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Rapaport Weekly Market Comment
May 20, 2021 10:30 AM
By Rapaport News
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Diamond market seasonally slow. US and China retail recovery driving demand. Multi-channel offerings stimulating growth as consumers return to stores. Polished inventory declining due to India supply constraints. Shortages supporting prices. Rough market stable after smaller De Beers May sight valued at $380M. Alrosa 1Q revenue +44% to $1.2B, profit up nearly eightfold to $326M. Hong Kong 1Q polished imports +47% to $3.4B, polished exports +56% to $3.3B. GIA notes rise in lab-grown stones with counterfeit inscriptions passing as natural. Chow Tai Fook and Natural Diamond Council launch campaign to reach young Chinese consumers.
Fancies: Market robust. Upturn in prices for 0.30 to 0.99 ct. goods of various shapes. Oversizes trading at higher prices than usual. Shortages of 1.25 to 3.99 ct., F-J, VVS2-SI2 fancies. Retailers offering wider product ranges as consumers seek alternative shapes at more affordable prices than rounds. Dealers seeing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Upbeat sentiment amid steady dealer trading. Retail sales fueling positive mood; branded jewelry gaining market share after strong online showing during the pandemic. Steady memo orders, particularly for bridal collections. Good demand for 1 to 3 ct., D-I, VS-SI ranges.
Belgium: Optimistic outlook in Antwerp. Dealers filling US orders and focusing on commercial-quality 1 ct., D-J, VS-SI diamonds. Suppliers holding prices firm amid shortages. More US jewelers carrying lab-grown collections, frustrating suppliers of natural diamonds. Rough trading steady. Fewer goods available after smaller De Beers sight.
Israel: Shorter week due to Shavuot holiday. Bourse activity quiet as missile attacks on the country continue. Some shipments delayed as the violence forces Ben Gurion Airport to close. Suppliers looking to US market. Emphasis on online and remote selling. Dealers eyeing August Las Vegas shows to reconnect with clients.
India: Cautious mood as country deals with second wave of coronavirus infections. Mumbai Covid-19 situation improving. Reduced manufacturing impacted De Beers May rough sales. Cutters focusing on 1 ct. goods and larger. April polished exports hit $2.3 billion compared to $35 million a year earlier; rough imports at $1.7 billion versus $0.
Hong Kong: Dealers gaining confidence as local Covid-19 cases continue to decline. Foreign buyers still scarce due to travel restrictions. Growing demand for lower-color diamonds (H and below). Jewelry sales improving but still restrained by lack of Chinese luxury shoppers. China retail seasonally slow; April retail sales up 18% year on year but still short of expectations.
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Tags:
Rapaport News
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