RE:Monday!From Polished Prices, sounds encouraging!
Weekly Market Report
January 15th, 2017
DIAMOND MARKET OVERVIEW
Overall polished trading volumes were relatively thin during the past week. Traders waiting for the level of returns of polished from the main US market were cautious amid reports that while retail sales rose, jewellery sales declined compared to the previous year. Sterling reported a 4.6% decline in holiday same store sales and said it expected full year 2017 sales to be lower. There was positive news from China where Chow Tai Fook, the leading retailer, reported improved sales in mainland China during the third quarter. Although, sales in Macau and Hong Kong were down. Richemont Group also said demand in China had improved. In the broader market, the main polishedprices index ended the week lower, opening at 118.07 on Friday, from Monday’s opening at 119.17.
ROUGH MARKET
Rough trading activity was relatively quiet over the past week. Many in the trade are waiting for the De Beers sight this coming week. There were reports in India of large manufacturers ramping up production, which could help bolster demand for rough at De Beers’ January sight.