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Rapaport Weekly Market Comment
Sep 30, 2021 10:30 AM
By Rapaport News
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Diamond market cautious after slow Sep. trading. Some softening in 0.30 to 0.70 ct. goods; 1 ct. and larger firm. US-focused dealers upbeat for 4Q holiday season as jewelry sales maintain momentum. US consumer confidence down following end of Covid-19 relief money and resurgence of Delta variant. China Oct. 1 Golden Week begins amid concerns about economic slowdown and government crackdown on tech wealth. Chow Tai Fook plans 2,000-store international expansion by 2025. Cutters operating at high capacity ahead of Diwali break. GIA continues to see five-week backlog at Mumbai lab. Rough market uncertain ahead of next week’s De Beers sight as prices on secondary market weaken.
Fancies: Market robust. Prices firming across most sizes and categories amid shortages and growing fancy demand. Retailers offering wider product ranges as consumers seek alternative shapes. Dealers seeing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Ovals and Cushions closing price gap with Rounds. Oversizes trading at higher prices than usual. Excellent cuts popular and commanding premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Slow week with many 47th Street dealers away for Jewish festivals. Trading expected to improve as fourth-quarter holidays approach. Jewelers anticipating strong November-December engagement season due to pent-up wedding demand. July polished imports up 115% at $1.73 billion; polished exports up 34% at $1.16 billion.
Belgium: Market quiet as Jewish and Indian traders return from respective holidays. Dealers expect activity to pick up in coming weeks before India’s Diwali break. US orders steady. China demand cautious. Rough sentiment mixed.
Israel: Activity limited; many taking vacation over eight-day Sukkot festival (September 20 to 28). Dealers focused on filling US holiday demand. Good orders for 1.50 to 2 ct., G-J, VS-SI diamonds. August polished exports up 84% at $345 million, with rough imports up 205% at $235 million.
India: Sentiment mixed in Mumbai. Suppliers to Hong Kong and China struggling. Those to US doing well. Dossiers below 1 ct. sluggish; some traders increasing discounts. Manufacturers submitting large volume of polished for grading. Factories scheduled to close for two weeks over Diwali (November 4). August polished exports rose 69% to $2.05 billion, and rough imports increased 143% to $1.21 billion.
Hong Kong: Wholesale trading quiet. Local dealers shut from Sep. 19 to 21 for Autumn Moon Festival and now preparing for fourth quarter. Very low expectations for Golden Week retail sales as tourist traffic remains limited due to Chinese border and travel restrictions. August revenue from jewelry, watches, clocks and valuable gifts up 28%. China retail outlook muted as analysts at Goldman Sachs predict economic slowdown.
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Tags:
Rapaport News
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