News: De Beers cancels Aug. sight amid weak demand, moves Oct. sight to Sep. India factories extend August vacations to reduce inventories and support prices. Production down sharply in Jul. and early Aug. Polishers prefer to produce melee because it’s easier to sell; 0.30-3 ct. weak. Kiran Gems to suspend production for 10 days from Aug. 18. Trading centers seasonally quiet. Rough market slow. Petra defers Aug.-Sep. tender of South African goods. Okavango prices drop 5%-15% at Aug. sale. Global stock-market declines create uncertainty, with Dow Jones index -5% since Jul. 31; Signet shares -12%. High expectations for Mumbai IIJS show as India jewelry sales pick up ahead of Diwali and wedding season.
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:
Stock-market declines shake confidence amid recession fears. Barclays downgrades US retail sector, citing pressure on luxury spending. Diamond market split, with larger dealers taking goods on memo or buying at bargain prices while smaller players struggle. Major retail chains starting to look for Christmas merchandise. Mid-market melee doing okay.
Belgium:
Market quiet. Bourses closed for the summer. Rough demand sluggish amid Indian manufacturing reductions.
Israel:
Trading slow amid weak overseas demand. Summer vacations and security concerns compounding situation. Israel January-to-July polished exports down 33% year on year at $1.3B after returns; rough imports down 8% to $609M.
India:
Industry confident of strong gold and jewelry sales at domestic-focused IIJS show (August 8-13) ahead of Diwali and wedding season. Local retail market supporting demand for stones under 0.18 carats. Manufacturers slashing polished production. Overseas orders weak.
Hong Kong:
Business seasonally slow across Asian markets. Mainland sales sluggish amid economic and real-estate crisis. Consumers and dealers lack confidence to buy diamonds. Indian manufacturers reducing Hong Kong presence due to weak market.
Market Comment
News: De Beers cancels Aug. sight amid weak demand, moves Oct. sight to Sep. India factories extend August vacations to reduce inventories and support prices. Production down sharply in Jul. and early Aug. Polishers prefer to produce melee because it’s easier to sell; 0.30-3 ct. weak. Kiran Gems to suspend production for 10 days from Aug. 18. Trading centers seasonally quiet. Rough market slow. Petra defers Aug.-Sep. tender of South African goods. Okavango prices drop 5%-15% at Aug. sale. Global stock-market declines create uncertainty, with Dow Jones index -5% since Jul. 31; Signet shares -12%. High expectations for Mumbai IIJS show as India jewelry sales pick up ahead of Diwali and wedding season.
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.
Stock-market declines shake confidence amid recession fears. Barclays downgrades US retail sector, citing pressure on luxury spending. Diamond market split, with larger dealers taking goods on memo or buying at bargain prices while smaller players struggle. Major retail chains starting to look for Christmas merchandise. Mid-market melee doing okay.
Market quiet. Bourses closed for the summer. Rough demand sluggish amid Indian manufacturing reductions.
Trading slow amid weak overseas demand. Summer vacations and security concerns compounding situation. Israel January-to-July polished exports down 33% year on year at $1.3B after returns; rough imports down 8% to $609M.
Industry confident of strong gold and jewelry sales at domestic-focused IIJS show (August 8-13) ahead of Diwali and wedding season. Local retail market supporting demand for stones under 0.18 carats. Manufacturers slashing polished production. Overseas orders weak.
Business seasonally slow across Asian markets. Mainland sales sluggish amid economic and real-estate crisis. Consumers and dealers lack confidence to buy diamonds. Indian manufacturers reducing Hong Kong presence due to weak market.
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