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Market Comment - Oct. 31, 2024
Markets stabilizing at very high discounts as India stops production for 3 to 4 weeks over the Diwali holiday.
Local Indian demand for natural diamonds healthy and US market doing well at start of the season. Steady demand for round, pear and oval, 2 to 3 ct., D-I, VS2-SI2 diamonds with no strong inclusions. US wholesalers sending out goods on memo and preparing for last-minute calls. Large retailers have completed orders.
India Sep. net rough imports -20% YOY to $771M. De Beers 3Q production -25% YOY to 5.6M cts., with further cuts possible. De Beers to offer country of origin for rough over 1.25 ct. on Tracr.
The Rapaport Group wishes all our friends a happy and delightful Diwali.