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Rapaport Market Comment - November 10, 2022
Nov 10, 2022 10:30 AM
By Rapaport News
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News: Polished trading cautious as Indian suppliers return from Diwali break. US driving demand. Focus on memo as jewelers limit inventory during economic uncertainty. Rising expectations for the season; NRF projects Nov.-Dec. retail sales +6% to +8%. Consolidation continues as JBT reports number of jewelry businesses -2% to 23,702 in 3Q. Brands gaining market share in India; Titan Company 2Q revenue +22% to $1.1B, profit +30% to $101M. Fewer De Beers goods on secondary rough market. Blue Nile offering lab-grown bridal jewelry. GemGenève signals optimism in high end. Christie’s Geneva sells $58M (87% by lot), with pear, 18.18 ct., fancy-vivid-pink diamond going for $29M ($1.6M/ct.).
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: Dealers pushing goods hard as jewelry manufacturers take last-minute orders for holiday collections. Decent consumer traffic and retail sales. High end doing well, with steady demand for D to F colors. Commercial categories weaker; suppliers seeing rise in inventory of 1 to 2.50 ct., G-I, VS-SI stones. Elongated fancies popular amid expectations of strong fashion-jewelry sales for the season.
Belgium: Uptick in activity as Indian dealers return from Diwali break. Business at GemGenève show mixed. Suppliers trying to tap into high end as more luxury brands launch diamond jewelry collections. Stable demand for 0.30 to 1 ct., G-J, VS-SI, 3X, no-fluorescence goods. Large fancy shapes selling well and difficult to find. Rough trading cautious.
Israel: Market quiet. Focus is on filling US holiday orders. Many traveled to GemGenève, where dealer trading was steady. Some buying in India again; suppliers less willing to discount than before Diwali. China slow but seeing prices stabilize for 0.30 ct., D-F, IF-VVS2. Rough sector cautious. Few De Beers goods available on the secondary market.
India: Polished trading slow as US demand softens. China weak. Hong Kong improving. Little movement in 0.30 to 0.40 ct. certified diamonds. Diwali shutdown still affecting activity even as business resumes. Many Surat factories planning to reopen between November 14 and 21. Polished production levels low but will likely return to normal in second half of November. Suppliers holding prices firm after offering deeper discounts before Diwali.
Hong Kong: Activity picking up ahead of end-of-year holidays. Demand gradually improving from both local and mainland retailers but weaker than in previous years. Chinese consumers shifting to lower price points. Suppliers holding large inventories and prepared to reduce prices to keep goods moving. Steady appetite for 1.50 ct., D-I, VS-SI diamonds, but sellers struggling to profit following recent price declines.
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Tags:
Rapaport News
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