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Rapaport Market Brief - October 6, 2022
Oct 6, 2022 10:30 AM
By Rapaport News
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News: Market sentiment cautious amid softening prices. 1 ct. RAPI -3.8% in Sep. and -9.7% during 3Q. Retail jewelers expecting steady holiday sales but being careful not to hold large inventories amid economic uncertainty. US in recession as GDP contracts for second consecutive quarter: -0.6% in 2Q. Rough market slow after De Beers sales +2% to $500M in Sep. Polished inventory high; diamonds on RapNet +10% to 1.88M. Antwerp dealers hoping for easier access to financial services after Belgium parliament approves new banking law. Israel Sep. polished exports +113% to $420M, rough imports +28% to $109M. Rapaport offices will be closed Oct. 10-11 for Sukkot holiday.
Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 and larger, F-J, VS-SI goods stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
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Tags:
Rapaport News
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