99
ct., G-J, VS-SI diamonds softened since last month.
India: Polished trading
relatively quiet with many dealers taking off during the school vacation
period. Good demand for commercial-quality VS-SI goods. US demand cautious,
with dealers hoping for stronger orders during the Las Vegas shows. Rough
trading steady as manufacturers maintain higher polished production. Retail
jewelers optimistic for strong gold and diamond sales on Friday’s auspicious Akshaya
Tritiya Hindu festival.
Hong Kong: Dealer and wholesale markets disrupted by holiday period leading up
to next week’s May 1 Labour Day festival. Steady demand for 1 ct., D-H, VS-SI
diamonds and improving demand for 1 ct. and larger, K-L, SI, 3VG+ goods.
Dealers shifting to fancy colors to gain better margins than colorless stones
and due to growing popularity of fancy yellows among consumers. Retail
sentiment improving, with high expectations for May 1 holiday and Mother’s Day.
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