Rapport Market Review

Recently, Thanksgiving in the United States has opened the holiday season, which has increased the confidence of retailers. The National Retail Federation predicts that there will be a record 182 million shoppers over the weekend.

The price of bare diamonds is stable, and the inventory of round diamonds is reduced. The market demand for F-I colour, SI1-SI2 level, 1 to 3 carat round diamonds is stable. At the same time, Rapaport issued a consumer warning not to overprice synthetic diamonds. Indian manufacturers closed due to the extension of the Diamp Festival holiday. India's import freeze affects wool drill manufacturers, Stornoway declares bankruptcy, and Lucapa is reviewing the cost of Merlin exploration. Sarine's revenue fell 28% to $10 million in the third quarter, with a loss of $1 million, compared with a profit of $2 million in 2022. China has performed weakly in the face of the economic downturn.

United States: As the holiday season approaches, the market sentiment is cautious and optimistic. Memorandum sales is still the preferred strategy for retailers, but some retailers take the direct purchase method. The market demand for F-I colour, SI1-SI2 grade, 0.70 to 4 carat round diamonds is stable. Diamonds with better cutting are difficult to replace. High-end brands are cautious about order purchases in 2024.

Belgium: The market sentiment is complex. The demand for bare diamonds is slow, but as the holiday season approaches, the demand for commercial-grade goods has improved. Synthetic diamonds continue to compete for the market share of natural diamonds. The rough drill market performance is relatively calm, and the supply of miners has decreased.

Israel: Due to weak global demand and the continuation of the war with Hamas, the market activity is low. Rapaport Israeli auction continues, and the sales level is acceptable. Dealers tried to reduce inventory and prepare for the difficult end of 2023.

India: With the closure of the Surat bare diamond factory due to the Dilling Festival holiday, the market performance is relatively calm. Some sales offices in Mumbai have been reopened. Sellers reduce the price of unsalable diamonds but increase the price of high-quality diamonds; buyers show resistance to higher prices. Local consumers have a strong demand for gold during the festival.

Hong kong ,China: Business slowed down due to economic weakness. Indian suppliers are slow due to Dieng Day vacation. The festival season in the fourth quarter promotes market demand, but mainly focusses on low-priced goods and other gemstones, such as pearls. The high-priced diamonds are not sold, so it is difficult for the company to succeed. Retailers are considering reducing rental expenses.