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Rapaport Market Brief - September 22, 2022

Sep 22, 2022 11:00 AM   By Rapaport News
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Polished demand slower than usual at this time of year. Jewelers optimistic for holiday season but hesitant to buy inventory. Consumers seeking convenient and interactive shopping experience that combines digital and in-store platforms. De Beers rough prices stable at Sep. sight; secondary market seeing fewer buyers and lower premiums. Grib Diamonds cancels Oct. auction after bank blocks customer payments. India Aug. polished exports -7% to $1.9B, rough imports +12% to $1.4B. US July polished imports +9% to $1.9B. Rapaport offices will be closed on Monday and Tuesday (Sep. 26-27) due to Rosh Hashanah. Best wishes to all for a happy, healthy, prosperous and peaceful Jewish New Year.

Fancies: Fashion driving demand for elongated ovals, emeralds and radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 and larger, F-J, VS-SI goods stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Sentiment mixed as holiday orders are relatively slow. Jewelers carefully managing inventory, keeping fewer goods in store and taking more on memo. Melee and smaller sizes slightly slower. 1.25 to 2 ct., G-I, SIs and nice fancy shapes driving the market. Suppliers with the right goods and strong relationships are doing well.

Belgium: Polished trading steady with dealers focused on filling US holiday orders. Europe cautious amid economic uncertainty. Weak euro and high interest rates impacting sentiment. Stable demand for under 1 ct., G-J, VS-SI goods. 3 to 5 ct. categories also doing well. Rising demand for fancy-color diamonds. Rough trading slow during De Beers sight.

Israel: Activity quiet in diamond exchange as many dealers are abroad trying to sell before the Jewish festival period. US holiday orders driving sales, but SIs slightly weak. Suppliers focused on raising liquidity and reducing inventory. Elongated, fine-cut fancy shapes doing well. Bourse to close next Monday and Tuesday for Rosh Hashanah.

India: Market slow but stabilizing. US sales supporting trade amid continued slump in Far East. Weak demand for 0.30 to 0.40 ct. dossiers. Better movement in 0.50 ct. and larger, G-I, VS-SI categories. Rough market sluggish, with manufacturers seeking deep discounts on secondary market amid liquidity concerns. Polished production low despite upcoming Diwali festival (Oct. 24).

Hong Kong: Sentiment improving ahead of holiday season. Stable demand for diamonds under 2 ct. with F-J color, VS-SI2 clarity and VG+ cut. Government under pressure to abolish hotel quarantine as tourists and buyers stay away. Positive expectations for next week’s Jewellery & Gem World (JGW) Singapore show (Sep. 27-30); traders anticipate Singapore could rival Hong Kong as trading center if Covid-19 restrictions remain unchanged.
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