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Rapaport Market Brief - October 13, 2022
Oct 13, 2022 8:00 AM
By Rapaport News
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News: Mixed expectations for the holiday season. US jewelry sales steady, but economic uncertainty affecting sentiment. IMF lowers 2023 global growth forecast due to China slowdown, Ukraine war and inflation pressure. Jewelry outpacing other luxury sectors, says Mastercard. LVMH 3Q jewelry and watch revenue +25% to $2.6B. Diamond trading slow. Manufacturers holding enough inventory ahead of Oct. 24 Diwali break. Rough market cautious. Sotheby’s HK sells cushion, 11.15 ct., fancy-vivid-pink Williamson Pink Star for $58M ($5.2M/ct.). De Beers CEO Bruce Cleaver to be co-chairman in 2023; Al Cook of Equinor ASA to become CEO. Rapaport offices will be closed Oct. 17-18 for Jewish holidays.
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.
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Tags:
Rapaport News
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