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Rapaport Market Comment - November 3, 2022

Nov 3, 2022 12:00 PM   By Rapaport News
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Diamond trade uncertain as polished prices decline. 1 ct. RAPI -3.6% in Nov. Midstream inventory high due to weak demand after bullish 1H manufacturing. Surat factories closed for Diwali. De Beers eases buyer terms and keeps prices stable at Nov. sight. Boxes offered at deep discounts on secondary market. Letšeng 3Q average price +28% to $2,028/ct. Lucara Diamond 3Q sales -36% to $47M. Rising cost of living, Ukraine war, China slowdown, and growth in synthetics affecting confidence. US jewelers start holiday marketing push; brands focusing on sustainability and enlisting high-profile influencers to engage with consumers. Strong expectations for high end as GemGenève show begins.

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 ct. 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.

United States: Focus on retail as early holiday shopping gains momentum. Trading cautious in volatile market. Suppliers increasing discounts to boost turnover. Good memo demand as jewelers hesitant to build inventory while prices are trending downward. Strong interest in fancy shapes above 2 carats and finest-quality stones.

Belgium: Sentiment mixed. Suppliers to luxury jewelers doing better than those selling commercial goods. More high-end brands launching jewelry collections, increasing the competition for top-value diamonds. Optimism for GemGenève (Nov. 3 to 6), with strong attendance expected over the weekend. Rough market cautious during De Beers sight.

Israel: Buyers uncertain. Suppliers stuck with goods that are difficult to sell. Large-stone dealers doing well as expectations rise for luxury holiday sales. Solid interest in finest fancy shapes (riches in the niches). Certified diamonds above 0.50 ct. weak. Steady demand for stones below 0.18 ct.

India: Activity quiet amid Diwali vacation period and weak Chinese demand. Manufacturers expect increase in US orders as holidays approach. Steady interest in round, 0.50 to 0.90 ct., F-G, VS-SI diamonds. Melee segment slowing. Polished production at low levels; Surat factories to reopen from festive break around November 15. Rough buying down due to market uncertainty and seasonal trends.

Hong Kong: Trading slower than usual for this time of year because of decline in Chinese market. Mainland consumers shifting to lower price points. Hong Kong demand improving as government eases Covid-19 restrictions, with spending up ahead of holidays. Good movement of 0.30 to 0.80 ct., D-H, VVS-SI1 categories; 1 to 2 ct. stones weaker. 
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