Financial Data
Metals
Gold $1,700.97 -0.08%

Silver $20.78 -0.31%

Platinum $900.00 -0.11%

Palladium $2,180.00 -0.18%

Currencies
Euro $0.98 -0.06%

Pound $1.13 -0.12%

Yuan($) 7.12 0.00%

Rupee($) 81.50 0.00%

Stocks
Signet Jewelers $61.89 +5.18%

Chow Tai Fook HKD 15.78 +7.64%

Chow Sang Sang HKD 11.62 -1.36%

Titan INR 1,869.60 -0.04%

Richemont CHF 99.94 -1.44%

LVMH €637.30 -1.47%

Swatch Group CHF 231.30 -2.03%

Anglo American GBX 2,991.50 +2.77%

Petra Diamonds GBX 104.00 -0.95%

Lucara Diamond CAD 0.56 +1.82%

Gem Diamonds GBX 31.30 -0.63%

Rapaport Market Comment - October 27, 2022
Oct 27, 2022 10:50 AM By Rapaport News

News: Trading slow as India shuts for Diwali. Polished prices continue to decline amid weak demand and rising inventory. High-end doing well. De Beers research shows brands gaining market share, boosted by ethical assurances. Insight Report estimates 2021 global rough sales +47% to $16.4B, polished demand +27% to $28B, diamond-jewelry demand +27% to $87B. De Beers 3Q production +4% to 9.6M cts., sales volume +17% to 9.1M cts., increases buyback allowance for 1 ct.+ rough to 20% due to tough market. Petra Diamonds FY1Q revenue -9% to $104M. Swarovski, Breitling, Zales expand lab-grown offerings. De Beers names actress Lupita Nyong’o as its first global ambassador.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: Mixed sentiment. Retail jewelers more optimistic than dealers for the season. Steady sales conversion of memo goods. Fine-cut fancy shapes selling well. Nice rounds, 0.70 to 0.90 ct. (3X, none) difficult to find. Melee market slightly slower but prices firm. Jewelry manufacturers on deadline for holiday collections.

Belgium: Market quiet with most Antwerp-based Indian dealers taking off for Diwali. Uncertainty fueled by expectations of further price declines. Melee goods maintaining steady prices; certified polished weak. Rough trading slow as sightholders welcome easing of De Beers buyback terms.

Israel: Cautious atmosphere after Jewish holidays. Dealers afraid to do business while prices continue to decline; keeping close watch on inventory to avoid being stuck with goods they can’t sell. Smaller stones below 0.18 ct. selling better than 1 ct. and larger. Suppliers to high end doing well.

India: Market closed for two-to-three weeks due to Diwali. Larger Mumbai businesses on vacation until October 31; Surat factories to return around November 15. Focus now on retail, with hope that strong gold demand for the festival will spill over to diamonds. Manufacturers raised discounts to boost sales before the break. Rough demand weak amid rising polished inventory.

Hong Kong: Gradual improvement in local wholesale and retail segments after easing of Covid-19 restrictions. Recovery restrained by lack of tourists, particularly from mainland China. Trading still lower than usual for this time of year. Stable demand for 0.30 to 0.80 ct., D-H, VVS-SI1, despite recent price declines. China retail lagging, as consumer sentiment diminished by ongoing pandemic controls.

December 8, 2022
News: US jewelers optimistic as holiday sales gain momentum. Signet raises FY forecast after 3Q revenue +3% to $1.6B, profit -60% to $38M. Dealer trading cautious. Manufacturers under pressure to raise liquidity and reduce inventory. Small stones doing better than 1 ct.+. China slow, but some speculating that select categories have bottomed. De Beers extends sightholder contracts for a year due to market uncertainty, keeps prices stable at Dec. sight. Christie’s NY sells $59M (93% by lot), including pear, 32.62 ct., fancy-blue, potentially IF diamond for $11.8M ($373K/ct.). Sotheby’s NY sells $50M (81% by lot), with pear, 303.10 ct., fancy-brownish-yellow, IF going for $12.4M ($41K/ct.).

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States:

Good business amid holiday demand, but activity and mood lower than last year. Steady memo calls seeing decent conversion to sales. Mall traffic strong, but consumers using online platforms and social media for research and buying. Fancy shapes hotter than rounds, particularly elongated cuts.

Belgium:

Trading quiet as dealers focus on filling last-minute US holiday orders. Buyers being selective and struggling to find the right stones at the right price. Narrowing of demand has left suppliers with large inventories of hard-to-move goods. Market soft for diamonds above 1 ct.; 0.30 to 0.50 ct., G-J, SI category has improved. Rough market cautious during De Beers sight.

Israel:

Sentiment weak in the bourse. Buyers lack urgency and are prepared to wait for right deal. Many suppliers in US pushing for final holiday sales boost. Far East demand down. Chinese buyers expressing some interest in 0.30 ct. goods. High availability of diamonds above 1 ct. Rising concerns about how lab-grown diamonds will impact bridal segment.

India:

Activity slow amid uncertain overseas demand. US orders solid during peak holiday season. China sluggish; many hope that easing of Covid-19 rules will stimulate recovery. Hong Kong seeing some movement in certified diamonds. Rough market weak amid low polished production levels. Lab-grown sales steady as discounts continue to increase, some reaching -97%/-99% below Rap List.

Hong Kong:

Chinese government reducing quarantine measures, boosting optimism for retail ahead of Lunar New Year. Stable market for 0.30 to 0.80 ct., D-H, VVS-SI1 diamonds. Fancy shapes seeing recovery in 0.80 to 2 ct. range. Local Hong Kong business improving, but tourist spending still slow.

News: Diamond market quiet as trading tapers off for the holidays. Major dealers satisfied with season. Jewelers facing competition from general retailers that are discounting to offload excess inventory as consumers shift to lower price points. Economic caution fueling uncertainty about 2023. Covid-19 outbreak in China shaking confidence ahead of Lunar New Year (Jan. 22). Some concerned about post-holiday restocking; few fresh goods available since cutters lowered polished production. Indian suppliers keeping prices firm for 0.30 ct., D-F, IF-VVS certified goods. De Beers Dec. sight +22% to $410M, estimated 2022 rough sales +20% to $5.8B. Rapaport wishes everyone happy holidays.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States:

Polished market seasonally quiet as wholesale sector shuts for Christmas-New Year period. Some dealers enjoyed last-minute orders and memo calls. General satisfaction with the season. Department stores less optimistic about jewelry than they were a year ago. Mid-size to large jewelers carefully managing inventory, hedging against potential downturn in 2023.

Belgium:

Very little trading; bourses closed for holidays. Companies made final shipments before going on vacation. Some looking for buying opportunities ahead of January post-season inventory replenishment. European luxury jewelers doing well and driving optimism for high-end diamond market.

Israel:

Bourse activity quiet; some dealers taking vacation over Hanukkah festival. Suppliers have finished holiday orders and are waiting to assess sell-through rate on memo items. Dealers bargain-hunting as seasonal lull begins. Newly polished goods difficult to find due to recent drop in manufacturing.

India:

Market sluggish since completion of US holiday orders and with China remaining slow. Steady demand from local diamond traders and jewelry manufacturers for 0.30 to 0.99 ct., D-F, IF-VVS1, 3X diamonds with no fluorescence. High gold prices creating some concerns for domestic consumers. Polished production down due to expense of rough.

Hong Kong:

Covid-19 wave hits mainland, denting retail traffic and consumer sentiment. Low expectations for Chinese New Year but hopes of recovery by March. Local Hong Kong demand improving as economy opens up for festival period. Lack of tourist traffic continues to limit recovery. Stable demand for 1 to 2 ct., D-H, VS-SI2, 3X goods.

December 29, 2022
News: Sentiment mixed as Mastercard reports US Nov./Dec. holiday jewelry sales -5.4%, general retail +8%, e-commerce +11% and in-store +7%. Consumer confidence up in Dec. amid improved outlook for inflation and employment. Diamond trading slow due to end-of-year break and market uncertainty. Cutters maintaining low polished production after 2022 inventory buildup, anticipating cautious post-holiday demand. China slow as Covid-19 outbreak stifles recovery; lockdowns expected to lift for Jan. 22 lunar festival. Belgium 3Q rough imports +8% to EUR 1.8B, volume -30% to 11.7M cts., National Bank of Belgium reports. Rapaport wishes everyone a happy, healthy, ‎prosperous and peaceful New Year.‎

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States:

Dealer trading slow with wholesale market off between Christmas and New Year. Mood among jewelers positive as holiday sales exceed pre-pandemic levels despite year-on-year drop. Reports of strong revenue from lab-grown during festive period. Dealers’ expectations rising for January memo sales and post-holiday inventory replenishment. Finding right merchandise remains biggest challenge due to low supply of newly manufactured diamonds.

Belgium:

Market quiet. Bourses closed and most dealers on vacation for holidays this week and next. European retail sentiment mixed amid economic volatility. Luxury houses driving growth.

Israel:

General uncertainty during holiday lull. Some have extended their Hanukkah break due to weak demand. Suppliers waiting for memo returns to assess inventory needs. Sellers agreeing to lower prices than usual in effort to offload less-popular goods. Dealers struggling to compete with US counterparts and are looking toward niche segments to gain an edge.

India:

Business slow as US and European markets remain shut for holidays. China sluggish due to Covid-19 wave. Devaluation of rupee to INR 83/$1 raising concerns. Strong demand from local dealers for 0.30 to 0.99 ct., D-H, IF-VS2 diamonds with no black center. Rough slow even as restocking season approaches; manufacturers not buying for inventory. Polished production remains limited. Domestic jewelry sector weak amid high gold prices.

Hong Kong:

Little activity during vacation period and with Chinese demand slumping. Hong Kong jewelers running promotions to stimulate spending. Trade has deep concerns about mainland sales in short term but hopes to see recovery in coming months. Lunar New Year outlook unclear. China to open borders in January, offering potential boost to travel retail market.

RAPAPORT
Market Comment

January 26, 2023
News: Polished market selective as jewelers start to replenish inventory they sold during holiday season. Buyers lack urgency. Dealers uncertain amid slow demand and mixed price trends. Midstream inventory slightly down as polished production remains low. Rough supply has dropped due to Alrosa restrictions. Mountain Province 2022 sales +25% to $297M, average price +49% to $112/ct. India’s 2022 polished exports -3% to $22.9B, rough imports +4% to $18.5B. Luxury jewelers upbeat and expect China recovery to drive growth. Swatch 2022 jewelry and watch sales +2% to $7.8B. Birks Nov.-Dec. holiday same-store sales -3.2%. RJC appoints journalist and curator Melanie Grant as executive director.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States:

Some optimism ahead of the Centurion Jewelry Show (beginning January 28) and AGTA GemFair Tucson (January 31). Good traffic and positive sentiment at last week’s Miami Antique Show. Business is picking up, particularly for larger dealers and memo houses. Elongated ovals, 1 to 1.50 ct., F-H, SIs are hot, driven by retailers replenishing holiday inventory. Jewelers preparing Valentine’s Day promotions.

Belgium:

Sentiment weak with slow demand for this time of year. Small and mid-size dealers that supply commercial qualities note quiet trading. High-end robust after good 4Q for luxury jewelers. Positive reports from VicenzaOro show. Rough market stable but uncertain after De Beers price changes and with fewer goods available as EU considers next round of Russia sanctions.

Israel:

Dealers are hesitant as they’re unsure which direction the market will move. Many are holding goods out of fear of losing money if the downtrend continues. Some expectation that China’s reentry to the market will push up certain categories. Buyers struggling to find goods they need. Fancy shapes selling well.

India:

Market is slow, with Chinese buyers closed for the Lunar festival. Manufacturers are cautious and maintaining low polished production. Inventory has declined and there are shortages in certain categories that are in demand, such as elongated fancies. Melee is strong but profit margins have shrunk after recent De Beers rough price hikes for the category. 1 to 2 ct., D-F, IF-VVS steady; lower qualities in that size very slow. Local jewelry business steady during wedding season.

Hong Kong:

Wholesale market slow with most businesses closed for Chinese New Year. Tourist traffic from mainland improving since Covid-19 restrictions were lifted; Macau busy during Chinese New Year. Chinese and Hong Kong jewelers optimistic for 2023 after tough previous year. Rising demand for 0.30 ct., D-H, VS-SI diamonds.

RAPAPORT
Market Comment

February 2, 2023
News: Trading slow for this time of year. US market cautious amid economic uncertainty. China-Hong Kong improving, with reports of good luxury sales during Lunar New Year. Trade hoping for release of pent-up Chinese demand and tourist shopping after Covid-19 restrictions lifted. Polished prices continue to decline; 1 ct. RAPI -0.9% in Jan. Small stones steady. Cutters refraining from large rough purchases. De Beers Jan. revenue -32% to $450M; 2022 sales volume -8% to 33.4M cts., production +7% to 34.6M cts., average price +35% to $197/ct. Letšeng 2022 sales -6% to $189M, average price -4% to $1,755/ct. LVMH 2022 watch and jewelry revenue +18% to $11.5B, operating profit +20% to $2.2B.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States:

Slight lull in New York trading. Many dealers at the Centurion and AGTA shows. Mid- to high-level jewelers looking for goods but sensitive to price fluctuations. Hot items include diamond tennis bracelets, necklaces, hoop earrings and studs. Elongated fancies are strongest sellers among loose stones, especially clean G-H, SI goods. Consumer confidence down in January due to economic uncertainty, according to The Conference Board.

Belgium:

Busier traffic in the bourses, but sentiment still weak. Some high-end demand after European luxury brands reported strong holiday sales. US orders slow; China and Hong Kong improving. Rough market cautious; less new supply available than usual. Antwerp concerned about long-term implications of Russia-Ukraine conflict as EU mulls sanctions on Alrosa diamonds.

Israel:

Dealers seeing some market improvement, mainly due to slight uptick in Far East demand. US clients cautious, placing fewer orders than usual for January-February. Diamonds up to 0.30 ct. stable; 0.50 to 1 ct. difficult to move. Buyers are cherry-picking clean goods with the best proportions.

India:

Activity low amid sluggish US demand. China showing gradual recovery, driving interest in 0.30 to 0.69 ct., D-K, IF-I1, 3X diamonds with no fluorescence. Rough market stable following De Beers’ price changes at January sight. Polished production still below capacity due to global uncertainty. Industry leaders welcome Union Budget, which allocates government funds to nation’s lab-grown sector. Domestic jewelry sales solid during wedding season.

Hong Kong:

Trading and jewelry manufacturing relatively quiet after Lunar New Year festival. Mainland demand picking up following end of Covid-19 restrictions and opening of Hong Kong border. Engagement-ring segment supporting market, with steady appetite for 0.30 to 0.80 ct., D-J, VVS-SI2 diamonds. Jewelers waiting to see strength of recovery before assessing business prospects for the year.

RAPAPORT
Market Comment

February 23, 2023
News: Diamond market quiet due to US seasonal lull and gradual China recovery. Dealers hoping March Hong Kong show will signal release of pent-up Chinese demand. Pressure mounting to strengthen sanctions on Russian diamonds and include traceability requirements. Small polished stable, but manufacturing margins squeezed after De Beers raised prices for corresponding rough by average 10% at Feb. sight. De Beers 2022 revenue +18% to $6.6B, earnings +60% to $552M, average price +35% to $197/ct., price index +23%. Rio Tinto 2022 diamond sales +63% to $816M, earnings +53% to $151M. Dubai bolstering its position as rough trading center: 2022 rough imports +7% to $10.7B, exports +7% $13.9B.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States:

Gradual improvement in polished trading after slow January. Dealers struggling to buy in international markets due to low availability of fresh goods. Fancies doing better than rounds; elongated ovals are strongest shape. Round, 1 ct., G-J, VS-SI, 3X diamonds weak despite relative popularity in engagement-ring segment. Melee stable.

Belgium:

Market sluggish but better than a month ago. Dealers pinning hopes on Hong Kong show after China’s January border-opening stimulated trading in the region. Small goods steady, with solid sales of 0.50 to 0.90 ct., G-J, VS-SI dossiers. 1 ct. sluggish. Uncertainty in rough sector following De Beers price changes; some concerned that small polished not seeing same upward movement as corresponding rough.

Israel:

Dealers cautious amid slow demand and declining prices. Some savvy companies reduced inventory in recent months, waiting for US market improvement before buying again. US demand seasonally quiet. High-end fancy-shape suppliers doing well. Mixed expectations for Hong Kong fair. Some anticipate more activity from Chinese buyers as year goes on.

India:

Trade stable as manufacturers monitor recovery of US and Asia. Chinese dealers and retailers gradually increasing their purchases, supporting demand for 0.20 to 0.50 ct., D-K, IF-I1, 3X (no fluorescence) diamonds. Profit margins thin amid high rough prices on secondary market. Polished production below capacity; factories keeping workers busy with lab-grown or low-cost natural rough. Indian wedding season driving domestic jewelry sales. Industry looking to Hong Kong show as indicator of market direction.

Hong Kong:

Sentiment improving across the region. Local dealers upbeat for March show, hoping mainland buyers will make purchases after months of slow movement. Steady appetite for 0.30 to 2 ct. diamonds as suppliers prepare for the fair. Retail seeing growth but still below pre-pandemic levels. Chinese consumer spending sluggish; gold selling better than diamonds.

Krajiny G7 sa zaviazali diskutovať o otázke ruských diamantov po tom, čo táto kategória unikla poslednému kolu západných sankcií.

„Vzhľadom na značné príjmy, ktoré Rusko získava z vývozu diamantov, budeme spoločne pracovať na ďalších opatreniach týkajúcich sa ruských diamantov, vrátane neopracovaných a leštených diamantov, a budeme úzko spolupracovať na zapojení kľúčových partnerov,“ uviedli lídri bloku v piatok vo vyhlásení . webová stránka Európskej únie (EÚ).

Spojené štáty americké , EÚ a Spojené kráľovstvo uvalili v piatok a sobotu nové sankcie na celý rad ruských výrobkov pri príležitosti jedného roka od invázie prezidenta Vladimira Putina na Ukrajinu. Diamanty sa neobjavili v žiadnom z nových mier.

USA a Veľká Británia už majú určité obmedzenia na dovoz ruských diamantov, zatiaľ čo EÚ ich ešte nezaviedla. Nedávne správy z médií naznačujú, že EÚ a G7 – ktorá zahŕňa Kanadu, Francúzsko, Nemecko, Taliansko, Japonsko, Spojené kráľovstvo a USA – plánujú mechanizmus na sledovanie ruských kameňov cez dodávateľský reťazec.

Národy tiež prijmú dodatočné opatrenia súvisiace s ruským finančným sektorom „a zároveň budú koordinovať, aby sa zachovali finančné kanály pre nevyhnutné transakcie,“ uviedli.

"Opätovne potvrdzujeme náš záväzok posilniť bezprecedentné a koordinované sankcie a ďalšie ekonomické opatrenia, ktoré G7 a partnerské krajiny doteraz prijali, aby ďalej čelili schopnosti Ruska viesť svoju nezákonnú agresiu," pokračovalo vyhlásenie.

Obrázok: Žlté neopracované diamanty. (Alrosa)

Obrázky:

March 9, 2023
News: Mixed sentiment amid slow trading. Expectations rising for 2H recovery as US shows signs of improvement despite lingering economic uncertainty. Hong Kong fair demonstrates pent-up Chinese demand, with buyers testing price points. Dealers happy to reconnect with Chinese market after Covid-19 disruptions. Small-stone segment strong; some concerned that recent rough-price hikes outpaced polished, putting pressure on cutters’ profit margins. De Beers Feb. sales -24% to $495M. Sightholders planning larger purchases later in the year. Manufacturers increasing production but still operating well below capacity. Israel Feb. polished exports +80% to $642M, rough imports -10% to $101M.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States:

Sentiment improving. Demand stable, with scarcities in popular categories. Steady memo calls and conversion to sales. Good orders for 1.25 to 2.50 ct., G-J, VS-SI, 3X polished. Fancies doing well; elongated ovals are best category. Melee hot. Robust bridal segment driving solid retail jewelry business.

Belgium:

Market lacking buzz amid slow US and European demand. Far East improving but still quiet. Good networking opportunities at Hong Kong show spark hope for stronger orders later in the year. Dealers holding large inventories and offering deeper discounts for items that are difficult to move. Rough trading cautious; prices rising at tenders.

Israel:

Polished trading sluggish. Dealers came back from Hong Kong show disappointed after sales fell short of expectations. Some growth in US orders, especially for specific categories from major jewelers. Dealers of small goods doing well. Fancy shapes moving better than rounds.

India:

Activity stable after Hong Kong shows signaled strong appetite for goods in China. Manufacturers seeing plenty of inquiries but limited transactions. Steady Chinese demand for 0.30 to 2 ct., D-K, IF-I1, 3X diamonds with no fluorescence. US sales improving. Solid interest from local Indian traders for D-H, IF-VVS, 3X stones. Fancy shapes selling well. Rough prices firm on secondary market.

Hong Kong:

Industry enjoying boost from March shows. Visitor traffic strong after more than two years of disruption. Mainland buyers attended in large numbers but only made purchases if sellers reduced prices. Suppliers offered discounts to encourage sales and raise liquidity. Optimism for coming months as China opens up.