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Weekly Market Report

DIAMOND MARKET OVERVIEW

Polished trading volumes over the past week were relatively low following the Easter and Passover holidays. Underlying sentiment is positive with healthy demand being reported in most markets. In Asia, demand has improved, compared with last year’s low, in particularly in mainland China. Trading activity in the dealer market is expected to increase in the next few weeks, ahead of the annual JCK jewellery trade show early June. Meanwhile, the main polishedprices index was virtually flat to lower, opening at 118.62 on Friday, from Monday’s opening at 118.97.

ROUGH MARKET

Traders in the secondary market continued to report strong demand for rough.  Larger manufacturing facilities in India are reportedly running at full capacity.  However, there was some underlying caution, with some players warning about the level of outstanding bank debt to the trade.

CORPORATE AND EVENTS

Russian diamond miner Alrosa reduced its inventory sharply in the first quarter but kept its 2017 production forecast unchanged, the company said, as its chief executive met clients to discuss the new contract period, miningweekly.com reported. Alrosa said that its first-quarter diamond production rose 9% year-on-year to 8.9 million carats. However, diamond sales were well above production and reached 14.1 million carats for the period, said the miningweekly.com report.

Rockwell, which is seeking business rescue, is suspended from trade in Johannesburg and Toronto with C-Rock Mining trying to force it into liquidation, Business Day reported.  Rockwell Diamonds, which is suspended from trade in Johannesburg and Toronto, has filed for business rescue to stave off attempts by a contractor to liquidate the company, said the Business Day report.

LSE-listed Gem Diamonds has appointed Harry Kenyon-Slaney as an independent non-executive director and chairman of the company, miningreview.com reported. Kenyon-Slaney will succeed Roger Davis as chairman of Gem Diamonds following the company's annual general meeting on 6 June 2017, the miningreview.com report said.

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