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Israeli Dealers Gain Confidence From Diamond Week
Aug 29, 2013 8:52 AM
By Sonya Burlan, Avi Krawitz
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RAPAPORT... The U.S. and International Diamond Week ended on Thursday with Israeli diamantaires gaining confidence ahead of the Christmas-buying season. While there was busy activity throughout the week, sales remained modest with the strongest trading conducted between Israeli dealers.
“It’s mostly an Israeli meeting place,” said Steve Brenig of A.S. Diamonds, a New York-based polished supplier with offices in Israel. “People have spoken about many of the foreign buyers, but we haven’t seen them. We have seen mostly local people, who have created this exciting atmosphere. People from their offices came down to have a look at what’s going on.”
Yossi Ben-David of Onyx Israel SD Ltd. noted that even if people don’t sell at such an event, it creates momentum and provides an opportunity to meet new people in the bourse. Most dealers who spoke with Rapaport News were satisfied that the event helped lift the mood in the bourse.
Representatives of U.S.-based companies that came to the diamond show agreed that the show was productive, in regards to fostering new relationships and rekindling former connections. However, the show fell short of their sales expectations on the trading floor, since most of the business transactions seemed to be happening among Israeli traders and buyers. Some indicated that a lot of deals were done with foreign clients in their offices in the bourse.
More than 500 foreign buyers from 22 countries attended the event, while around 360 Israeli and 28 U.S. companies exhibited on the trading floor.
Dealers noted that there was a lot of old inventory on display with the Israeli industry showing strength in larger certified goods. There was good demand for 0.30-carat to 5.00-carat, G-J, VS-SI quality diamonds. Suppliers held their prices relatively firm, spurring confidence for the upcoming September Hong Kong show. A large contingent of Israeli suppliers and buyers are expected to attend the Hong Kong show with 90 exhibitors participating in the Israel Diamond Pavilion and 30 others throughout the show.
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Tags:
Avi Krawitz, diamond show, diamonds, Sonya Burlan, Sonya Burlan, Avi Krawitz
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