Trade slowed as large orders for the upcoming holiday season in the United States have been completed, and the dealers have started to adapt products to the specific requirements of its retail customers.
Diamond Index RapNet (RAPI) for odnokaratnikov-diamonds fell in October by 2.3%. The index fell by 4.3% in the first ten months of this year.
Market sentiment improved after the September show in Hong Kong, but the diamond trade remained sluggish, and flows - relatively high. Demand for diamonds has also declined since the October rough diamond prices rose, Indian diamond manufacturers have reduced the operation before closing time at the Diwali festival.
While diamond demand slowed in October, mining companies continue to record high growth rates in comparison with 2015, when demand fell sharply due to the low profitability of production and high-polished sinks. De Beers The volume of sales increased by 90% in the third quarter, while ALROSA increased its sales by 69%.
Cutting and polishing segment profit remains limited due to sluggish demand for diamonds, while the trade in rough diamonds has been relatively strong in the third quarter. Rough imports to India grew by 54% to $ 4.2 billion in the third quarter, while polished exports rose 15% to $ 6.1 billion.
Industry focus has shifted to the retail trade, as Diwali, Christmas and Chinese New year provide important opportunities in jewelry sales in major consumer markets. Rapaport expects moderate growth in jewelry sales in the US this Christmas, the relative stability in China, but the weakness in Hong Kong, while the individual signals are talking about sustainable gold sales in India Diwali.
However, holiday jewelry sales are unlikely to stimulate sustainable growth of the diamond trade and diamond prices are expected to remain under pressure until the end of 2016 and in 2017, which should cause a decline in prices for rough diamonds in the long run. Under conditions of sufficient waste cutters in the market is trying to balance this factor and a lower level of demand. Meanwhile, the oversupply has existed since the past years, is maintained.
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Chair of the Kimberley Process (KP) Ahmed Bin Sulayem (Ahmed Bin Sulayem), representing the United Arab Emirates, has warned that the global diamond industry will continue to difficulties and expressed his country's intention to act responsibly in order to overcome both present and future difficulties in the industry for the benefit of both producers and consumers.
"2016 will be difficult for our industry - remain excess diamond supply, low prices for diamonds and limited liquidity. The social impact of all these factors will be very noticeable in most diamond-producing regions of the world ", - said Sulayem.
Chairman KP said that the organization is ready to continue talks with Venezuela to provide technical assistance and active support planned for 2016 Verification Mission (Review Mission). "We are confident that this will lead to the recovery of Venezuela as a full member of the Kimberley Process Certification Scheme (KPCS)», - he stressed.
With regard to the resumption of imports of diamonds from the Central African Republic Sulayem said: "We believe that the initiative taken by the Control group (Monitoring Team) of CAR, in accordance with the approved work plan, will successfully resume exports."
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