Polished trading back to normal after Jewish and Chinese festivals,
but activity below previous Oct. levels. Expectations rising for US holiday
season, with focus on improving omni-channel offerings. Retailers taking more
goods on memo. Jewelers of America launching generic marketing campaign to boost
consumer demand. LVMH 3Q jewelry and watch sales +10% to $1.2B. Rough market cautious
during De Beers sight due to weak rupee and tight manufacturing profits. Alrosa
Sept. sales +8% to $332M, driven by large stones, while cheaper goods softened.
Belgium Sept. polished exports -2% to $1.2B, rough imports -17% to $806M.
Fancies: Far East demand improving as Chinese consumers seek fancy shapes
at better prices. US and European demand mixed. Ovals and Cushions are best
sellers, followed by Emeralds and Pears. Radiants improving. 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: Steady bridal sales supporting market. A lot of memo deals before
the holiday season. Consistent inquiries for 1 ct., G-H, VS-SI, RapSpec A3+
diamonds. Fancy shapes moving, with shortage of Ovals and improving demand for
Radiants. Melee suppliers under pressure, having to resell at lower prices
following rupee depreciation.
Belgium: Trading stable
and focused on goods below 1 ct. with GIA and HRD reports. Dealer activity cautious,
with steady orders from jewelers ahead of the holiday season. Ovals and Pears selling
well; demand growing for Princess and Cushion cuts. Rough market relatively
quiet during De Beers sight.
Israel: Polished slower
than usual for this time of year. Focus on US orders, but not much excitement
for upcoming Israel Diamond Week in New York (Oct. 15 to 17). Dealers seeing
buying opportunities in weaker Indian market in select categories. Melee and
stars slow, and 0.30 to 0.50 ct., D-J, IF-VVS goods remain soft. 0.70 and 1 ct.
RapSpec A3+ stable.
India: Slight
improvement in trading, with more foreign buyers in Mumbai for Bharat Diamond
Week (Oct. 8 to 10). Local dealers under pressure due to weak rupee (-14% since
beginning of year to INR 74.27/$1 on Oct. 10). Smaller manufacturers closing
factories early for Diwali as currency decline, bank caution and sluggish
demand lead to tight liquidity. Some cutters also at risk after loaning to Surat
textile company involved in $70 million bankruptcy. Jewelry sales improving
ahead of Diwali festival, which begins Nov. 7.
Hong
Kong: Market up from last week. More inquiries from China
after Oct. 1 Golden Week. Robust Chinese tourist arrivals in Hong Kong and
Macau during National Day holiday, despite concerns about how US-China trade
war and yuan devaluation might impact consumer confidence. Steady demand for 1 ct., H-K,
VS-SI diamonds.
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