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Industry News: Larger Polished Prices Steady But Smalls Decline; Batson To Chair JFC Board; More October 08, 2013 (0 comments)
Rapaport: Certified Polished Diamond Prices Stable in September: Smalls Decline
New York, NY—Certified diamond prices were stable in September with significantly reduced trading volume, according to the latest figures from the Rapaport RapNet Diamond Index (RAPI). Price-sensitive Far East buyers are increasingly shifting to commercial qualities, while tight liquidity and weak domestic demand in India have reduced diamond trading and lowered expectations for the important Diwali holiday season.
High rough diamond prices—along with tight lending—have disrupted manufacturing activity as polished suppliers focus on depleting existing high inventory. Demand in both India and China remains somewhat muted, while the United States is stable. Globally, the fourth quarter holiday season (Christmas/Hanukkah in the West, Diwali in India, and the Chinese New Year) should drive some demand, but manufacturers are likely to remain under pressure [with high rough prices].
The RapNet Diamond Index (RAPI) for one-carat certified diamonds fell 0.3% in September. RAPI for 0.30-carat diamonds rose 0.4%, while RAPI for 0.50-carat and three-carat diamonds were both flat for the month. For the third quarter as a whole, the RAPI fell by more than 2% in all sizes.
Separately, the Rapaport Small Diamond Index dropped 6% in the third quarter. Year on year, however, the index is relatively flat. Overall melee diamond prices continued to decline due to caution in India and China, despite anticipation that trading would strengthen ahead of the fourth quarter. Trading among Indian dealers in the third quarter was subdued as they continue to deal with the volatile rupee and a cautious domestic retail environment.
Ruth Batson Named Chair of JFC Board of Directors
Las Vegas, NV--Ruth Batson, executive director and CEO of the American Gem Society and AGS Laboratories, has been elected to chair the board of directors of Jewelers For Children. She is the first female to do so, according to this article in National Jeweler. The other board officers are Mark Light, Sterling Jewelers Inc., vice president of charity programs; Dennis Ulrich, Richline Group, vice president of fundraising; Jim DeMattei, Viewpoint Showroom, vice president of marketing and public relations; Debra Puzio, QVC, vice president of special programs; Pam Mortensen, J.C. Penney Co., secretary; Ulrich Wohn, LVMH Moët Hennessey Louis Vuitton, treasurer; and Peter Engel, Fred Meyer Jewelers, immediate past chair.
Israel’s Polished Diamond Exports Up Q3; New York Diamond Week Set
Ramat Gan, Israel—The Israeli Diamond Industry saw significant growth during the first three quarters of 2013, according to Shmuel Mordechai, Israel Ministry of Economy’s diamond controller. Israel’s net polished diamond exports for the period rose 8.7%; its net rough diamond exports increased 8.5%. Net rough diamond imports also rose 9.4% to $2.9 billion, but net imports of polished diamonds totaled decreased slightly, by 1.1%.
The United States continues to be Israel’s major market for polished diamonds, accounting for 35% of the market with exports of $1.6 billion. Hong Kong is the next largest market with 28% of exports or $1.3 billion, followed by Switzerland at 9.6% with exports of $447 million, and Belgium with 7.6% or $350 million of exports. All of Israel’s other export markets combined stood at 19.8% of the total with a value of $919 million.
Moti Ganz, chairman of the Israel Diamond Institute Group of Companies (IDI) observed a rebound in the United States and many European markets, and expressed confidence that the Israeli diamond industry would continue to grow.
IDI managing director Eli Avidar highlighted the success of two U.S. and International Diamond Week buying events in Ramat Gan in March and August, and cited an upcoming one to be held jointly with the Diamond Dealers’ Club of New York. The second edition of the Israel Diamond Week in New York will be held November 11-14 on the trading floor of the Diamond Dealers Club at 580 Fifth Avenue.
50 Israeli diamond firms participated in the first one last year; Israel Diamond Exchange president Yair Sahar says more than 100 are signed up for this year.
The event aims renew business between local suppliers and their clients, and to lower the threshold for diamond buying jewelry manufacturers and retailers who wish to get access to the Club.
For information, contact communications@isde.co.il
DDI Releases 2012 Annual Report
Ottawa, Canada—The Diamond Development Initiative (DDI) International announces the release of its 2012 Annual Report, which outlines its work with artisanal diamond miners and their communities.
Available online at www.ddiglobal.org in English and French, the report includes an auditor's report, updates on programs and successes from 2012, and messages from both DDI's chair and executive director.
There are 1.5 million artisanal diamond miners in Africa and South America. The Diamond Development Initiative (DDI) International works to ensure that diamonds are an engine for social change. For more information, contact enquiries@ddiglobal.org.
Top image: diamondsearchers.com