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Israel Rough Diamond Week Opens With a Slow Start

Apr 13, 2015 6:48 AM   By Ronen Shnidman
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RAPAPORT... International Rough Diamond Week opened at the Israel Diamond Exchange (IDE) with a slow start April 12, which local diamantaires attributed to the show’s timing immediately following Passover as well as to poor sentiment in the global rough diamond market. However, activity did seem to pick up a little on Monday. 

“My rooms are filled with buyers, but there is definitely less buzz than last year,” said an employee of a major mining company at the event, who asked to remain anonymous. “Perhaps it is because the event this year is taking place immediately after Passover and not everyone is back in the market.”

Five companies, ALROSA, De Beers, Rio Tinto, Fusion Alternatives and Tzoffey’s 1818, are holding rough diamond tenders and auctions at the event, which will conclude Thursday, April 16.

The current state of the global rough diamond market may also have something to do with the lower profile of this year’s Rough Diamond Week. There have been numerous anecdotal reports in recent months that Israeli manufacturers tied to long-term contracts with diamond miners have shifted from purchasing rough diamonds to trading polished stones.

Overall, demand on the spot market for rough diamonds has also progressively weakened since the second half of 2014, as previously reported by Rapaport News. Most industry participants attributed the weak demand to ongoing liquidity issues as players in the industry’s midstream are squeezed by declining polished diamond prices and tightening bank lending to diamantaires.
Tags: Auctions, Fusion Alternatives, IDE, International Rough Diamond Week, Rio Tinto, Ronen Shnidman, tzoffey's
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