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Weekly Market Report

DIAMOND MARKET OVERVIEW

Traders reported steady demand from retailers in the US and China. With the holiday season approaching the demand situation has markedly improved. Manufacturing margins however remain under pressure, despite the recent softening in rough prices. In addition, polished prices are not rising in tandem with the improvement in demand. The main polishedprices index ended the week flat to lower, opening at 115.23 on Friday, from Monday’s opening at 115.35

ROUGH MARKET

Traders reported slow trading activity following De Beers’ sight. The leading diamond supplier sold $455 million at its October sale. This compares to $376 million in September. De Beers said the larger sales volumes reflected improved demand. “Following a seasonally quieter period for rough diamond sales, Cycle 9 saw an uptick in demand from our customers as retail orders increase ahead of the Christmas season,” De Beers said. 

CORPORATE AND EVENTS

De Beers Group announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the ninth sales cycle of 2017, or October sale. De Beers sold $455 million, compared to $376 million during the same period last year.

The Diamond Producers Association (DPA) has opened an office in India to  boost diamond consumption in the country, local media reported. According to The Hindu, the association has opened an office in India, the second in the world after the U.S., to work closely with various stakeholders to promote diamond besides making Indians realise the importance of diamond in history and in their lives.

The largest known fancy intense pink diamond went unsold at Sotheby’s on Wednesday amid jitters in the final round of the Geneva fall auction season that contrast with the stellar price won by a painting by Leonardo da Vinci, Bloomberg reported. Sotheby’s had estimated the value of the Raj Pink, a 37-carat stone, as high as $30 million. Other lots unsold in the auction included a vivid blue diamond ring estimated at as much as $18 million and two yellow diamonds worth as much as $14 million. The blue diamond was sold privately immediately after the sale, Sotheby’s said, accoring to the Bloomberg report.

ASX-listed Lucapa Diamond Company has recovered an exceptional high-value 129.58 carat diamond from its Lulo diamond project in Angola, miningreview.com reported. The 129.58 carat diamond was recovered from alluvial Mining Block 6 along with another large high-value diamond weighing 78.61 carats. Testing on a Yehuda colorimeter has confirmed that both the 129.58 carat and 78.61 carat diamonds are premium Type IIa D-colour gems, said the miningreview.com report. Botswana is amending its law to give government first option to buy diamonds that are “unusually large or have other unusual features found in its mines, miningreview.com reported. Botswana is amending its law to give government first option to buy diamonds that are “unusually large or have other unusual features found in its mines,” Reuters recently reported, according to the miningreview.com report.

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