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Rapaport Market Brief - October 20, 2022
Oct 20, 2022 10:45 AM
By Rapaport News
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News: Diamond market cautious ahead of Diwali festival. Indian manufacturers raising discounts to boost sales before the break, since factories close from Oct. 24. Dealers expect further price declines and lack urgency to buy. US bridal and high end lifting the industry as early holiday shopping begins. Consumers seeking deals as inflation, rising interest rates and volatile stock market squeeze discretionary spending. China-Hong Kong trading slow, but retail improving, with lower gold price boosting FY2Q activity: Chow Tai Fook sales +26%; Luk Fook same-store sales +40%. AGS Laboratories to close at end of 2022 and merge into GIA. The Rapaport Group wishes all our friends a happy Diwali.
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 categories 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.
Country market comments will return next week.
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Tags:
Rapaport News
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