Diamond Market Improves as Holidays Approach
| |
 |
|
|
|
|
|
|
|
| 
|
Date: 05-11-2019 5:52PM
Source: Rapaport Group
Category: General, Consumer Interest, Fashion, Lifestyle, Commodities And Materials, Manufacturing Companies, Mining Companies, Retailers
Location: Mumbai, Maharashtra, India
Business Wire IndiaDiamond trading improved in late October after various Jewish, Indian and Chinese holidays. Dealers are focused on filling holiday orders as US jewelers prepare inventory for the season. Shortages are supporting prices of nonfluorescent RapSpec A3+ goods.
Polished prices stabilized in October. The RapNet Diamond Index (RAPI™) for 1-carat diamonds was down 0.1%, having dropped 4.7% since the beginning of the year.
| RapNet Diamond Index (RAPI™) | | | October | Year to date
Jan. 1 to Nov. 1 | Year on year Nov. 1, 2018 to Nov. 1, 2019 | | RAPI 0.30 ct. | 1.5% | -13.6% | -17.3% | | RAPI 0.50 ct. | 0.5% | -7.6% | -9.0% | | RAPI 1 ct. | -0.1% | -4.7% | -5.3% | | RAPI 3 ct. | -0.3% | -16.2% | -18.5% | © Copyright 2019, Rapaport USA Inc.
Supply of better-quality diamonds has diminished since July as manufacturers reduced their polished production and rough purchases.
India, which accounts for an estimated 90% of production, saw its rough imports fall 19% year on year to $3.11 billion in the third quarter and its polished exports drop 20% to $5.09 billion. However, the number of diamonds listed on RapNet has declined only 3% since July 1 to 1.45 million.
De Beers has kept production in line with sales volume this year and restricted supply through its flexible buyback policy in September. Alrosa’s production exceeded sales, resulting in its inventory rising 40% year on year to 21.7 million carats at the end of third quarter.
Excess inventory continues to burden the diamond industry at the mining and manufacturing levels as retailers remain conservative with their purchases. Mining companies will need to reduce production in 2020 to help restore the balance. Rapaport calls on the industry to invest in aggressive marketing to stimulate consumer desire for diamond jewelry during the holiday season.
Rapaport will make a deeper assessment of market conditions in its Diamond Trends Webinar on November 6. To register, click here.
These trends are also evident in RapNet data published in the October Rapaport Research Report. The report includes an analysis of the potential impact automation will have on the diamond manufacturing sector. To learn more about the market, subscribe to the Rapaport Research Report here.
|
More Press Releases C3.ai Digital Transformation Institute Announces AI for Energy and Climate Security Grantees Moody’s Launches Moody’s Moments Video Series Providing Insight into Corporate Strategy IDEMIA Signs With Storstockholms Lokaltrafik “SL” to Launch the World’s First Ever Public Transport EMV White Label Cards Celebrity Face: India's No.1 Platform for Aspiring Content Creators and Fans to Photoshoot with Top Celebrities Tally Solutions Announces the First Edition of MSME Honours Sourced from the Himalayan Regions, Moving to the Wonders of Australia - BOHECO Joins Hands with Spring Sciences Australia Moneycontrol App's Monthly Active Users Six Times Larger Than Its Closest Competitor for May 2021 - Similarweb Healthcare Cloud Unicorn, Innovaccer, Certified as a Great Place to Work® Company The Nation Gears up for the First-ever Edition of National Poker Series, India DXC Technology Welcomes Brenda Tsai as Chief Marketing and Communications Officer Schlumberger New Energy and Panasonic Energy of North America Announce Strategic Collaboration on New Battery-Grade Lithium Production Process Fashion Designer Sanjukta Dutta Contributes Towards the Vaccination Drive Held in Assam Under the Guidance of Honorable Chief Minister Dr. Hemanta Biswa Sarma Western Union Accelerates Digital Money Movement for Postal Networks Worldwide NMIMS School of Branding and Advertising Partners with 120 Media Collective and Advertising Standards Council of India High-Touch Spectacles Now Made Virus Free by ZEISS DuraVision AntiVirus Platinum UV IRM India Affiliate Announces Results for May 2021 Level-1 Examination Wipro Annual Report 2021 on Form 20-F Available Online for ADS Holders RSA Introduces Outseer, a Spinout of its Fraud & Risk Intelligence Unit, to Transform Customer Authentication and Accelerate Revenue for the Digital Economy Abu Dhabi Based Tablez to Expand Upon Investment in India’s Toys Sector With Its Proprietary Brand
| 
