Rapaport Weekly Market Comment
October 17, 2019Markets quiet amid Jewish holidays with steady demand for RapSpec A3+ goods. Indian manufacturers delay Diwali shutdown to increase post-festival inventory. Trading slow at Bharat Diamond Week. Liquidity low while companies settle supplier bills and pay staff ahead of Diwali. Alrosa Sep. sales -24% to $259M, but small-stone demand recovering. Hong Kong protests hit luxury sector, with Chow Tai Fook 2Q retail sales -35% in Hong Kong and Macau, +4% in mainland China. De Beers launching Lightbox at Bloomingdale’s and Reeds Jewelers. David Kellie to succeed Jean-Marc Lieberherr as CEO of Diamond Producers Association. Rapaport offices will close Oct. 21-22 for Jewish holidays.
Fancies: Fancy shapes soft, reflecting slowdown in overall demand. High-end collection goods weak, as dealers and consumers shift to lower price points. Some brands with requests for high qualities are paying a premium for rare items and very well-made fancies. Ovals for fashion jewelry moving well in 1.50 and 2 ct., G-H, VS and H-K, SI2. Marquises and Princesses weak despite reduced manufacturing. US sustaining market for under 1 ct.commercial-quality, medium-priced fancies. Chinese consumers seeking fancy shapes at better prices. Off-make, poorly cut fancies illiquid and hard to sell, even at very deep discounts.
Rapaport News will resume publication of the country market comments after the Jewish holiday period.
Article originally published on Diamonds.net here