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Rapaport Weekly Market Comment
Jun 22, 2017 11:00 AM
By Rapaport News
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Rough market cools slightly as De Beers raises prices an average 2% to
3% at $530M June sight. De Beers limiting supply to support prices and align
with sluggish polished sales. Hong Kong show begins with rising expectations
for Chinese demand, after Las Vegas demonstrated cautious and changing US
market. Declining mall traffic and popularity of custom-made bespoke jewelry
impacting jewelers’ inventory needs. Christie’s NY Magnificent Jewels auction
fetches $26.1M (83% by lot), with Harry Winston buying 18.04 ct. “Rockefeller
Emerald” ring for $5.5M ($305,516/ct.). Swiss watch May exports +9% to $1.7B.
India May polished exports +4% to $2.1B, rough imports +22% to $1.9B.
Fancies: Ovals and Cushions gaining popularity, overtaking
Pears as the strongest shape in the US. Steady demand for Pears in the Far
East. Shortage of fine-quality large Pears and Ovals. Emeralds improving and
selling better than Princesses. Some demand for big fancy shapes, but buyers
extremely picky. Improving demand for Radiant, 3.01 to 9.99 ct., D-I, SI1-SI2
elongated stones. Large price differentials between excellent- and average-cut
fancies. Off-make, poorly cut fancies illiquid and hard to sell, even at very
deep discounts.
United States: Market starting to experience
summer slowdown ahead of July vacation period. Dealers cautious as midstream
polished inventory levels rise and retailers limit their orders. Engagement and
bridal sales consistent ahead of summer wedding season. Steady demand for 0.75
to 1.25 ct., H-I, SI1-I1 center stones.
Belgium: Positive sentiment despite slow trading. Dealers
optimistic for Chinese market ahead of Hong Kong Jewellery & Gem Fair (June
22-25). Steady demand for 1 to 2 ct., D-G, VS1-SI2, RapSpec A2+ diamonds. Good
demand for rare fancy-color diamonds. Rough trading slowed slightly as
secondary market premiums softened after De Beers sight.
Israel: Market quiet, with many dealers attending the Hong
Kong show. Suppliers shifted focus to Far East after Las Vegas show failed to
boost trading activity. Steady demand for 1 to 3 ct., H-K, SI3-I1 diamonds.
Imperfect stones selling at deeper discounts. Manufacturers concerned about
profitability as rough prices firm.
India: Polished trading relatively quiet, with dealers hoping
for a lift at the Hong Kong show. Manufacturing levels steady. Suppliers’
inventory levels rising in anticipation of retail program orders for the
holiday season. Rough trading softened after De Beers sight due to high prices
and declining profit margins.
Hong Kong: Wholesale trading slow but expected to improve during
this weekend’s show. Steady Chinese demand for 0.30 to 1 ct., E-G, VS-SI,
RapSpec A2+ diamonds as retailers look to fill inventory for the summer season.
Rising confidence in Chinese jewelry retail demand and signs of improvement in
Hong Kong.
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Tags:
Rapaport News
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