News: Indian manufacturers reducing rough purchases and production. Polished inventory high and rough relatively expensive. July RAPI: 0.30 ct. -8.9%, 1 ct. -7.3%. VS-SI goods doing better than IF-VVS due to US demand. Luxury brands struggling. Rio Tinto 1H sales -40% YOY to $149M, underlying loss of $65M vs. profit of $44M in 1H 2023. Ekati 2Q sales -27% YOY to $106M. Chow Tai Fook fiscal 1Q retail sales -20%. US consumer confidence index +2.6% in July, says Conference Board. Federal Reserve signals possible Sept. interest-rate cut. New York diamond dealer Manashe Sezanayev indicted for allegedly swapping natural diamonds with synthetics.
Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. US buyers more selective about quality of SIs, rejecting black centers and short ratios. Elongated shapes still preferred. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
United States:
Market seasonally slow. Pre-holiday orders expected to come in late August. Steady retail sales at mid- and high-end jewelers. Wholesalers want to hold small and focused inventory and are taking goods on memo from Indian manufacturers. Dealers struggling to find nice round, 1.25-3 ct., G-I, VS2-SI2, 3X diamonds with no black centers at the prices they want.
Belgium:
Trading quiet during summer. Bourses closed and will reopen August 19.
Israel:
Market slow, with many traders on vacation. Dealers have reduced their buying due to lack of sales. Fewer Israelis taking memo goods from India, as they are unwilling to meet Indian sellers’ minimum purchase requirements.
India:
Overseas and domestic sales weak. Industry seeking to reduce inventories. Surat manufacturers making sharp production cuts and planning extended Diwali vacation. Industry looking to India IIJS Premiere show (August 8-13) for market boost.
Hong Kong:
Little activity, with many dealers returning to home countries for summer. Foreign companies reducing size of Hong Kong offices. Jewelers trying to maintain low inventories. Engagement-ring demand weak in Hong Kong and China. Mainland consumers spending at overseas tourist destinations rather than domestically. Muted expectations for September Jewellery & Gem World (JGW) Hong Kong show
Market Comment
News: Indian manufacturers reducing rough purchases and production. Polished inventory high and rough relatively expensive. July RAPI: 0.30 ct. -8.9%, 1 ct. -7.3%. VS-SI goods doing better than IF-VVS due to US demand. Luxury brands struggling. Rio Tinto 1H sales -40% YOY to $149M, underlying loss of $65M vs. profit of $44M in 1H 2023. Ekati 2Q sales -27% YOY to $106M. Chow Tai Fook fiscal 1Q retail sales -20%. US consumer confidence index +2.6% in July, says Conference Board. Federal Reserve signals possible Sept. interest-rate cut. New York diamond dealer Manashe Sezanayev indicted for allegedly swapping natural diamonds with synthetics.
Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. US buyers more selective about quality of SIs, rejecting black centers and short ratios. Elongated shapes still preferred. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
Market seasonally slow. Pre-holiday orders expected to come in late August. Steady retail sales at mid- and high-end jewelers. Wholesalers want to hold small and focused inventory and are taking goods on memo from Indian manufacturers. Dealers struggling to find nice round, 1.25-3 ct., G-I, VS2-SI2, 3X diamonds with no black centers at the prices they want.
Trading quiet during summer. Bourses closed and will reopen August 19.
Market slow, with many traders on vacation. Dealers have reduced their buying due to lack of sales. Fewer Israelis taking memo goods from India, as they are unwilling to meet Indian sellers’ minimum purchase requirements.
Overseas and domestic sales weak. Industry seeking to reduce inventories. Surat manufacturers making sharp production cuts and planning extended Diwali vacation. Industry looking to India IIJS Premiere show (August 8-13) for market boost.
Little activity, with many dealers returning to home countries for summer. Foreign companies reducing size of Hong Kong offices. Jewelers trying to maintain low inventories. Engagement-ring demand weak in Hong Kong and China. Mainland consumers spending at overseas tourist destinations rather than domestically. Muted expectations for September Jewellery & Gem World (JGW) Hong Kong show
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