World diamond news
Rapaport Weekly Market Comment
Polished diamond markets quiet with steady U.S. and Chinese demand. Rough selling at average 5% premium on secondary market, while increased supply calms price speculation. Cutters remain cautious and polished supply tight. Rapaport Melee Index +7% in 1Q 2013. Sotheby’s HK sells $61.4M (78.6% by lot) with round, 28.86ct., D, IF, 3X diamond selling for $6.9M (world record $239,532/ct.). Michael Hill sales +9% to $636M, same-store sales +2% for 9 months. U.S. Feb. polished imports flat at $1.5B, exports -8% to $1.5B. Japan’s Feb. polished imports +24% to $54M. JCPenney reappoints Myron Ullman as CEO. India’s Maharashtra State raises VAT on diamonds, precious metals to 1.1%.
Source: Rapaport news - Rapaport tradeWire