News: Rapaport calls for help and support for US Diamond Protocol as World Diamond Council (WDC) and De Beers lobbyists push for sanctions plan that will destroy small US jewelers and dealers. Visit rapaport.com/sanctions for facts and support. Martin Rapaport will fast for three days next week — Tues.-Thurs., Nov. 7-9 — to protest WDC’s support for Kimberley Process that certifies Russian diamonds. Trade is urged to fast for one day, Tuesday, Nov. 7, as WDC and KP meet in Zimbabwe. Prices of rounds stabilizing; 1 ct. RAPI +0.3% this week but -2.2% for Oct. Fancies still falling. Surat factories to close for three weeks over Nov. 12 Diwali holiday. NY DDC to hold Israel trade week Nov. 27-30.
Fancies: Fancy market slowing. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. 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. VS-SI losing strength, except in 1.20 to 1.49 ct. 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:
Industry enters crucial weeks ahead of Thanksgiving and subsequent holiday season. Retailers expecting Christmas sales to be later than usual. Steady demand for 3 ct. and larger, D-K, VS2-SI1, 3X diamonds without milkiness or black center. Jewelers focusing on memo deals and seeing strong conversions. Dealers confident lab-grown competition will lessen as prices tumble.
Belgium:
Trading quiet but stable. Many dealers absent due to public holiday and school vacations. Indian import pause has led to reduced inventories. Some movement in 2 ct. rounds, but sales still few and far between. Weak demand for 1 ct. and smaller diamonds.
Israel:
Business slow as war affects attendance at bourse. November membership fees cut by 50%. Conflict impacting day-to-day work as rockets continue to target major cities; schools shut in some areas of country. Shipments limited due to reduction in flights, but companies still making sales.
India:
Import moratorium and pre-holiday demand offering some relief to industry. Surat factories operating at 20% to 25% of capacity and working mainly with old rough from before voluntary freeze. Manufacturers preparing to pause production over Diwali but will fulfill Christmas orders out of Mumbai marketing offices. Fancy shapes moving but at lower prices than in previous months.
Hong Kong:
Local retail improving as tourism returns. Mainland China demand slow due to weak economy. Stable demand for 0.30 to 1.50 ct., D-J, VVS-SI diamonds but in small quantities. Industry focusing on 11/11 shopping festival. Diamonds losing out to gold and pearls. Wedding and engagement market supporting sector.
Market Comment
News: Rapaport calls for help and support for US Diamond Protocol as World Diamond Council (WDC) and De Beers lobbyists push for sanctions plan that will destroy small US jewelers and dealers. Visit rapaport.com/sanctions for facts and support. Martin Rapaport will fast for three days next week — Tues.-Thurs., Nov. 7-9 — to protest WDC’s support for Kimberley Process that certifies Russian diamonds. Trade is urged to fast for one day, Tuesday, Nov. 7, as WDC and KP meet in Zimbabwe. Prices of rounds stabilizing; 1 ct. RAPI +0.3% this week but -2.2% for Oct. Fancies still falling. Surat factories to close for three weeks over Nov. 12 Diwali holiday. NY DDC to hold Israel trade week Nov. 27-30.
Fancies: Fancy market slowing. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. 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. VS-SI losing strength, except in 1.20 to 1.49 ct. 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.
Industry enters crucial weeks ahead of Thanksgiving and subsequent holiday season. Retailers expecting Christmas sales to be later than usual. Steady demand for 3 ct. and larger, D-K, VS2-SI1, 3X diamonds without milkiness or black center. Jewelers focusing on memo deals and seeing strong conversions. Dealers confident lab-grown competition will lessen as prices tumble.
Trading quiet but stable. Many dealers absent due to public holiday and school vacations. Indian import pause has led to reduced inventories. Some movement in 2 ct. rounds, but sales still few and far between. Weak demand for 1 ct. and smaller diamonds.
Business slow as war affects attendance at bourse. November membership fees cut by 50%. Conflict impacting day-to-day work as rockets continue to target major cities; schools shut in some areas of country. Shipments limited due to reduction in flights, but companies still making sales.
Import moratorium and pre-holiday demand offering some relief to industry. Surat factories operating at 20% to 25% of capacity and working mainly with old rough from before voluntary freeze. Manufacturers preparing to pause production over Diwali but will fulfill Christmas orders out of Mumbai marketing offices. Fancy shapes moving but at lower prices than in previous months.
Local retail improving as tourism returns. Mainland China demand slow due to weak economy. Stable demand for 0.30 to 1.50 ct., D-J, VVS-SI diamonds but in small quantities. Industry focusing on 11/11 shopping festival. Diamonds losing out to gold and pearls. Wedding and engagement market supporting sector.
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