ANI
07 Oct 2019, 19:33 GMT+10
Mumbai (Maharashtra) [India] Oct 07 (ANI/BusinessWire India): Diamond market sentiment was weak in September after the Hong Kong show demonstrated a slowdown in Chinese demand.
Buyers from mainland China are cautious. The US-China trade wars, depreciation of yuan and higher gold prices have diminished their spending power. US jewellers are limiting their inventory purchases as the shift to interactive digital shopping and omni-channel reduces their in-store stock requirements.
Inventory shortages at the dealer level for popular items are supporting polished prices for select categories. Manufacturers have drastically reduced their production of polished diamonds after starting the year with an oversupply. The number of diamonds on RapNet declined 3.3 per cent in September to 1.45 million. A large volume of lower-quality goods remains available on RapNet, but there is a shortage of G-I, SI-I1, RapSpec A3, nonfluorescent diamonds.
The RapNet Diamond Index (RAPItrade;) for 1-carat diamonds fell 0.3 per cent in September. The index has declined 4.6 per cent since the start of the year and dropped 6 per cent in the past 12 months.
Rough purchases have slumped, with De Beers maintaining steady prices but introducing a flexible buyback policy in August-September. De Beers sales fell 48 per cent year on year to $537 million in the third quarter. Indian manufacturers are keeping their operations at low capacity through the three-week Diwali festival break, which begins October 27, with some small-scale operations closing early due to the weak market conditions.
Dealers are focused on filling holiday demand, although jewellers prefer taking goods on memo to making inventory purchases. Consumers are shifting to less expensive jewellery amid trade war uncertainty and stock market volatility. Fashion jewellery is stronger than bridal, highlighting the need for a strong investment in marketing engagement rings this holiday season.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)Get a daily dose of Denmark Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Denmark Sun.
More InformationDUBLIN, Ireland: Irish Rail incurred over 26,000 euros in damages due to a series of graffiti incidents carried out by a 24-year-old...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
DUBLIN, Ireland: Taoiseach Micheál Martin has expressed cautious optimism that the European Union and the United States can strike...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
DUBLIN, Ireland: Despite extreme heat gripping much of mainland Europe, Irish holidaymakers are pressing ahead with their travel plans,...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
New Delhi [India], July 12 (ANI): Minerva Academy Football Club, representing India in the Helsinki Cup 2025, has continued its winning...
BEIJING, July 12 (Xinhua) -- Over 600 participants from around the world joined the Global Civilizations Dialogue Ministerial Meeting...
(Photo credit: Matt Stone/Courier Journal / USA TODAY NETWORK via Imagn Images) Chan Kim used a late eagle to right the ship and...
London [UK], July 11 (ANI): It will be a clash of first-time finalists in London as former world number one, Iga Swiatek, takes on...
New Delhi [India], July 11(ANI): Minerva Academy FC has made a thumping start in the knockouts of the Helsinki Cup 2025. The Indian...