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Weekly Market Report

DIAMOND MARKET OVERVIEW

Following the Basel trade show, the mood has turned more cautious in the polished market. Diamonds fared worse than watches, which saw mixed results, traders said. “Some watch brands did very well, but there were others that had a poor show,” said one watch industry executive. Trading in the polished markets is expected to be subdued during the Easter and Pesach holidays. The main polishedprices index ended the week virtually flat, opening at 117.24 on Friday from Monday’s opening at 117.17.

ROUGH MARKET

Traders continued to report strong demand for rough in the secondary market. De Beers announced it sold $580 million of rough at its April sight, 4.9% more compared to the previous sight.  There were healthy premiums on De Beers’ rough boxes. Recent tenders have also seen strong results.  Though trading is expected to slow this month during Easter and Pesach.

CORPORATE AND EVENTS

De Beers reported a 4.9% rise in sales during the third cycle of the year, compared to the previous period, on the back of a global recovery in diamond prices and demand, mining.com reported. The Anglo American unit said provisional diamond sales reached $580 million for the cycle ended April 3, compared with $553 million it gathered in the previous sales cycle, but lower than the $666 million the miner fetched in the third cycle of 2016, said the mining.com report.

A 59.60-carat pink diamond sold for a record $71.2 million in Hong Kong on Tuesday to local jewelers Chow Tai Fook after a five-minute bidding war between three phone bidders, Reuters reported. The "Pink Star", the largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Gemological Institute of America according to Sotheby's, set "a new record for any diamond or jewel at auction", the auction house tweeted, said the Reuters report.

Gem Diamonds Ltd. said it unearthed a 114-carat diamond at its Lesotho mine in southern Africa, helping to ease concerns about a dearth of large finds, Bloomberg reported. The stone is a D color Type II diamond of exceptional quality, Gem Diamonds said in a statement Friday. It was the second Lesotho diamond discovery bigger than 100 carats announced this week, after a rival miner said Wednesday it had unearthed its first stone of that size, said the Bloomberg report.

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