News: After Hamas attacked Israel, the industry expressed support for Israel. As the city was hit by rockets and the country became embroiled in war, the Ramategan Stock Exchange remained calm. Rapport called for a boycott of Iran and other Hamas supporters. The global market crisis continues, with prices of bare diamonds falling due to weak retail sales and competition from synthetic diamonds. The 1-carat Rapport Diamond Price Index (RAPI) decreased by 5.2% in September. Manufacturers are attempting to reduce inventory in response to the weak holiday season, falling prices, and G7 restrictions on Russian goods. LVMH's jewelry and watch revenue in the third quarter decreased by 5% to $2.7 billion, indicating a slowdown in the luxury goods industry. After weak sales during the Chinese Golden Week, sales were sluggish. The auction results of Sotheby's in Hong Kong were not ideal, with a precious 11.28-carat Fancy Vivid blue, VS2 diamond sold for $25.3 million ($2.2 million per carat).
Abnormality drill: Abnormality market slows down. The price has dropped, but not as much as the decline in round diamonds. The price of longer oval, pear shaped, radial, and pad shaped diamonds is higher than that of shorter diamonds. Diamonds with medium to short ratios perform weakly. In the context of sluggish demand and high inventory, the price of square cushion diamonds has declined. The price of olive shaped diamonds has remained stable due to a decrease in supply. A 0.30 carat diamond performs well. Diamond orders ranging from 0.70 to 1.20 carats are relatively low. VS-SI grade diamonds have lost market power, except for diamonds ranging from 1.20 to 1.49 carats. Well cut diamonds are in short supply. The premium for diamonds with excellent cutting is high. Retailers offer a wider range of products as consumers seek alternative cutting methods. The trading price of super large carat diamonds is higher than the usual level. Irregular diamonds that deviate from specifications and are poorly cut are difficult to circulate and sell.
US: Demand for round, 1-2 carat, G-I, VS-I1 grade bare diamonds has slowed down due to synthetic diamonds occupying market share. Jewellers are buying on a fast selling basis due to concerns about price drops. Wealthy consumers are still spending. Traders are looking forward to the holiday season's performance. Deeply concerned about the coming months as major jewelers reconsider their purchases in 2024.
Belgium: Market sentiment and weak sales; The downward price trend makes buyers cautious. If the economy continues to slow down, many people are worried about financial challenges. The industry is preparing for the G7 ban on Russian bare drilling.
Israel: Traders focus on war rather than bare diamonds. The stock exchange is still open, but there is almost no trading. The rocket attack from Gaza reached the diamond district of Ramatgan.
India: Overseas sales are weak. Manufacturers are reducing inventory and preparing to voluntarily stop importing rough diamonds starting from October 15th. Sellers are flexible in their pricing and credit conditions. During the wedding season, domestic demand remains stable, supporting the sales of small bare diamonds.
Hong Kong, China: Market weakness after the Hong Kong Jewelry Exhibition. The weak Chinese economy is affecting the luxury goods market. Sales during the Golden Week were disappointing. Suppliers expect to restore hope during the fourth quarter holiday season and the Chinese New Year (February 10th) period
