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Rapaport Weekly Market Comment
Nov 4, 2021 10:30 AM
By Rapaport News
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Diamond industry confident for holiday season. US trade upbeat amid steady retail orders. Indian suppliers take Diwali vacation. Dealers focusing on sales; buying has become difficult due to expensive rough and increased competition from large manufacturers selling direct to retailers. Polished prices stabilizing as buyers complete holiday orders. 1 ct. RAPI -0.2% in Oct. US polished imports +118% to $1.8B, exports +64% to $1.2B. Consolidation continues as JBT reports number of jewelry businesses down 2% to 23,984 in 3Q. Rough market stable ahead of next week’s De Beers sight. Letšeng 3Q average price -28% to $1,589/ct. The Rapaport Group wishes all our friends a happy Diwali.
Fancies: Market robust. Prices high and stable. 1.20 to 3.99 ct., F-J, VS-SI is hottest category and seeing shortages. Retailers offering broader product ranges as consumers seek alternative shapes. Dealers report increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Ovals and Radiants closing price gap with Rounds. Oversizes trading at higher prices than usual. Excellent shape commanding premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Buoyant retail demand, with bridal segment driving the market. Jewelers taking goods on memo and seeing strong sell-through. Steady demand for round, 1 to 3 ct., G-I, VS, 3X diamonds. Fancy shapes also selling well. Suppliers with large inventory offering higher discounts to cash buyers. Smaller companies offering long payment terms to secure deals. Dealers struggling to replace sold inventory at profitable price points.
Belgium: Positive sentiment as suppliers fill orders for US and European holiday season. High end robust ahead of GemGenève show and Geneva auctions. Steady demand for 1 ct., G-I, VS-SI, RapSpec A3+ diamonds. Rough trading resilient. September polished exports jump 32% to $691.5 million, rough imports flat at $838.6 million.
Israel: Business stable. Dealers struggling to find the right goods at reasonable prices. US holiday orders driving activity. Diamond Exchange hosts United Arab Emirates (UAE) Economy Minister to discuss setting up free-trade zone and improving relations with UAE.
India: Market closes for two-to-three weeks due to Diwali. Mumbai businesses on vacation until November 9; Surat factories to return around November 22. Reports of strong domestic jewelry sales on Dhanteras, an important gold-buying occasion. September polished exports rise 22% year on year to $1.91 billion, rough imports up 24% to $1.67 billion.
Hong Kong: Wholesale activity picking up ahead of holidays and Chinese New Year (February 1). Steady demand for 1 ct., F-H, VS2-SI2, 3X diamonds; 0.50 to 0.70 ct. also moving well. Fine cuts in short supply. Good market for fancy shapes, especially in higher clarities. Local retail improving as coronavirus situation eases and government distributes consumption vouchers. Hong Kong hard-luxury sales up 16% to HKD 3.18 billion ($408.5 million) in September.
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Rapaport News
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