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Cautious Approach Prevails at IIJS on Friday

Aug 24, 2012 8:21 AM   By Dilipp S. Nag, Avi Krawitz
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RAPAPORT... Visitor traffic improved on the second day of the India International Jewellery Show (IIJS) ‎but price uncertainty continued as buyers have not yet placed orders in a significant way. ‎Suppliers are expecting their busiest days over the weekend, as is traditionally the case ‎at IIJS.

Diamond suppliers and jewelry wholesalers held the following impressions and observations in discussions with Rapaport News on Friday:‎

•    There are continuous inquiries for lower-quality goods in the range of  G-, SI-, ‎clean makes.‎

•    Demand for better-clarity VVS stones is weak.‎

•    While Indian buyers are primarily focused on rounds, there is good demand for lower-‎quality heart shape diamonds, while strong local and international demand for cushions is prompting  manufacturers to make more of these stones. ‎

•    Buyers remain conservative as they focus on just filling immediate orders without making any large inventory purchases.‎

•    Some feel that buyers could continue holding off purchases until the Hong Kong show, where they may be ‎able to get more affordable goods, despite having to pay India's 2 percent duty on polished ‎diamond imports.‎

•    There is a feeling that De Beers Diamond Trading Company (DTC) may reduce prices at next week’s sight, and that this might prompt a trickle-down affect for polished ‎prices after IIJS.‎

•    Wholesalers are more concerned about the impact of high gold prices are ‎having on their sales as the metal advanced  to a new high in rupee terms above INR 31,000 per 10 grams this week, or $1,670.20 per ounce.‎

•    Retailers note a small improvement in consumer demand in the past few weeks ‎as India's festive season already started with Raksha Bandhan in August. Buyers ‎looking for goods in time for Diwali have a little leeway since that festival takes place in ‎November, or a month later than in 2011.‎
Tags: diamonds, Dilipp S. Nag, Avi Krawitz, IIJS, India International Jewellery Show, jewellery, Jewelry, Rapaport
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