Indian suppliers filling final orders ahead of Diwali break. Manufacturing slowing before the festival with factories closing from Nov. 4 to 22. Robust US jewelry sales stimulating diamond trade. High expectations for the holiday season. De Beers research shows sustainability ranks alongside price and design in consumer considerations when buying jewelry; Insight Report estimates 2020 global rough sales -20% to $11.1B, production -18% to 114M cts., polished demand -15% to $23B, diamond-jewelry demand -14% to $68B. Petra Diamonds FY1Q revenue +48% to $115M. India appeals to Alrosa for rough supply to help small cutters. The Rapaport Group wishes all our friends a happy Diwali.
Fancies: Market robust. Prices high and stable. 1.20 to 3.99 ct., F-J, VS-SI is hottest category and seeing shortages. Retailers offering broader product ranges as consumers seek alternative shapes. Dealers report increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Ovals and Radiants closing price gap with Rounds. Oversizes trading at higher prices than usual. Excellent shape commanding premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Jewelers upbeat ahead of holiday season. Consumer confidence improving as spread of Covid-19 delta variant eases. Nearly half of consumers planning vacation, signaling gradual return of travel and experience economy, according to Conference Board. Dealers and wholesale jewelers busy filling orders, with strength in bridal. Good demand for 1 to 1.50 ct., G-H, VS-SI diamonds.
Belgium: Positive sentiment driven by steady US orders. Market more influenced by demand than supply factors, despite shortages of select categories. Good appetite for 1 to 2 ct. sizes; buyers focused on sourcing 3X stones. Some softness in 4 to 5 ct. diamonds. Fancy shapes above 1 ct. selling well.
Israel: Dealers seeing strong orders but frustrated by high replacement cost. Widening price gap between bulk inventory purchases and specific orders. Some suppliers losing sales because of inventory shortages. 1 to 2 ct., G-J, VS-SIs in demand. 0.30 to 0.50 ct. also selling, helping to ease the price decline from previous weeks. Growing concern about high rough prices.
India: Stable trading ahead of Diwali break, which begins Nov. 4. Polished production slowing as factories wind down for the festival. Mumbai market to shut until Nov. 9; Surat until Nov. 22. Steady demand for 1 to 3 ct., D-H, VS-SIs; 3 ct. strong in H-J. Lower colors weak. Buyers placing strong emphasis on excellent cuts. Rough dealers looking for goods but are cautious due to high prices.
Hong Kong: Market gradually improving. Steady orders for 1 ct., D-J, VS-SI diamonds. Fancy shapes also selling well, with good demand for pear, emerald, and heart shape, 1 to 2 ct., D-H, VVS-VS stones. Rising expectations for Christmas retail sales. Jewelers seeing strong interest in engagement ring and bridal collections due to pent-up wedding demand. Some caution over economic situation in mainland China.
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