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Market Comments 6/1/2007
Posted: 05/31/07 23:55
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News: All eyes on Vegas as global industry gathers for important JCK Show. American demand remains relatively sluggish with continuing liquidity problems and consumer price resistance. Big stones booming with developing foreign markets increasing market share. De Beers DTC is expected to increase overall rough prices by 2-5% this week. Prices of large better quality stones are expected to increase significantly with lower prices for smaller, medium to low quality, rough diamonds. De Beers is attempting to realign the prices they pay diamond producers with market reality. De Beers sells rights to Botswana's Kalahari Desert exploration project to Gem Diamonds for $34 mil. Project was central to Bushmen protest. Pears: Fancy shape market mixed, with booming demand, severe shortages and surging prices for large, fine quality, well shaped fancies buy very weak, overstocked and illiquid, markets for smaller commercial goods. While shortages and steady prices exist for narrow ranges of commercial goods overall supply of commercial fancies is much greater than demand and dealers are avoiding inventory purchases. Buyers are paying premium prices for their narrow selectivity and should consider broadening the range of well made fancies they buy. Well made large Heart Shapes very strong in Hong Kong markets. Commercial quality Princess Cuts not as hot as they used to be with improving market for Pears and Emerald Cuts taking their market share. Off shape and poorly cut fancies extremely difficult to sell.
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