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DIAMOND MARKET OVERVIEW

While slow demand in the US market remains a negative factor for polished trading sentiment, there is evidence of polished strengthening in other areas. With one day to go before the Hong Kong jewellery fair ends, traders are reporting good traffic, with lots of buyers for 3 carat down, VVS-VS goods. Larger sizes, 4 carat and up, however appear to be meeting some resistance at current price levels. This suggests some down trading after prices for large high-end stones reached record highs over the past few weeks. Traders in the Far East also reported active buying in clean pointers. Cheaper goods remain weak with little Indian demand and there is evidence of more caution here. In the broader market, the main PolishedPrices index ended the week lower at 129.0 points after opening at 130.0 on Monday. Among the benchmark groupings, Mixed quality 1 carat and 0.5 carats posted heavy losses on Monday. Mixed 0.3 carats rose almost 1% to 141.0 points, after hitting a year-low of 112.7 points three weeks ago.

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