Mumbai Polished Market Still Wary But More Confident in October
November 05, 12
Confidence increased in the Mumbai diamond market in October. The panic that had set in during July and August, as polished prices dropped sharply, receded. Dealers were still wary and braced for further price upheavals, but business sentiment was definitely improving by the end of the month.
The fluctuating rupee/dollar exchange rate, which had caused much of the worry, had settled into a narrow – much more manageable – range, bringing a great deal of relief to manufacturers.
While domestic demand was steady, it lacked the lift that the Diwali festival season usually provides. Dealers did, however, revise their opinion that the festival season was likely to be a complete washout.
The rise in the prices of fancy cuts tapered off, but demand held steady with a noticeable shortage of goods.
The October De Beers Sight was fairly large and the expectation was that the November Sight would also be big. With the November Sight taking place just before Diwali, the market would be awash with unprocessed goods when it closed for the festival vacation.
| Size in Carat (Sieve) | Comments | Forward Call |
| -0.01 (-2 ) | Good demand for SI2-I1 whites & white natts. | Overall demand will improve. Demand and Prices for VVS-VS will be soft. Better demand expected from domestic market. |
| -0.02 (+2-6.5) | Very good demand for SI & piqué whites. Good demand for SI+ Top colors & white natts. Fair demand for VVS-VS whites. | Demand and prices for SI goods will remain steady. Demand and Prices for VVS-VS will be soft. Shortages will be felt for many categories. |
| 0.03-0.07 (+6.5-11) | Good demand for SI2-I1 whites. Fair demand for VS-SI/Top shades & white natts. | Overall demand will be specific and in a few categories only. Softness in prices will be seen. |
| 0.08-0.14 (+11-14) | Good demand for SI & piqué goods. Fair demand for VVS- VS goods. | Overall demand and prices will remain steady. Shortages will be seen in piqué goods. |
| 0.15-0.17 (+14-15.5) | Good demand for SI & piqué goods. Fair demand for VVS- VS goods. | Overall demand and prices will remain steady. Shortages will be seen in piqué goods. |
| 0.18-0.22 (1/5) | Good demand for SI goods. Fair demand for piqué goods. | Overall demand and prices will remain low. Steady demand for SI goods will be seen. |
| 0.23-0.29 (1/4) | Good demand for SI goods. Fair demand for piqué goods. | Overall demand and prices will remain stable. |
| 0.30 (1/3) | Good demand for VS-SI goods. Fair demand for VVS & piqué goods | Overall steady demand and prices will be seen. Better demand will be seen for VVS-VS from domestic market. |
| 0.40 (3/8) | Good demand for VS-SI goods. Fair demand for piqué goods. | Demand and prices will remain soft. |
| 0.50 (1/2) | Good demand for VS-SI/F-J col. goods. Fair demand for VVS & piqué goods. | Demand and prices for SI goods will remain stable. For IF- VVS goods, prices will be soft. |
| 0.75 (3/4) | Good demand for +0.90 cts. VS-SI/F-J col. Fair demand for I1-I2/I+ goods. | Demand and prices for SI goods will remain stable. Prices will remain soft for IF- VVS goods. |
| 1.00 (4/4) | Very good demand for SI/F-L goods. Good demand for I1-I2 goods. Fair demand for VVS-VS/ I-L col. | Overall strong demand for SI/I1 goods. Demand and prices for IF-VVS goods will remain soft. |
| +3.00 | Fair demand for SI-I1/G-K col. | Overall demand and prices will remain soft. Buying will be at attractive prices only. |