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Rapaport Weekly Market Comment
Nov 28, 2019 11:03 AM
By Rapaport News
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Positive sentiment as US jewelers complete
holiday orders. Optimistic outlook for season as stock market rallies despite
Trump impeachment trial and trade war. LVMH $16.2B Tiffany buyout demonstrates
confidence in luxury jewelry sector. Macy’s and J.C. Penney highlight strong 3Q
jewelry performance. Retailers taking more on memo, presenting good opportunity
for New York dealer market. Manufacturers raising production after Diwali break
amid shortages of better-quality RapSpec A3+ diamonds. Christie’s Hong Kong
sells $50.6M, including important jadeite necklace for $9.4M. The Rapaport
Group wishes all our friends a happy Thanksgiving and a successful holiday
season.
Fancies: Some improvement in 1 ct. and larger, G-H, VS-SI fancy shapes.
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 lower than rounds. Off-make,
poorly cut fancies illiquid and hard to sell even at very deep discounts.
United States: Pockets of good demand, driven by last-minute
holiday orders. A lot of diamonds out on memo, with expectations of completing sales
as holiday season begins. Emphasis on multichannel strategies as retailers steer
customers to stores via online promotions. Jewelers opting for designs with smaller main diamonds
surrounded by melee to create a bigger look at lower price points, De Beers
research shows. Steady interest in 1 to 1.50 ct., G-H, VS-SI for engagement rings.
Belgium: Dealer market stable, with rising confidence in
memo sales. Steady movement of 0.30 to 1 ct., G-J, VS-SI diamonds. Focus on US
and European holiday demand, but buyers have specific requirements. Retailers not
making large inventory orders. Chinese market cautious; Hong Kong weak during
demonstrations. Rough auctions better than a month ago.
Israel: Steady activity in
the bourse, with dealers focused on selling abroad. Good market for 1.50 ct.,
G-H, VS2-SI2 diamonds for peak US engagement season. 0.50 to 0.70 ct.
improving. Large stones above 3 ct. weak. Expectations low for Far East, even with
20 Israeli companies participating in Hong Kong International Jewelry Show
(Nov. 28 to Dec. 1).
India: Polished trading
relatively quiet for this time of year. Manufacturing back to normal after
Diwali as suppliers prepare for orders after US holidays. Inventory levels down,
supporting prices of better-quality RapSpec A3+ goods. Large volume of lower-quality
diamonds still available. Rough trading stable, with some hope for further
price cuts.
Hong Kong: Sentiment slightly improved as protests subside after
local election. Retail and wholesale business still slow amid sharp decline in
tourist arrivals. Major jewelers maintaining low inventory and shifting better
goods to mainland stores ahead of upcoming Chinese New Year. Mainland sellers optimistic
for trade-war deal. Steady demand for 1 ct., D-L, VS-SI diamonds.
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Tags:
Rapaport News
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