Mumbai Market Report: Still Cautious, But More Optimistic
October 10, 12
(IDEX Online News) – Business sentiment in the Mumbai polished diamond market improved perceptibly in September. Polished prices had been dropping since July and through August. However, the India International Jewellery Show (IIJS), which ran over the end of August, had a positive impact on business sentiment. The lowering of rough diamond prices by De Beers at its September Sight further stabilized prices and the sentiment improved even more. By the middle of the month, optimism returned, though there continued to be downward pressure and dealers expected a slow drop of another 3 or 4 percent. IF-VVS prices were down by up to 20 percent as compared to the first week of August. VS-SI1 prices too were down between 10- and 12 percent. The SI2-and-below clarities, however, showed nothing more than a twitch of between 2- and 3 percent. The high prices of gold had the diamond industry hoping that with the lower polished prices, diamond sales over the Diwali sales period would be decent. Mumbai Diamond Trading in September Size in Carat (Sieve) Comments Forward Call -0.01 (-2 ) Fair demand for SI-I1 whites & white natts. Overall demand will remain very low. Demand & Prices for VVS-VS will be very soft. Lower price may result in pickup of demand in domestic market. -0.02 (+2-6.5) Good demand for SI & piqué whites. Fair demand for VS-SI/Top shades & white natts. Overall demand & prices for SI goods will remain steady. Demand & Prices for VVS-VS will be very soft. Lower prices may result in pickup of demand in domestic market. 0.03-0.07 (+6.5-11) Good demand for SI & piqué whites. Fair demand for VS-SI/Top shades & white natts. Overall demand & prices will remain soft. Demand & Prices for VVS-VS will be very soft. Lower prices may result in pickup of demand in domestic market. 0.08-0.14 (+11-14) Good demand for SI & piqué goods. Fair demand for VVS- VS goods. Overall demand & prices will remain steady. 0.15-0.17 (+14-15.5) Good demand for SI & piqué goods. Fair demand for VVS- VS goods. Overall demand & prices will remain steady. 0.18-0.22 (1/5) Good demand for SI goods. Overall demand & prices will remain low. Steady demand for SI goods. 0.23-0.29 (1/4) Good demand for SI goods. Fair demand for piqué goods. Overall demand & prices will remain low. Steady demand for SI goods. 0.30 (1/3) Good demand for VS-SI goods. Fair demand for VVS & piqué goods. Steady demand & prices will be seen. 0.40 (3/8) Good demand for VS-SI goods. Steady demand & prices will be seen. 0.50 (1/2) Good demand for VS-SI/K+ goods. Fair demand for VVS & piqué goods. Demand & prices for SI goods will remain stable. For IF- VVS goods, prices will be under pressure. 0.75 (3/4) Good demand for +0.90 cts. VS-SI/F-J col. Fair demand for I1-I2/I+ goods. Demand for SI goods will remain stable. Prices will remain under pressure for IF- VVS goods. 1.00 (4/4) Good demand for VS-SI/L+ goods. Fair demand for I1-I2 goods. Overall steady demand for SI/I1 goods. Demand & prices for IF-VVS goods will remain soft. +3.00 Fair demand for SI-I1/G-K col. Overall demand & prices will remain soft. Buying will be at attractive prices only.