rapaport

Market Comment

June 20, 2024

News: Polished prices falling and inventories rising. Fancies weak. Indian market slow due to weak US and Chinese demand and too much supply. US dealers seeing steady market amid stable sales and healthy inventory. Rough market sluggish, with surplus of goods. Industry delegation petitions Washington, DC, lawmakers over Russia sanctions plan. Signet shifts focus of synthetics to fashion jewelry. Low expectations for June Hong Kong show amid weak mainland Chinese demand. Chow Tai Fook FY sales +15% to $13.9B as Hong Kong recovers. Gemfields names Bruce Cleaver chair. Sara Yood to succeed Tiffany Stevens as CEO of JVC.

Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. Pears slower than other shapes. Market for Ovals not as hot as it was. Elongated shapes still preferred. Goods with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Well-cut fancy-shape diamonds hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.

United States: 

Dealers cautiously optimistic about post-Vegas trading as shows boosted market. Exhibitors with reserved appointments had success; those relying on traffic struggled. Nice SIs in short supply. Melee steady. Synthetic prices sliding.

Belgium: 

Market uncertain. Customers buying on demand and not for inventory. Buyers selective and rejecting a lot of goods. Rough prices falling, with limited trading on secondary market following De Beers sight. Dealers expecting improvement ahead of fourth-quarter holiday season. Low voter turnout at AWDC board elections.

Israel: 

Business weak. Dealers pessimistic about market direction. May polished exports down 30% year on year to $507.7 million.

India: 

Manufacturers’ sentiment weak as US and China sales remain at reduced levels. American retailers buying on memo from local dealers that have enough inventory. Customers purchasing on demand and highly selective. Domestic jewelry market sluggish. Slow movement in round, 0.30 to 3 ct., D-I, IF-VS diamonds.

Hong Kong: 

Suppliers preparing for Jewellery & Gem Asia Hong Kong show (June 20-23). Attendance expected to be low. Demand has slowed compared with first quarter. Some demand for 0.30 to 1 ct. diamonds, but 2 ct. and larger sluggish. Dealers in summer mood, with quiet period likely to continue through September show. Mainland sales low.

Search

Date
Clear all search filters