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Market Comments 10/24/2008

Oct 23, 2008 11:55 PM  
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Rapaport Weekly Comments: Diamond trading activity stalls as buyers face extreme uncertainly about viability of current price levels. The trade expects prices to fall but no one knows by how much. Bridal demand relatively stable but almost everything else is on hold as consumers put off purchases and liquidity deteriorates. Extreme volatility in currency markets drive Euro to two year low ($/0.781), and Rupee plummets below $/50 as investors flee emerging markets. India’s GJEPC calls on rough producers to curtail supplies amid reports that De Beers, Russia and other suppliers will reduce supplies by as much as 30%. BHP 1Q09 diamond production at 773,000 cts. (-24%). Antwerp Diamond Conference cancelled due to financial crisis. Antwerp press reports court seizure of $128 mil. of diamonds from Omega Diamonds the second largest importer of rough diamonds from Africa accounting for 12% of Antwerp’s rough imports. U.S. retail chain Mervyns to close after holidays.
Tags: Consumers, De Beers, India, Production, Russia
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