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Weekly Market Report

DIAMOND MARKET OVERVIEW
Polished traders gave a positive outlook for demand, following healthy demand witnessed at trade show in Hong Kong earlier this month. However, prices have been lagging in comparison to rough diamonds. There were reports of traders reducing their prices at the Hong Kong Fair to reduce inventory. The widening gap is causing a squeeze on manufacturing margins. Meanwhile, the main polishedprices index, which ended the week lower, opening at 117.24 on Friday, from Monday’s opening at 118.76.

ROUGH MARKET
Traders reported overall healthy demand for rough over the past week. Russia’s state-owned Alrosa reported a 7% increase in rough diamond sales for the month of February compared to January, highlighting the strong demand situation witnessed since the start of the year. However, despite good demand being reported for rough, there are renewed concerns of a stock build up in polished in the main cutting centre India, as manufacturers have ramped up production since January.

CORPORATE AND EVENTS
Mountain Province Diamonds has completed the second sale of diamonds from its Gahcho Kué mine, miningweekly.com reported. Some 277 646 ct were sold, while a third sale comprising some 193 900 ct is scheduled for late March, the miningweekly.com report said.

New research by insurance house, Allianz, shows that the majority of men now fork out far less than two to three months' pay on a stone, with an average spend of £573, with middle-class couples preferring to save their money for future school fees, spiralling house prices and adventurous holidays, telegraph.co.uk reported.
 

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