Rapaport Weekly Market Comment

Dealers optimistic about US market ahead of next week’s Las Vegas shows. Low visitor traffic expected. Buyers who do attend will be looking for goods and testing price levels. Foreign suppliers unable to go but watching for signals about trends and holiday prospects. Polished prices stable despite seasonal slowdown. Buyers resisting higher prices; sellers holding prices firm due to steep rough costs. Rough market robust. Stable supply anticipated at Aug. De Beers sight. Alrosa 2Q profit $412M vs. $4M in 2020. Rapaport Breakfast and Social Responsibility Conference taking place at JCK on Sunday, August 29. Register here. Rapaport Magazine publishes special Social Responsibility issue.

Fancies: Market robust. Prices firming across most sizes and categories amid shortages and growing fancy demand. Retailers offering wider product ranges as consumers seek alternative shapes. Dealers seeing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Ovals and Cushions closing price gap with Rounds. Oversizes trading at higher prices than usual. Excellent cuts popular and commanding premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Market upbeat in anticipation of Las Vegas shows. Steady flow of advance requests to view goods. Some hoping absence of overseas exhibitors will boost opportunities for locals. Recent price growth making sourcing difficult. Solid demand for round, F-I, VS-SI, 3X diamonds. Fancy shapes moving well, especially ovals and elongated cushions. High-end jewelry brands doing well.

Belgium: Trading quiet; many dealers still on vacation. Rough in short supply ahead of next week’s De Beers sight.

Israel: Steady overseas demand lifting sentiment during seasonally quiet period. Optimism for US holiday season. Some companies attending Las Vegas shows; many not going due to new Covid-19 travel restrictions. Fourth local coronavirus wave raising concerns amid talk of possible lockdown in September.

India: US and Hong Kong orders supporting the market during summer lull. Polished production at 70% to 80% capacity, but manufacturers concerned about high rough prices. Dealers awaiting feedback on JCK; most Indians unable to attend. Good demand for dossiers in G to M colors. 1 ct. diamonds also selling nicely.

Hong Kong: Business improving. Steady interest in 1 ct., D-I, VS2-SI2, 3X goods. Suppliers maintaining stable discounts for 1 to 3 ct. sizes despite growing inventories and mixed demand. Pears, hearts and emeralds moving well. E-commerce spending buoyant during recent Qixi love festival. Local Hong Kong retail recovering slowly as government gets pandemic under control, but economic activity still sluggish.