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Rapaport Weekly Market Comment
Sep 13, 2018 10:59 AM
By Rapaport News
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Hong
Kong fair opens to steady traffic. Suppliers hoping Chinese demand will return
after slowdown of past few months. Buyers focused on 0.30 to 1 ct., D-J, VS-SI
GIA-graded diamonds, and testing price levels at start of the show. Melee weak.
De Beers lets sightholders defer small and lower-value rough at $505M sight.
Alrosa Aug. sale +14% to $295M amid shift to higher-value goods. Rough premiums
fall to between 2% and 3% on secondary market. De Beers estimates 2017 global
rough sales +2% to $16.6B, production +15% to $17.5B, diamond-jewelry demand
+2% to $82B. Insight report notes millennials and Gen Z account for two-thirds
of demand. Chinese firm Fosun buys 80% of IGI.
Fancies: Far East demand improving as Chinese consumers seek Pears
and Princesses at better prices. US and European demand mixed. Ovals and
Cushions are best sellers, followed by Emeralds and Pears. Marquises and
Princesses weak. Oversizes selling well. Steady demand for fine-quality 6 to 10
ct. Ovals, Pears and Emeralds, with prices firming for 3 to 5 ct. due to
shortages. US supporting market for commercial-quality, medium-priced fancies
under 1 ct. Off-make, poorly cut fancies illiquid and hard to sell, even at
very deep discounts.
United States: Dealer market quiet, with many New York businesses closed Monday
and Tuesday for Jewish New Year. Steady demand for 1 ct., G-J, VS-SI,
GIA-graded diamonds. Rising expectations for holiday season. Jewelers
modernizing their marketing with focus on omni-channel platforms.
Belgium: Local trading slow as focus turns to Hong Kong show. Rough market
cautious after De Beers sight, with boxes selling at lower premiums on the
secondary market.
Israel: Bourse was closed Sunday through Tuesday for Jewish New Year and
will shut next week on Tuesday and Wednesday (September 18 to 19) for Yom
Kippur. Trading in Ramat Gan quiet, with many suppliers exhibiting at the Hong
Kong show.
India: Dealers and manufacturers cautious due to high rough prices,
reduced bank lending and weaker rupee. Many businesses closed on Thursday for
Ganesh Chaturthi festival. US demand improving as retailers prepare for the
holiday season. Dealers focused on generating leads in the Far East during Hong
Kong show. Local jewelry sales stable.
Hong Kong: Busy activity and
steady traffic at the show. Few transactions in opening days as buyers assess
prices and availability. Concerns about impact China-US trade war will have on
consumer spending. Weaker yuan currency expected to affect tourist spending
during October 1 Golden Week.
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Tags:
Rapaport News
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