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Rapaport Weekly Market Comment
Aug 25, 2022 10:00 AM
By Rapaport News
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News: Diamond market cautious with slow trading as Belgian and Israeli dealers return from summer break. Some optimism for US holiday season as New York trading improves slightly. Rise in memo calls. Far East quiet, particularly China, with reduced demand for 0.20 to 0.30 ct. sizes. Primary rough supply expensive; premiums on secondary market declining. Bloomberg reports Alrosa selling approximately $250M worth of rough a month. Manufacturers refraining from excessive rough buying due to poor profit margins. Polished inventory levels high due to weak sales. Buyers selective and cherry-picking top-quality diamonds they need to fill orders.
Fancies: Market has cooled for 0.30 to 1.20 ct. diamonds. Supply shortages of well-cut fancies supporting prices. 1.20 to 3.99 ct., F-J, VS-SI goods stable. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Growing interest in fancy-shape engagement rings. Oversizes trading at higher prices than usual. Excellent shapes commanding premiums. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Trading gradually improving as jewelers start to prepare for the holiday season. Steady flow of memo calls. Good demand for rounds, cushion, ovals and emeralds, 1.25 to 1.75 ct., G-I, VS2-SI, 3X diamonds. Rounds doing better than fancies. Jewelry manufacturers more optimistic than in July amid uptick in demand for diamond and emerald pieces.
Belgium: Activity rising as bourses reopen after three-week vacation. US inquiries steady, but orders seasonally sluggish. Chinese demand slow. Rough market stable but concerns about high price levels.
Israel: Market quiet, with many still on summer break. Diamantaires are cautious and uncertain of the market direction. Focus on US demand; China and Hong Kong remain slow. Dealers looking for goods ahead of busier fourth-quarter period. Buyers more selective than two months ago and very sensitive to price fluctuations.
India: Polished trading sluggish due to slow demand. Dealers uncertain about market trends. Small stones (0.01 to 0.29 ct.) weak; stars and melee in higher colors stable. Steady orders for 1 ct., G-I, VS-SIs. Good market for fancy shapes above 1 ct. as inventory has declined. Cutting factories maintaining lower production levels amid high inventory and reluctance to buy expensive rough.
Hong Kong: Some improvement in local trading as jewelers assess gaps in their inventory. Economy picking up as municipality reduces quarantine for foreign visitors to three days. Some preparing for next month’s show (September 27 to 30), which has moved to Singapore due to Covid-19 travel restrictions. China retail gradually returning after July lockdowns in select cities.
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Tags:
Rapaport News
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