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Sluggish Mood
Market Pulse
By: Diamond World News Service
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Jan 3 2015 4:32PM
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Reference: 11007  

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As you all know, Diamond World strives to bring you the market reports from all corners of the world through our website and our special stories. But, from this issue onward we have decided to bring you the highlights of five important markets in a special section called, Global Beats. Be it Israel, Hong Kong, Mumbai, London or New York we talk to our sources and give you a general idea about the mood there.

United Kingdom
In UK, the jewellery demand for Q3 2014 was strongly buoyed by ongoing economic recoveries, says the latest Gold Demand Trends report from the World Gold Council, covering the period July to September 2014. UK jewellery demand had its fifth consecutive quarter of Y-O-Y growth.In regards to polished diamonds, suppliers lowered prices in an effort to enhance cash flow, which led to fall in polished diamond prices in November, as per the leading company that publishes price-list. The price for 1-carat laboratory-graded diamonds plunged by 1.7 per cent in November, while 0.3-carat diamonds declined 2.2 per cent and 0.5-carat diamonds fell 1.6 per cent. Three-carat diamonds fell by 1.8 per cent during the month.

Mumbai
In India, the export of polished diamonds in October dropped to 15 per cent. As per the data published by the Gems and Jewellery Export Promotion Council (GJEPC), India exported polished diamonds worth Rs. 13,000 crore in October 2014 as against Rs. 16,000 crore in same month in the previous year. The polished diamond export between April-October 2014 stood at Rs. 86,400 crore as against Rs. 94,000 crore during the same period in the previous year. Polished imports to the country surged by 3 per cent to US $600 million during the month. India’s rough imports fell by 17 per cent to US $1.006 billion in October and rough exports slumped 37 per cent to $107 million while net rough imports or rough imports minus exports, declined by 14 per cent to US $899 million. The market is lacking impulsive buying and only the wedding season is the driving factor.

Hong Kong
Hinting the sluggish demand in the Far East, the polished market is comparatively calm in Hong Kong. A considerable fall is witnessed in retail sales of November as per the Chinese retailers. The diamond trading, which took place at the Hong Kong Jewellery Manufacturers’ Association, was not so strong nevertheless reputed and renowned companies garnered some positive business at the show. Demand is sluggish for 1-carat to 3-carat diamonds, but there is a stable demand for Gemological Institute of America (GIA)’s certified produces over 0.50-carat sizes.

New York
The normal December high is missing, as the market is sluggish than usual. Market for buyers exists but dealers’ sense that they are more likely to find better prices in India rather than New York. Demand for round, 1-carat, I-K, SI-I1 diamonds is good and there is a steady demand for large stones above 5-carat, too. Demand for princess cut is not so high, nevertheless fancy shapes are in steady demand but it is more intense for ovals and cushions. Due to the not so great sales during the Thanksgiving weekend, the sentiment has diluted.

Israel
The Israel market is feeling the liquidity crunch and the atmosphere is such that only cash-rich companies will survive. The market is sluggish for most as the volume of business is plummeting. The gap between the rough and polished goods is crunching the profit margins. The fancy-coloured diamonds are moving well. The diamantaires are now focusing more on value-added services for their clients as that what is going to be the differentiating factor in this tough market place. The fancy shapes are moving well, especially emerald cut, ovals and princess cut. All hopes are pinned on the recovering U.S. market as that is the driving force for the global diamond industry. The polished diamonds prices are expected to stabilise after January 2015.

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