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Rapaport Weekly Market Comment
Dec 17, 2020 11:30 AM
By Rapaport News
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Positive sentiment in final week before Christmas as Covid-19 vaccine receives FDA approval. Holiday season successful for e-commerce businesses. Online sales now slowing as delivery deadlines approach. US Nov. retail sales -1.1% vs. previous month after boost from early holiday shopping in Oct. Chinese demand driving polished market ahead of Feb. 12 lunar festival. Dealers anticipate good inventory replenishment in 1Q. Rough market robust after prices increased 1% to 2% in select categories at De Beers sight. Premiums strong on secondary market. De Beers cuts 2021 production plan to 33M/35M cts. Belgium Nov. polished exports -9% to $612M, rough imports -14% to $702M.
Fancies: Reduced inventory supporting prices for select fancy shapes. Ovals and Pears strong in 1.50 to 2 ct., G-K, VS-SI categories and 3 to 5 ct. SIs. Princesses improving. Excellent cuts and nice shapes in demand and selling at premiums. Rising orders in China helping the market. Dealers hoping for increased sales of fancy-shape engagement rings as consumers seek alternative designs at lower cost. High availability of fancies below 1 ct. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Positive momentum as jewelers make orders for first quarter. Bridal and diamond fashion categories spurring activity. Retailers focused on last-minute selling. E-commerce slowing as holiday shipping deadlines approach. Dealers struggling to find the right goods to replace sold inventory. Steady demand for old mine and European-cut stones.
Belgium: Dealers more optimistic than in previous weeks and busy filling orders before Christmas-New Year break. Solid consumer interest in diamonds and jewelry during holiday season as pandemic curtails spending on other discretionary items like fine dining and travel. Rough trading strong following De Beers sight. Goods selling at firm premiums on the secondary market. Rough auctions and tenders also busy.
Israel: Very little activity in the bourse after good October-November period. Suppliers have completed holiday orders and are waiting for sales feedback on memo items. Shortages and firm rough prices making it difficult to replace inventory. Rough market robust. Candidates campaigning for upcoming bourse election in late December.
India: Sentiment improving amid stable domestic and export demand. Dossiers steady, with 0.25 to 0.50 ct., D-F, VS-SI diamonds selling well. Many businesses investing in lab-grown due to strong demand and better margins than natural. Manufacturers raising polished production in anticipation of post-holiday inventory replenishment. Some concerned the rough market is becoming overly exuberant.
Hong Kong: Wholesalers and dealers busy, with focus on meeting final supply needs for Chinese New Year season. Good market for 1 ct., D-H, VVS-SI, RapSpec A3+. Local retail struggling amid continued absence of tourists during Christmas shopping period. Vigorous e-commerce driving recovery for jewelers in mainland China. 0.30 to 0.79 ct., F-I SIs are best sellers online.
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Tags:
Rapaport News
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