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Rapaport Weekly Market Comment
Sep 28, 2017 11:00 AM
By Rapaport News
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Hong Kong show sales reasonably good but at
lower prices. Dealers now focused on filling US holiday orders. Jewelers hoping
lower gold price ($1,279/oz) will boost jewelry sales during China’s Oct. 1
National Day holiday and India’s wedding season. Rough prices weaker. Graff
buys 1,109 ct. Lesedi La Rona rough for $53M ($47,777/ct.). Exelco seeks Chapter
11 bankruptcy protection with liabilities of $50M to $100M. China 2Q net
polished imports +15% to $1.5B. Roger Farah to replace Michael Kowalski as
Tiffany chairman. The Rapaport Price List will not be published on Oct. 6 and
13 due to the Jewish holiday of Succot.
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.
United States: New York trade improving, but market relatively quiet over Jewish New
Year and Succot holiday with many offices closed Thursday and Friday Oct. 5-6
and 12-13. Steady demand for 1 ct. H-K, VS-SI diamonds. Good demand for large
fancy shapes, which are offering better margins than rounds. High volume of
RapSpec A3-and-lower goods available. Jewelers preparing holiday inventory.
Belgium: Cautious sentiment amid Exelco bankruptcy. Many businesses closed for
Jewish New Year. Liquidity improved following Hong Kong show. Steady demand for
top-make, RapSpec A2+ stones. Good demand for 1 ct., I-K, VVS-VS diamonds.
Sluggish demand for high-color D-E dossiers and 2 ct., D-E goods. Rough trading
slow.
Israel: Trading quiet over Jewish holiday period, extending through upcoming
Succot festival (Oct. 4 to 12). Dealers focused on filling US holiday orders.
Steady Far East demand for 1 ct., I-L, VVS2-SI1. Suppliers liquidating old
stock and maintaining stable prices for in-demand new supply. Rough trading
slow with prices softening on secondary market.
India: Steady market with foreign buyers looking for goods to fill US and Far
East holiday demand. Suppliers holding large polished inventories are reducing
prices on old stock that’s difficult to move. Steady demand for some SI goods
at lower prices. Rough trading slow as manufacturers begin to reduce operations
ahead of Oct. 19 Diwali break.
Hong Kong: Stable market following September show. Buyers buying at lower price
levels for holiday season. Steady demand for 0.30 to 0.50 ct and 1 ct., D-G,
VVS2-SI1 (3X, no fluorescence) diamonds. Dealers seeking higher margins through
fancy shapes. Rising consumer interest in colored diamonds and gemstones, with
pink diamonds gaining popularity.
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Tags:
Rapaport News
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