Market Comment - Dec. 01, 2022
Diamond trading slow amid weak demand and declining prices. 1 ct. RAPI -3.1% in Nov.
Some categories stabilizing; smalls stronger than larger certified goods. Manufacturers reducing production due to high inventory.
Rough market cautious ahead of Dec. 6 De Beers sight.
Retail optimistic as NRF reports record foot traffic and digital sales over Thanksgiving weekend. Adobe estimates US e-commerce +6% to $11.3B on Cyber Monday. China weak; Hong Kong improving.
Christie’s withdraws emerald-cut, 13.15 ct., fancy-vivid-pink, VVS1 stone from next week’s NY auction, sells $46M (86% by lot) in HK, including necklace with 52 round, D, IF diamonds (104.84 total cts.) for $5.9M ($56,493/ct.).