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Weekly Market Report

DIAMOND MARKET OVERVIEW
Overall sentiment in the polished market picked up during the Hong Kong jewellery trade show this past week. Traders reported overall healthy sales during the Fair. “The Hong Kong show was better," said one trader in Antwerp. "We saw renewed activity, mainly restocking. Prices were difficult to push (higher) though,” he said. Demand for larger sizes was slow, according to a large stone trader attending the Hong Kong trade show. In the main US market, traders also reported healthy orders from jewellers.  Meanwhile, the main polishedprices index ended the week virtually unchanged, opening at 118.00 on Friday, from Monday’s opening at 118.41.

ROUGH MARKET
Traders reported overall healthy demand in the rough market, this past week. Although, according to some in the trade premiums on rough boxes had eased slightly. “The market is still pretty strong,” said one trader. However, in the manufacturing sector margins are under pressure as polished lags. “There was profitability in manufacturing in the last quarter of 2016, but margins are very tight now, and there is a lot in the pipeline,” one trader said. De Beers announced it sold $545 million worth of rough diamonds at its February sight. This compares to $729 million at the previous January sight. “We continued to see good demand across our product range in the second sales cycle, which was in line with expectations at this time of year," De Beers said in a statement.

CORPORATE AND EVENTS
Diamond specialists De Beers has rolled out a new machine to prove the authenticity of diamonds to ward off the threat of synthetic stones masquerading as real ones, Reuters reported. At an event in Hong Kong, the International Institute of Diamond Grading & Research (IIDGR), part of the De Beers diamond group that parent Anglo American has said is central to its operations, launched new equipment that can screen thousands of tiny diamonds, known as melee, and determine whether they are genuine, said the Reuters report.

Diamantaires in the world's largest diamond cutting and polishing centre in Surat are all set to trade their precious diamonds in a diamond exchange for the first time in the world, Times of India reported. The mock tests for diamond delivery process being conducted by Indian Commodity Exchange Limited (ICEX) have been running successfully since February 27, with an objective to provide insight to traders and manufacturers on the processes of the Exchange Developed Electronic Debit Credit Module (EDCM) for diamond deposit, grading, sealing, storing and effective delivery, the Times of India report said. "We are launching diamond contracts starting April. Polished diamonds will be traded for the first time in the world in a commodity exchange and Surat will be the delivery centre," ICEX managing director Sanjit Prasad, according to the Times of India report.
 

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