Trading quiet due to Chinese,
Indian and Jewish holidays and weak market sentiment. Dealers cautious as
fourth quarter begins. Jewelers limiting inventory purchases as shift to interactive
digital shopping experience and omni-channel reduces their in-store stock
requirements. Hong Kong retail sales slump as
protests escalate during Oct. 1 Golden Week. Lower midstream inventory
supporting polished prices. 1 ct. RAPI -0.3% in Sep. Large stones (3 ct.+)
remain soft. De Beers restricting supply through flexible buyback policy at $295M
Sep. sight. Richemont acquires Italian jeweler Buccellati. Rapaport offices
will be closed on Wednesday, Oct. 9, due to Yom Kippur.
Fancies: Fancy shapes soft, reflecting slowdown in
overall demand. 3 to 8 ct., I-K, VS-SI1 moving better than rounds as dealers
and consumers shift to lower price points. Well-known brands are paying highest
prices, as are buyers with specific requests. 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.
United States: Polished trading slow, with many businesses
closed for Jewish New Year. Dealers focused on filling holiday demand. Retailers
taking more goods on memo. Stable interest in 0.70 to 1.50 ct., G-H, VS-SI diamonds
for the engagement-ring segment. Consumers shifting to lower-ticket items amid
trade war uncertainty and stock market volatility. Good demand for estate and
vintage jewelry.
Belgium: Market sluggish for
this time of year. Dealers expect trading to pick up in coming weeks before
India’s Diwali break. US orders improving.China demand
cautious after weak Hong Kong show. Rough sentiment mixed, with auctions and
tenders attracting stronger interest than sights.
Israel: Limited activity, with businesses
shut for three days over Rosh Hashanah. Dealers focused on US, hoping demand will
improve as the holiday season begins. Steady orders for 1 ct., G-J, VS2-I1,
RapSpec A3+ diamonds. Big-stone traders concerned about continued weakness.
Bourse launches third video in campaign to market natural diamonds as “one of a
kind” (see video here).
India: Short week due to
Gandhi Jayanti national holiday. Few foreign buyers in Mumbai. Prices of 0.30
to 0.40 ct., D-G, IF-VVS2 firming as inventory diminishes. Rough trading down.
Manufacturers maintaining low production capacity ahead of Oct. 27 Diwali
break.
Hong Kong: Protests rattling the
market. Muted celebrations amid security warnings.
Very low expectations for Golden Week retail sales, as tourists staying away. August
sales of jewelry, watches, clocks and valuable gifts -47%, reflecting
impact of demonstrations on inbound tourism and consumption. Luxury jewelers
consider reducing Hong Kong exposure and expanding in mainland.
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