Industry News by Nemesis

Rapaport Weekly Market Comment

November 11, 2017

Polished trade improving ahead of US holiday season, but India still slow after Diwali. Positive retail sentiment as jewelers prepare omni-channel platforms targeting millennials and female self-purchasers. Rough markets quiet, with small De Beers sight expected and cutters aiming to reduce inventory and raise profitability. Grib mine projected 2017 sales +16% to 4.4M cts., average price +4.5%. Lucara 3Q sales +105% to $78M, profit of $33M vs. loss of $4M. Belgium Oct. rough imports +1% to $904M. Titan Company 2Q sales +30% to $542M, profit +67% to $43M. Pandora 3Q revenue +13% to $809M, profit -3% to $213M. Rapaport hosts NY viewing of Alrosa Dynasty Collection on Nov. 8-17. 

Fancies: Ovals selling well in US. Pears and Cushions steady. Squares soft, with declining interest in Princesses. US demand supporting market for commercial-quality, medium-priced fancies under 1 ct. Selective buyers of large, fine-quality fancy shapes facing limited supply. Far East demand improving as consumers seek fancy shapes at better prices. Off-make, poorly cut fancies illiquid and hard to sell, even at very deep discounts. 

United States: New York trading slow. Dealers holding large polished inventory and have little appetite to buy. Activity below expectations for this time of year. Some traders traveled to Mumbai looking for deals during Diwali break. Steady demand for 1 ct., G-J, VS-SI diamonds. IF-VVS soft. Jewelry retail sales steady, with good bridal demand ahead of the holiday season. 

Belgium: Sentiment improving. Israeli and Indian dealers in Antwerp looking for specific categories that are in short supply due to slow polished production. Good demand for 2 to 5 ct., D-G, VS-SI RapSpec A2+ diamonds. Oversized fancy shapes selling well. Rough market quiet during De Beers sight week. 

Israel: Active trading, with steady US demand for 1 to 3 ct., F-J, VS2-I1 RapSpec A3+ diamonds. Far East orders focused on 1 ct., I-K, VS1-SI1 diamonds. Ovals and pears are strongest fancy shapes, with good demand for larger sizes. Stable market for fancy yellow diamonds. Bourse pushing online trading opportunity. 

India: Market still quiet as businesses slowly return from Diwali break. Inaugural India International Diamond Week helps raise activity, with sizable foreign-buyer delegation, including strong NY presence. Steady demand for 1 ct., G-J, VS2-SI1 (3X, no-fluorescence). Good demand for better-quality SIs in all sizes. Polished production slow as factories remain closed after Diwali. 

Hong Kong: Diamond market stable. Strong promotional activity, with dealers and jewelers expecting improvement during Singles’ Day online sales festival (11/11). Steady demand for 0.30 to 1 ct., F-H, VS-SI (3X, no-fluorescence) stones. Shortage of better-quality SIs. Improving retail demand for fancy shapes as consumers look for better-quality goods at affordable price points. 

 

Source: Rapaport

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