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Research News
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Market Comments 1/6/2011
Jan 6, 2011 6:00 PM
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Polished diamond prices up 10.3% in 2010 following decline of 7.6% in 2009. RapNet 2010 prices for 0.50 ct. +4.1%, 1 ct. +12.3% and 3 ct. +24.6%. Prices at Rapaport Melee Auctions +57%. Rapaport estimates average rough prices +21% in 2010. Fine quality- to- mid quality 0.5-1 ct. polished and cheap Indian goods in short supply with strong demand for melee goods. U.S. holiday sales meets expectations and dealers hoping positive demand will extend to Far East for Chinese New Year (Feb. 3). Cutters concerned mining companies may raise rough prices following strong 4Q rough sales. Israel’s 2010 polished exports +48% to $5.8B, rough imports +51% to $3.8B. Investors start 2011 bullish as Dow reaches two-year high (11,722.89). De Beers Botswana CEO Neo Daniel Moroka recovering after lion attack.
Global Markets
United States: The wholesale market is relatively quiet given some extended end-of-year vacations. Overall, trading is stable and in line with expectations for this time of year, if not encouraged by positive reports about the holiday season. Activity in the retail sector has slowed since the Christmas – New Year week but store owners are hoping to benefit from gift-card buying in January. There has been good demand for 0.50- to 1.50-carat, H-J, SI stones throughout the season and some shortages have become apparent in the market.
Belgium: Most businesses remain closed for the Christmas-New Year break so activity in Antwerp remains quiet. Trading is expected to start returning to normal next week. There are positive expectations for the polished market after the end-of-year holiday period although manufacturers remain concerned about their tight operating margins. There is good demand for rough despite high prices.
Israel: Trading in Ramat Gan is stable with good inter-dealer trading taking place while foreign buyers have not yet returned from the break during holiday season. Polished dealers are hoping that buying in the Far East in January, ahead of the Chinese New Year (February 3) will keep a positive trading momentum. In the bourse, there is demand for 0.50-to 1.10-carat, D-I, VS-SI diamonds and for 3.00-carat stones, while a supply shortage remains for a broad range of qualities.
India: Polished demand has increased as shortages persist for goods below 0.5-carat and 1.00-to 1.99-carat goods in all categories. There is improving demand for 2.00-carat, lower color and clarity diamonds while demand for 2.00-carat stones in better qualities is stable. Buyers have come under pressure as sellers have increased their asking prices. The positive outlook for the local and Far East markets is also fueling demand. Some foreign buyers are in the market to attend the IIJS Signature show over the weekend. There is good demand for rough, although there are some shortages in rough that yields polished stars and melees.
China: Trading is busy with strong buying at the wholesale level as the market gears up for the Chinese New Year, which begins on February 3. There has been an uptrend in polished prices as buyers aggressively seek out goods, particularly 0.50-to 1.00-carat size diamonds. There are reported shortages of good quality 1.00-carat, Triple EX diamonds in the Chinese market.
Hong Kong: The market is stable with traders hoping activity will increase in the coming month toward the Chinese New Year. Polished buyers appear willing to spend but need to be confident they will be able to sell at the retail level. Therefore there is still some price resistance despite the recent slight uptrend seen in the market. There is good demand for rounds in VS-SI qualities. Demand for fancies is more specific as buyers respond to existing orders fr extraordinary stones. There is a notable shortage and strong demand for good quality heart shape diamonds in the market.
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