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Rapaport Weekly Market Comment
Nov 14, 2019 11:03 AM
By Rapaport News
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Polished
market stable and showing rise in demand for 0.30 to 0.50 ct. Reduced
manufacturing has led to shortages of top-quality RapSpec A3+ goods. Rough
trading steady after price cuts at $390M Nov. De Beers sight. Alrosa 3Q profit -44% to $212M with concern over built-up
21.7M ct. inventory. Retail outlook optimistic as Dow hits record (+19%
YTD to 27,783). Ongoing unrest dampens Hong Kong luxury. Richemont 1H jewelry
sales +8% to $4.1B. Christie’s
Geneva sells $55M (93% by lot) including rectangle, 7.03 ct., fancy deep purple
blue, VVS2 for $11.6M ($1.7M/ct.). Sotheby’s garners $54M (80% by lot)
including pear, 6.03 ct., fancy intense purple pink, VVS2 for $3.4M ($556K/ct.).
Fancies: Some improvement in G-H, VS-SI fancy shapes above
1 ct. Pears and Ovals are the strongest shapes. High-end collection goods weak
as dealers and consumers shift to lower price points. Ovals for fashion jewelry
moving well in 1.50 and 2.99 ct., G-H, VS and H-K, SI2. Large Emeralds steady.
Marquises and Princesses weak despite reduced manufacturing. US sustaining
market for commercial-quality, medium-priced fancies under 1 ct. Chinese
consumers seeking fancy shapes since prices are better than rounds. Off-make,
poorly cut fancies illiquid and hard to sell even at very deep discounts.
United States: Mixed sentiment as activity shows improvement but
sales drop below 2018 numbers. Rising expectations for holiday season that
begins on Thanksgiving weekend (Nov. 29). Bridal market steady; campaigns
planned to broaden the category. Melee selling, but large-scale buyers remain
cautious. Jewelers taking more goods on memo to limit their inventory exposure.
Belgium: Dealers in positive mood due to better trading than last month. Very
little inventory buying. Focus is on filling last-minute Christmas orders. 0.40
to 0.70 ct., D-F, IF-VVS, RapSpec A3+ goods selling well. Lack of top-quality
3X, no-fluorescence goods. Rough trading active, with more stones available on
secondary market following De Beers and Alrosa price cuts.
Israel: National security alerts disrupt bourse activity after strong trading
period. Dealers focused on US market and specific orders from China. Steady
demand for 1 ct., D-G, IF-VVS. Improvement in 0.20 to 0.25 ct., D-G, VVS
stones. Dealers maintaining polished discounts and hoping for better margins
after rough price cuts. Large delegation of 21 companies traveling to Nov. 28
Hong Kong International Jewelry Show despite ongoing unrest in the city.
India: Mumbai trading back to normal after Diwali break. Israeli and Korean
buyers looking for SI and I1 goods. Surat cutters to resume operations on Nov.
18. Manufacturers resisting pressure to reduce polished prices after rough
declines. Volatile rupee (INR 72/$1) adding to market uncertainty. Jewelers
expecting sales to pick up during upcoming wedding season.
Hong Kong: Polished market showing steady demand from China and rest of Asia
Pacific. Hong Kong retailers still cautious following sales dip amid ongoing
protests. Concerns about prolonged disruption grow as clashes intensify. China
orders stable for 0.30 to 0.50 ct., D-G, VS-SI diamonds. China retail robust,
with Alibaba seeing record 11/11 Singles’ Day sales of $38 billion. Jewelers
preparing promotions for Chinese New Year (Jan. 25).
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Tags:
Rapaport News
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