News: Dealers gaining confidence as Thanksgiving kicks off holiday retail season. NRF predicts record 182M shoppers over long weekend. Polished prices stable. Inventories of rounds down. Steady trade demand for round, 1 to 3 ct., F-I, SI1-SI2 diamonds. Rapaport issues consumer alert warning that some retailers overcharging for synthetic diamonds. Indian manufacturers closed for extended Diwali break. India’s import freeze impacting rough producers, with Stornoway entering insolvency and Lucapa reviewing exploration costs at Merlin. Sarine 3Q revenue -28% to $10M, loss of $1M vs. profit of $2M in 2022. China weak amid ongoing economic slump.
Fancies: Fancy market slowing. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Elongated fancy shapes selling well. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders down for 0.70 to 1.20 ct. diamonds. Well-cut stones seeing shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and hard to sell.
United States:
Mood cautiously optimistic ahead of holiday season. Memo still the preferred strategy for retailers, but some buying outright. Steady demand for round, 0.70 to 4 ct., F-I, SI1-SI2 diamonds. Nicer stones hard to replace. High-end brands taking conservative approach to 2024 orders.
Belgium:
Sentiment mixed. Polished demand slow but showing some improvement in commercial goods as holiday season approaches. Synthetics continuing to take market share. Rough market quiet, as miners have reduced supply.
Israel:
Activity low due to sluggish global demand and ongoing war with Hamas. Rapaport single-stone Israeli auctions continuing with reasonable sales levels. Dealers trying to reduce inventories and preparing for end of financial year after difficult 2023.
India:
Market quiet as Surat polishing factories remain closed for Diwali holiday. Some sales offices in Mumbai have reopened. Sellers reducing prices of undesirable stones but raising prices of nice goods; buyers showing resistance to higher prices. Festival week saw strong local consumer demand for gold.
Hong Kong:
Business slow amid economic weakness. Indian suppliers on vacation for Diwali. Fourth-quarter festive season driving demand, but mostly in lower-priced goods and other gems such as pearls. Companies finding it hard to succeed without sales of higher-ticket items. Retailers considering reducing rental expenses.
Market Comment
News: Dealers gaining confidence as Thanksgiving kicks off holiday retail season. NRF predicts record 182M shoppers over long weekend. Polished prices stable. Inventories of rounds down. Steady trade demand for round, 1 to 3 ct., F-I, SI1-SI2 diamonds. Rapaport issues consumer alert warning that some retailers overcharging for synthetic diamonds. Indian manufacturers closed for extended Diwali break. India’s import freeze impacting rough producers, with Stornoway entering insolvency and Lucapa reviewing exploration costs at Merlin. Sarine 3Q revenue -28% to $10M, loss of $1M vs. profit of $2M in 2022. China weak amid ongoing economic slump.
Fancies: Fancy market slowing. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Elongated fancy shapes selling well. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders down for 0.70 to 1.20 ct. diamonds. Well-cut stones seeing shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and hard to sell.
Mood cautiously optimistic ahead of holiday season. Memo still the preferred strategy for retailers, but some buying outright. Steady demand for round, 0.70 to 4 ct., F-I, SI1-SI2 diamonds. Nicer stones hard to replace. High-end brands taking conservative approach to 2024 orders.
Sentiment mixed. Polished demand slow but showing some improvement in commercial goods as holiday season approaches. Synthetics continuing to take market share. Rough market quiet, as miners have reduced supply.
Activity low due to sluggish global demand and ongoing war with Hamas. Rapaport single-stone Israeli auctions continuing with reasonable sales levels. Dealers trying to reduce inventories and preparing for end of financial year after difficult 2023.
Market quiet as Surat polishing factories remain closed for Diwali holiday. Some sales offices in Mumbai have reopened. Sellers reducing prices of undesirable stones but raising prices of nice goods; buyers showing resistance to higher prices. Festival week saw strong local consumer demand for gold.
Business slow amid economic weakness. Indian suppliers on vacation for Diwali. Fourth-quarter festive season driving demand, but mostly in lower-priced goods and other gems such as pearls. Companies finding it hard to succeed without sales of higher-ticket items. Retailers considering reducing rental expenses.
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