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Israel Diamond Week Results in Good Buzz, Few Deals
Feb 12, 2015 11:30 AM
By Ronen Shnidman
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RAPAPORT... The International Diamond Week officially came to a close on Thursday at the Israel Diamond Exchange (IDE) after bringing over 300 Israeli diamond companies as well as dealers from the U.S., Belgium and Turkey to conduct business deals.
Diamantaires who exhibited their goods concluded that attendance was slightly larger than last year’s International Diamond Week event; however, some of the diamond dealers noted that higher foot traffic didn't translate into greater selling capacity, since buyers aggressively sought bargains.
“The prices in the market are quite low at the moment and the guys who are buying are trying to drive hard bargains,” said Benjamin Burne of White Pine Trading. The U.S.-based company specializes in recycled round and fancy-shape diamonds up to 7 carats in size. However, like most of the U.S. dealers in attendance, Burne didn’t lack for offers. Two potential buyers interested in fancy-shape diamonds came calling while Burne was speaking with Rapaport News.
Shmuel Schnitzer, the president of the IDE, noted in his opening remarks that a small Belgian delegation participated in the event as a trial run, led by Marcel Pruwer, the president of the Antwerp Diamond Bourse (Beurs voor Diamanthandel). Potentially, Belgium could dramatically increase its participation next year. The International Diamond Week was organized by the IDE in close cooperation with the Diamond Dealers Club (DDC) of New York and the Antwerp Diamond Bourse.
Among the local Israeli traders, observations were less uniform, with buying action more hit or miss, but general activity reflected trends in the global market. A fancy-shape dealer from R.M. Diamonds said that fancies without excellent -- or very good -- makes were still a hard sell in the market.
An Israeli trader who deals in rounds said, “There is a good atmosphere at the show and we have had no lack of offers, but there are less deals being made when compared to last year’s show.” The dealer contended that “It is because the situation in the global market right now.”
Most dealers who spoke with Rapaport News also noted that it was difficult to sell any diamonds with black specks in most markets at the moment, which may have something to do with the approaching Chinese New Year. The color black is considered very unlucky in China and for the Lunar New Year, a time for major jewelry gift-giving, much like Christmas and Diwali.
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Tags:
Benjamin Burne, IDE, International Diamond Week, Ronen Shnidman, White Pine Trading
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