Industry News by Nemesis

Rapaport Weekly Market Comment

October 13, 2016

Trading centers quiet over Jewish holidays. U.S. stable with good demand for H-K, SI-I1’s before Christmas selling season. Indian buyers looking for deals with rising expectations for Diwali sales after good monsoon season and lower rupee gold prices (-5%). LVMH 3Q jewelry & watch revenue +2% to $966M. U.S. Aug. net polished imports -1% to $240M. Belgium Sep. polished exports -11% to $1.2B, rough imports +39% to $1.2B. DPA launches generic advertising videos targeting millennials. Rapaport offices will be closed Monday and Tuesday (Oct 17-18) and the Rapaport Price List will not be published next week (Oct. 21) due to Jewish holiday of Succot. 

Fancies: Markets slow. Large 5 ct.-plus fine-quality goods getting more interest. Curved fancy shapes improving. Ovals and Pears steady. Square shapes slow. Emeralds selling with improving large-stone demand. Top-quality fine-cut fancy shapes OK but buyers are extremely picky. Overall fancy shape prices relatively soft. U.S. demand supporting market for commercial-quality fancies, especially for sizes under 1 ct. Far East fancy demand weak. Buyers are very selective and insisting on excellent-shape proportions. Significant price differentials between excellent- and average-cut fancies. Off-make, poorly-cut fancies illiquid and very hard to sell, even at very deep discounts. 

United States: Trading sentiment improves forholiday season as DPA launches unconventional video ads focused on millennials who think differently about diamonds and relationships. Steady engagement ring and bridal sales supporting the market. Dealer demand stable but buyers avoiding large inventory purchases. Steady demand for 0.70 to 2 ct., G-J, SI’s. 

Belgium: Trading quiet over Jewish holiday period. Dealers focused on filling U.S. pre-season orders. Steady demand for 0.30 to 0.50 ct., H-K, VS-SI’s. Large stones above 3 ct. weak. European luxury demand okay, with France showing weakness. Rough trading stable. 

Israel: Short week in Israel due to Yom Kippur holiday. Bourse to close Sunday and Monday (Oct. 16-17) with half-day services over rest of the Succot holiday. Dealers focused on U.S. orders with improving demand for 1 ct., H-K, VS-SI diamonds. Dealers preparing for NY Israel Diamond Week (Oct 31-Nov 1). 

India: Market slow with dealers already in festive mode after auspicious Dussehra holiday on Tuesday (Oct. 11). Very few foreign buyers in Mumbai during Jewish holiday period. Polished inventory rising ahead of Diwali break (Nov. 1). Selective good demand with dealers shifting to lower price points. Steady U.S. demand for 0.20 to 0.70 ct., H-K, SI-I2 diamonds. 1 ct. and larger slower. Melee improving, stars remain weak. 

Hong Kong: Polished market stable but few buyers from trading centers. Steady demand for 0.30 to 0.50 ct., G-J, VS-SI diamonds. Millennial consumers focused on affordable price points. Chinese demand stable as retailers preparing for Christmas and Chinese New Year seasons. Hong Kong retail weak, Mainland China improving with encouraging Golden Week sales.

 

Source: Rapaport

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