After the exhibition in Las Vegas, the overall trade rhythm began to slow down, and American wholesalers gradually entered the holidays. The industry expects that the industry development in the third quarter will be relatively slow, but it remains optimistic about the market performance during the holidays.
U.S. real gross domestic product (GDP) fell by 1.6% on an annualized basis in the first quarter of 2022, which has caused some concern for the diamond industry. Polished diamond prices are showing signs of falling due to a weakening economic outlook and overall rising inventories.
The supply shortage of Russian rough diamonds may begin to affect the supply of polished diamonds in the second half of the year. The industry estimates that traceable non-Russian diamonds will be sold at a premium. Due to Russia's withdrawal, NDC (Natural Diamond Council) will have a funding gap of about US$31 million next year (Note: In 2021, Alrosa and De Beers will each bear about 45% of the NDC's promotion expenses of up to 70 million US dollars. data source: Rapaport), which has caused relevant discussions in the industry.
Luk Fook Jewelry last fiscal year's performance was US$1.5 billion, an increase of 33%, and its profit was US$177 million, an increase of 37%. However, the mainland market value is expected to slow down from April to May.
De Beers and Botswana decided to postpone the renewal time again to June 2023. David Gotlib was elected as Chairman of AWDC (Antwerp World Diamond Center).
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The regional market situation is as follows:
- United States
Although the market began to slow down after the exhibition, wholesalers are still optimistic about the second half of the year. There are a lot of orders for pledged goods on the market, which is a typical phenomenon before the summer holidays. Diamonds of 1-3 carats, G-I color, and VS2-SI2 clarity are the best-selling segments. The wedding market is expected to become an important element supporting off-season sales. High-end jewelry performed strongly, with luxury brands placing orders from New York suppliers.
- Belgium
Antwerp The mood in the industry is somewhat complicated. The US market still supports the development of trade, but practitioners have certain concerns about the European and Chinese markets. The sales of melee diamonds are good, among which there is a shortage of small diamonds with high quality cut. There is strong demand for well-cut fancy-shaped diamonds, with oval and pear shapes being the best performing segments. The rough diamond trade is stable. Botswana President Masisi ( Masisi) visited Antwerp and opened the Kimberley Process Permanent Secretariat in Gaborone .
- Israel
The market after the Las Vegas show was relatively calm, and orders from the US market were less than in previous weeks. The Hong Kong and Mainland China markets performed mediocrely. Wholesalers are constantly purchasing to meet specific orders. A supply shortage of rough diamonds in Russia, the start of the summer holidays in the United States in July, and the growth of the lab-grown diamond market have all brought some caution to the industry.
- India
The market performance is more complicated. Diamond sales in some sectors are good, but others are relatively weak. The demand for diamonds with certificates above 0.50 carats is good, while the sales of diamonds between 0.30-0.40 carats are relatively poor. Sales of special-shaped diamonds declined in some sectors. Factories are unable to produce polished diamonds at full capacity due to restricted rough supply in Russia. The depreciation of the Indian rupee to a record low (79:1 against the US dollar) has caused some concern.
- Hong Kong, China
The economic development is relatively weak and the pace of trade is slow. The wedding sector supports the development of the diamond market, while the fashion jewelry market is relatively weak. The demand for 3EX diamonds of 0.30-0.80 carats, D-I color, and VS2-SI2 clarity is stable. Sales of larger diamonds are relatively smaller.Retailers are cutting costs, reducing inventory and moving to lower-cost areas. The mainland's lockdown has basically ended, but the number of tourists and business trips is still small. But in any case, jewelry sales in the mainland are gradually recovering.
The above content comes from Rapaport.
Creditions
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