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Rapaport Weekly Market Report 11/05/2010

Nov 5, 2010 12:00 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 remains cautious ahead of the Christmas season, but there is a steady flow of business being conducted. Buyers are focused on the purchases required to fill orders rather than broader inventory purchases, while deals remain price-sensitive. There is good demand for G-J colors and SI clarities. The bridal market continues to drive demand.

Belgium: The market is stable, with reports of improved demand for larger stones above 2.00 carats. Demand across the board is focused on VS-SI clarities and F-H colors. There are reports that it is difficult to find the right goods, although price appears to be more of a sticking point. Sellers are trying to raise prices to compensate for high rough prices, but are meeting strong resistance from buyers. There has been an n improvement in orders from the U.S.

Israel: Trading is stable and focused on the U.S. as business in Hong Kong appears to have quieted. Still, the level of trade is not as strong as many had hoped at this time of the year. There remains strong resistance from buyers. The demand for 5-carat stones has improved, while there is good demand for 1.00-carat, 1.50-carat and 2.00-carat, H-I, VS-SI goods. In general, demand is focused on VS-SI and better makes of Triple-EX stones, while VVS clarities are weaker. 

India: Polished trading is slow as many businesses closed early for the Diwali festival, which started on Thursday, November 5. The focus shifted to retailers, who have strong expectations for the holiday. Demand for polished is expected to increase again after Diwali as traders return from their vacations and start to prepare for the upcoming wedding season. Demand is focused on 0.02-carat, stars and melee goods in SI to lower-pique clarities. There appear to be shortages for lower-color H goods in 1.00-carat and 2.00-carat sizes. The rough market has also slowed due to Diwali and the uncertainty caused by reports of financial instability at some reputable local manufacturers.

China: Buying from Indian suppliers slowed with the start of the Diwali holiday, while trade with other sources remained stable. Overall activity is steady, with no notable trends developing during the week. Wholesale demand remains focused on 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 fluorescence. There is also a steady flow of parcel goods of 0.10-carat, G+, SI and 0.20, G+, VS goods. 

Hong Kong: The market is slow and traders appear to have lost confidence to close deals. There are notable price concerns from both sellers and buyers as the high rough prices are not translating through the pipeline. Traders also remain cautious about the economic environment that has developed during the second half of the year. Buyers are purchasing to fill orders or replace stock, but there are no large inventory orders being transacted. There is good demand for H+, VS-SI goods, as well as for unique stones, such as 5.00- to 7.00-carat diamonds, and high-quality fancies, which are 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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