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Weekly Market Report

DIAMOND MARKET OVERVIEW

The main focus this past week was on the Hong Kong Jewellery trade show in Hong Kong (June 22-25). Traders are pinning their hopes on improved demand in Asia as the US market enters into a quiet period during the July summer lull. The main polishedprices index ended the week more or less unchanged, opening at 116.83 on Friday, from 116.76 at Monday’s opening.

ROUGH MARKET

Traders said sentiment in the rough market had cooled this past week. “The market is suddenly again very quiet, premiums (on rough boxes) are flat. We are expecting some challenging months ahead,” one trader and manufacturer said. De Beers sold more diamonds compared to the previous month at its June sight. The sight totalled $530 million versus $522 million in May. There were price increases in certain ranges of goods, according to some sightholders. “Following positive feedback from the Las Vegas trade show, and in line with recent trends, we saw continued good demand for De Beers rough diamonds,” De Beers said in a statement following the June sight.

CORPORATE AND EVENTS

Strengthened black economic empowerment rules, revenue payouts and stricter exploration requirements have all landed on South African miners' doorsteps at once, mining-journal.com reported. Mining minister Mosebenzi Zwane released the long-awaited updated mining charter on Thursday, implementing the new requirements immediately, said the mining-journal.com report.  The document has been in the works for two years but the mining industry had little idea of the finished product until its publication, the mining-journal.com report said. 

A tricky problem of credit refund has compelled the diamond industry in India to request the government for a waiver on Goods and Services Tax (GST) on supply of stones meant for export between diamond exporters, The Economic Times reported. This comes days after the GST Council created a separate 3% slab for precious metals and diamonds, giving into industry's demands for a lower rate, The Economic Times report said.

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