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Rapaport Weekly Market Report 10/15/2010

Oct 15, 2010 1:00 PM   By Avi Krawitz
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RAPAPORT... The following article is an excerpt from a market report that is sent to RapNet members on a weekly basis. To subscribe, go to www.rapnet.com or contact your local Rapaport office.

Global Markets

United States: Wholesale trading is steady as retailers prepare for the holiday season, but they appear to be avoiding bulk inventory orders. There is sustainable demand for 0.50-carat, G-I, SI2 stones, while rounds in the 1.00- to 1.99-carat range, G-I and SI stones are also steady.

Belgium: Reports indicate that the market has softened slightly this week. However, trading is stable. The current focus appears to be within Belgium as consumer markets remain cautious. Both demand and prices are strong for 0.75- to 2.00-carat goods, particularly 1.00-carat, G-H, VS-SI stones.

Israel: The market in Ramat Gan is quieter than hoped for in what should now be a busy Christmas selling season. Instead, it is difficult to sell goods as buyers are stern regarding prices. There may be a lot of negotiating, but deals are not being closed consistently. There is a strong push toward the U.S. ahead of Christmas, though sales remain on an as needed basis as retailers appear to be avoiding large inventory purchases. There is a shift away from high clarities toward the SI goods and there is good demand for 0.70-carat, H-I, SI stones.

India: The market reflected a slight increase in polished trading and an increase in the number of local and international buyers looking for goods in the market. However, price differences between sellers and buyers, as well as exchange rate volatility, are holding back deals. Sellers are delaying sales in anticipation of price increases around the upcoming Diwali festival, as they expect a shortage of goods due to a scale down of manufacturing around the holiday. There is good demand for stars and melee, SI to lower-piqué goods, while demand for 0.02-carat, SI+ goods remains strong. The country’s rough market is stable with demand spurred by the secondary market.

China: Retailers report mixed feelings about holiday sales, but appear to be satisfied. Wholesalers are gradually returning to work after the National Day Holiday Golden Week, though they are expressing some concern about the weaker dollar, which has the effect of lowering margins on existing stock. Demand is stable, with an increase in demand for parcel goods of 0.10-carat, G+, SI and 0.20-carat, G+, VS.

Hong Kong: Trading is showing signs of improvement as Chinese wholesalers get back to business after the holiday week at the beginning of October. Demand is still focused on filling specific orders and buyers remain tough on prices.

Quote of the Week

“The executive exists to make sensible exceptions to general rules.”

- Elting E. Morison, historian and author.

The writer can be contacted at avi@diamonds.net.

Disclaimer

©Copyright 2010 by Martin Rapaport. All rights reserved. Rapaport USA Inc., Suite 100 133 E. Warm Springs Rd., Las Vegas, Nevada, USA. +1.702.893.9400. This Rapaport Weekly Market Report is provided solely for your personal reading pleasure. Nothing published by The Rapaport Group of Companies and contained in this report should be deemed to be considered personalized industry or market advice. Any investment or purchase decisions should only be made after obtaining expert advice. All opinions and estimates contained in this report constitute Rapaport`s considered judgment as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. Thank you for respecting our intellectual property rights.
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Tags: Avi Krawitz, Avi Krawitz, Belgium, China, Hong Kong, India, Israel, United States
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