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Weekly Market Report

DIAMOND MARKET OVERVIEW

Overall polished trading activity has slowed in the dealer market. In the main US market many offices closed this past week for a two-week summer break. There were reports of downward pressure on polished prices in the main cutting centre India, due to discounts being offered to reduce inventory. The next two months are expected to remain relatively quiet due to the summer holidays in the US and Europe. The main polishedprices index ended the week virtually unchanged at 118.21.

ROUGH MARKET

Buying appetite in the rough market has showed signs of slowing. Traders have been reporting declining premiums on rough from the main producers in the secondary market and shrinking manufacturing margins.  Sentiment is cautious following the news of a bankruptcy by Exelco, a sightholder company. “There are other sightholder companies that are in a similar situation, but have continued trading, but for how long,” one industry source said. 

CORPORATE AND EVENTS

Belgian bank KBC Group NV seized assets from one of the diamond industry’s most storied names as it seeks to recover unpaid loans, according to court documents, Bloomberg reported. KBC is seeking to recover 26 million euros ($29 million) from Exelco NV, and had bailiffs search the firm’s Antwerp offices as well as offices belonging to De Beers and ABN Amro Group NV, where Exelco might also hold assets, court documents seen by Bloomberg News show. Exelco also has credit lines with Standard Chartered Plc, said people familiar with the matter, who asked not to be identified because it’s private, said the Bloomberg reported.

Africa-focused Gem Diamonds unveiled a 126-carat rock unearthed at its flagship Letšeng mine in Lesotho, the latest in a string of major discoveries at the operation this year, mining.com reported. The finding of the high quality D colour Type IIa diamond comes barely a month after the company discovered two massive diamonds at the same mine - a 151.52-carat Type I yellow rock and a high quality 104.73-carat, D-colour Type IIa stone, the mining.com report said.

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