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Rapaport Weekly Market Report 10/29/2010

Oct 29, 2010 12:47 PM   By Avi Krawitz
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RAPAPORT... This 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: Trading is stable in New York, but slower than hoped for and a conservative atmosphere has developed. There is notable resistance on prices from both buyers and sellers and it appears that just a few percentage differences can be deal breakers. Retailers are not stocking up with a broad range of diamonds as they used to and while they are prepared to pay for the goods they need, they have their limits. Demand is focused on G-J colors and SI clarities. At retail, bridal goods remain the strongest-selling items.

Belgium: Trading is stable, with continued improvement in demand for lower colors and clarities. Reports indicate a slight pickup in demand from the U.S., while trading with India and the Far East remains consistent. Still, there is a lack of the large inventory orders that used to define the pre-Christmas season, as well as strong resistance on prices from buyers. There is good demand for oversize and carat sizes, while VS-SI clarities and F-H colors are in strong demand.

Israel: There was some improvement in mood in Ramat Gan as trading activity clearly picked up from last week. Expectations for the U.S. holiday season remain low, but there is a sustainable level of trade coming from both the U.S. and the Far East. Buyers continue to be tough on prices. Demand for 3.00-carat stones in all categories is strong. Demand is good for 0.30-carat, 0.50-carat and 0.70-carat, G-I, SI-SI2 stones. Demand is generally focused on VS-SI goods and better makes of Triple-EX stones, while VVS clarities are weaker.

India: Trading slowed slightly this week and has fallen below expectations for the run-up to the Diwali season, which begins on November 5. However, retailers are anticipating strong sales in the next two weeks during both Diwali and Dhanteras. Traders have grown increasingly cautious about doing business on memo or credit following reports that a number of larger companies are facing financial difficulties. Still, the polished market is stable and foreign buyers in Mumbai are a notable presence. There is good demand for 0.02-carat, stars and melee goods in SI to lower-pique clarities. There appear to be shortages for 1.00-carat, H- and 2.00-carat, H- stones. There remains good demand for rough, although traders have become cautious about the high prices in the market.

China: The wholesale market is stable, even as many are trying to close as much business with their Indian suppliers as possible before the Diwali holiday next week. Wholesalers report that business is about in line with last year, as preparations for the Christmas and New Year period get under way. Demand is stable for 0.30- to 1.10-carat, D-H, VS, Gemological Institute of America (GIA)-certified diamonds in Triple-EX, double-EX and EX-cut grade with no to faint fluorescence. There is also a steady flow of parcel goods of 0.10-carat, G+, SI and 0.20-carat, G+, VS.

Hong Kong: Trading is quieter than expected as retailers are resisting the higher prices that dealers and manufacturers are trying to push through. The market appears to have grown cautious ahead of the Christmas season and retailers are only buying the goods they need to fill orders. There is good demand for H+, VS-SI goods, as well as unique stones, such as 5.00- to 7.00-carat diamonds and fancies, which are often difficult to find.

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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