Rapaport Weekly Market Comment

Diamond market quiet
over Jewish holidays. Slight improvement in India ahead of Bharat Diamond Week,
with buyers looking for polished before Diwali break (Oct. 27). Shortages in
RapSpec A3+, nonfluorescent goods as manufacturers maintain low production.
China retail sales +8.5% during Oct. 1 Golden Week. Luxury brands shifting
high-ticket items from Hong Kong to Shanghai stores. LVMH 3Q jewelry &
watch sales +8% to $1.24B. Sotheby’s HK sells $38M, with 10.64 ct.,
purplish-pink, IF diamond selling for $19.9M ($1.9M/ct.); auction also
reflected sluggish big-stone market as 80.88 ct., D, FL diamond fails to sell.
Rapaport offices will be closed on Oct. 14-15 for the Jewish holidays.

Fancies: Fancy
shapes soft, reflecting slowdown in overall demand. High-end collection goods
weak, as dealers and consumers are shifting to lower price points. Some brands
with bespoke requests are paying a premium for rare items and well-made
fancies. Ovals for fashion jewelry moving well, especially 1.50 and 2 ct., G-H,
VS and H-K, SI2. Marquises and Princesses weak despite reduced manufacturing.
US sustaining market for commercial-quality, medium-priced fancies under 1 ct.
Chinese consumers seeking fancy shapes at better prices. Off-make, poorly cut
fancies illiquid and hard to sell, even at very deep discounts.

Rapaport News will resume publication of the country
market comments after the Jewish holiday period.