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Rapaport Weekly Market Comment
Dec 16, 2021 10:30 AM
By Rapaport News
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Diamond trade enjoying best holiday season on record, fueling optimism for 2022. Dealers anticipate strong restocking in 1Q but are struggling to find goods at profitable rates. Inventory low and liquidity high. Shortage of 1 ct. and larger diamonds. Rough demand strong after recent supply constraints. Alrosa Nov. sales -14% to $334M. De Beers plans 2022 production of 30M to 33M cts. vs. 32M cts. this year. Petra Diamonds achieves $128M at FY2Q rough tender; average price +12% to $145/ct. Christie’s Paris online auction totals $12M (86% by lot). Global Witness warns against Myanmar (Burma) gemstones, claiming trade is fueling conflict and human-rights abuses.
Fancies: Market robust. Good demand across all sizes. 1.20 to 3.99 ct., F-J, VS-SI is the hottest category and seeing scarcities. 0.30 to 0.99 ct. improving. Prices high and stable, supported by supply 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 closing price gap with Rounds. Oversizes trading at higher prices than usual. Excellent shapes commanding premiums. Steady demand in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Buoyant activity in final weeks of the holiday season. Commercial categories and melee selling well. Dealers struggling to replenish inventory. Antique and vintage jewelry booming. Good consumer interest in 1 to 3 ct., I-N, SI1-I2 qualities. Shoppers spreading their spending throughout the season. Projections show slightly quieter Super Saturday than last year.
Belgium: Strong US market and improving European demand make for steady trading. Suppliers busy filling last-minute orders before the Christmas break. Some concerned rapid price increases may not be sustainable. Rough sector stable following De Beers sight. Low availability of rough is setting stage for robust January sales.
Israel: Upbeat mood after solid end-of-year sales. Dealers filling orders and looking for replacement goods. Rising expectations for jewelers’ first-quarter restocking. Stable demand for 1 ct., G-J, VS-SI, RapSpec A3+ diamonds. Shortages and firm rough prices making it difficult to buy new inventory.
India: Suppliers focused on final US holiday orders and early Chinese New Year demand. Manufacturers looking to raise production levels to alleviate scarcities but are cautious due to high rough prices. Polished inventory up due to spike in 0.30 to 0.50 ct. goods. GIA seeing reduced turnaround time of three to four weeks. Jewelers optimistic after strong Diwali and wedding season.
Hong Kong: Sentiment positive amid stable demand for 1 to 1.50 ct., D-H, VS2-SI2, 3X diamonds. Fancy shapes moving well, especially 1 ct. and larger hearts, pears and emeralds. Local retail improving; China robust. Mainland jewelry manufacturers operating at high capacity as stores prepare for Lunar New Year.
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Tags:
Rapaport News
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