Market Comments 6/24/2010

Jun 24, 2010 6:00 PM

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Kimberley Process (KP) meeting ends in deadlock over Zimbabwe exports as local human rights activist Farai Maguwu remains in jail. Zimbabwe expected to resume exports shortly. Martin Rapaport ends three day fast protesting KP certification of blood diamonds and urges diamond trade not to trust KP certificates or system of warranty as proof of diamond's legitimacy. Smaller June Hong Kong show opens with mixed expectations. Indian market buying rough in expectation of better U.S. demand in H2 2010. Namibia rough diamond production +102% to 580,000 ct. in Jan-May 2010. Remgro selling 29% stake in Trans Hex. High net worth wealth +19% to $39 trillion in 2009 with uptrend in jewelry purchases. Gold hits new high ($1,265/oz).

Tags: Blood Diamonds, Hong Kong, Jewelry, Kimberley Process, Namibia, Production, Zimbabwe

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