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Rapaport Weekly Market Comment
Oct 19, 2017 11:00 AM
By Rapaport News
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Trading quiet due to Jewish
and Indian holidays. Industry hoping stock-market wealth will boost holiday
luxury spending, as Dow hits new high above 23,000. Jewelers’ holiday orders
reflect lower retail inventory requirements. Bankers at Dubai conference warn
of rising lending costs, inflated polished supply and excess funding. Rough
trading slow with reduced premiums, as Indian factories close for Diwali. De
Beers Oct. sale -25% to $370M. Chow Tai Fook 2Q China sales +15%. Ahmed bin
Sulayem to replace Peter Meeus as Dubai Diamond Exchange chairman. Rapaport
Group to auction 709ct. Peace Diamond in New York on Dec. 4. Rapaport wishes all our friends a happy, enlightening
Diwali.
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 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: Activity mixed as
dealers return from Jewish holiday vacation. Larger companies receiving steady
orders, but smaller wholesalers and dealers struggling to match last year’s
sales. Steady demand for VS-SI goods. IF-VVS clarities weaker. Expectations
rising for holiday season among jewelers with improved omni-channel offerings.
Belgium: Polished and rough trading relatively
quiet with Indian dealers on Diwali vacation. Steady US demand as jewelers
prepare for holiday season. Chinese orders improving. Steady demand for commercial-quality
goods above 3 carats. Dealers stuck with large polished inventory, but note shortage
of top-quality SI’s. Rough market quiet over Diwali.
Israel: Market quiet as traders return to
first full week of activity after nearly a month of Jewish holidays. Sentiment
weak due to low profitability and rising inventory levels. Steady demand for
large rough diamonds as Israel strengthens its position in big-stone niche. US
orders steady, with high volume of commercial-quality goods sent on memo.
India: Market shut down for Diwali festival
that began Oct. 19. Dealers expected to return Nov. 6, manufacturers on Nov.
13. Weak demand and growing inventories putting prices under pressure. Rough
demand slow as factories head to Diwali with high polished inventory. Lower
gold price expected to boost Diwali jewelry sales.
Hong Kong: Dealer market quiet with Indian
buyers absent during Diwali. Steady demand for 1-carat, F-H, VS-SI2 (3VG to 3X)
goods. Market focused on SI-I1 stones. Retailers encouraged by Oct 1. Golden
Week sales and ongoing wedding season. Tourist arrivals stable during busy holiday
period. Chow Tai Fook reports strong growth (+104%) in second-quarter
e-commerce sales.
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Tags:
Rapaport News
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