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Weekly Market Report

DIAMOND MARKET OVERVIEW

Polished trading is expected to resume to more normal levels ahead of the Hong Kong trade show in September.  In India some traders were positive, citing healthy demand in the local retail market. Meanwhile, an oversupply of polished in the cutting centres is causing some concern about the polished prices, which fell to the lowest level since 2010 on the main polishedprices index on Monday. During the past week, the index traded in narrow bands, ending the week virtually unchanged at 116.55 on Friday, from Monday’s opening at 116.83.

ROUGH MARKET

Traders will be closely watching De Beers’ September sight or sale if rough prices will hold.  Some market players believe liquidity constrains and sluggish polished prices are likely to have implications for demand in the second half.  De Beers’ saw bullish demand for rough from sightholders at the previous sight, which some have attributed to the contract renewal period of De Beers.  

CORPORATE AND EVENTS

A federal judge said Tiffany & Co may recover at least $19.4 million in damages from Costco Wholesale Corp over the warehouse club chain's illegal sale of counterfeit diamond engagement rings bearing the "Tiffany" name, Reuters reported. U.S. District Judge Laura Taylor Swain said Tiffany deserves $11.1 million, plus interest, representing triple the lost profit from Costco's trademark infringement, plus the $8.25 million in punitive damages awarded by a jury last October, said the Reuters report. 

Rescuers have been unable to reach the area of an underground mine in Siberia where four of eight missing miners might have been working during a partial flood this month, Russian diamond producer Alrosa said earlier this week, Reuters reported. State-controlled Alrosa has been searching for the eight missing miners since Aug. 4 when its Mir mine in the remote Yakutia region of eastern Siberia was partly flooded by water from an open-pit mine above it, the Reuters report said. 

Africa-focused Gem Diamonds said it has received an acquisition offer for its Ghaghoo mine in Botswana, which it discontinued earlier in the year due to a decline in prices, mining.com reported. Announcing its half-year results, the company also said its revenue fell to $93 million for the six months to June 30, from $109 million a year earlier, due to a drop in output and diamond prices, said the mining.com report.

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