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Mixed Reports From JCK Las Vegas

Jun 3, 2012 10:44 PM   By Avi Krawitz
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RAPAPORT... Diamond dealers gave mixed reports about the JCK Las Vegas show as concerns about ‎the global economy continue to fuel caution in the trade. Many noted that the show was ‎not as strong as last year and that sales fell below the high expectations they had coming ‎into the show. ‎

‎“There has been traffic but buyers are looking for bargains and trying to buy at prices ‎relevant a year or two ago,” said Avnissh Patel, owner of New York-based Sirgold Inc., a ‎diamond and jewelry dealer. “People are worried about China and India slowing and the ‎European crisis is a concern. In the U.S., things seem to be okay but we are still not sure ‎what will happen tomorrow.”‎

Denny Ballard, of Just Perfect MSP, a jewelry wholesaler, agreed and added that the ‎mood tends to improve during an U.S. election year even if the economy is still relatively weak. ‎He noted that the mood at the show changed slightly after the stock markets fell on ‎Friday but that it didn’t have a significant impact on buying. ‎

‎“It was a good show,” Ballard said. “Retailers are buying exactly what they need. If you ‎have the right product at the right price and the right support program, you can sell in this ‎market.”‎

Many diamond dealers who spoke with Rapaport News noted that Indian buyers were not ‎as active in buying at the show as they were in previous years. Rather, the Indians that ‎were in Vegas came to get a feel for prices before the Hong Kong show later in June. ‎

U.S. buyers found what they came for, and there was a strong Israeli presence in the ‎diamond section. “Trading in the Ramat Gan bourse has been weak but they came to ‎Vegas to buy,” said Simon Rosenzwig, certificates director at Niru, a diamond ‎manufacturer. ‎

Dealers reported that there was good demand for fancy shapes, particularly oval and ‎marquise shape goods, and princess and cushion shapes in all categories except VVS ‎clarities. While demand for rounds was weaker, goods above 0.90-carat, J-L, VVS-VS ‎sold to buyers from the East while the same sizes in SI1-SI2 were popular among U.S. ‎buyers. ‎

The show ends on Monday, June 4. ‎
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Tags: Avi Krawitz, diamonds, JCK Las Vegas, Jewelry, Polished Diamonds, Rapaport
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