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Weekly Market Report

DIAMOND MARKET OVERVIEW

There was positive sentiment in the dealer market. Polished demand has strengthened in Asia and most traders are positive about second half. In other news, the Swiss Watch Federation reported record exports, boosted by shipments to Hong Kong which rose 18% in March, the biggest increase in two years. The main polishedprices index ended the week lower, opening at 117.31 on Friday, from Monday’s opening at 119.03. 

ROUGH MARKET

Traders reported continued strong demand for rough over the past week, highlighted by healthy premium’s being reported following Alrosa’s April sale. Meanwhile, De Beers said it sold almost twice the diamonds it mined in the first quarter, providing a boost to sales. 

CORPORATE AND EVENTS

De Beers sold almost twice the diamonds it mined in the first quarter as the top producer cleared stocks that piled up after India torpedoed demand in the local gem industry by abolishing large-denomination banknotes, Bloomberg reported. The Anglo American Plc unit sold 14.1 million carats, the most since at least the start of 2016, when it first published data, and mined 7.4 million carats, the Bloomberg report said.

Anglo American reported sharply higher first-quarter diamond sales from its subsidiary De Beers along with improved production performances from all of its divisions apart from copper and nickel, Business Day reported. Angl0 American, which has told the market its core focus is platinum, diamonds and copper, reported a solid first-quarter operating performance compared with the same period a year earlier, with the standout performance being diamond sales, said the Business Day report.

Swiss watch exports rose for the first time in 21 months in March, ending their longest slump on record as shipments to Hong Kong pulled out of a two-year decline, Bloomberg reported. Exports gained 7.5 percent to 1.6 billion francs ($1.6 billion), according to the Federation of the Swiss Watch Industry. The result benefited from two extra working days, without which shipments would have fallen 2.6 percent, said the Bloomberg report.

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