Polished markets stable as Chinese wholesalers prepare for May Day retail season. Trading in Israel and Belgium slows ahead of next week’s Passover Holiday. ALROSA’s 1Q production +16% to 10m cts. Rio Tinto’s 1Q diamond production -29% to 2.5m cts. Sotheby’s HK sells $53.4m (74% by lot) with 25.5-ct, D, IF diamond ring selling for $5.1m ($200,402/ct). Christie’s NY sells $31.8m (80% by lot) but fails to sell 10.06-ct vivid purplish pink diamond. Belgium’s 1Q polished exports +30% to $3.4b. Israel’s 1Q polished exports +46% to $2.1b. U.S. Feb. polished imports +29% to $1.6b. Rapaport Price List will not be published next week April 22 due to the Passover Holiday. Rapaport offices will be closed on April 19–20 and April 25-26.

Global Markets

United States: The wholesale market in New York is stable with many businesses expected to close in the coming week for the Passover holiday. There is good demand for 1.00- to 2.50-carat, F-I, VS-SI goods. While consumer caution lingers, there appears to be good demand for ideal makes which has maintained positive levels regardless of the economic environment. Retailers remain optimistic for the short term, as sales have continued to slowly increase. Demand at retail remains focused on engagement rings containing loose diamonds of 1- to-2 carats, with better quality makes and with GIA certification.

Belgium: Trading in polished and rough continues to be strong although activity is slowing ahead of next week’s Passover holiday. There is good demand for VS-SI goods, with pointer sizes and 1.00-carat to 3.00-carat sizes also selling well. Rough traders and manufacturers continue to express concern about high rough prices, but also continue to buy.

Israel: Activity in the bourse remains positive although trading is slowing with the approach of next week’s Passover festival. The trading floor of the bourse will be closed for the full seven-day holiday starting Tuesday. Trading is expected to improve again after Passover as dealers prepare for the JCK Las Vegas show. There is good demand for polished in all sizes up to 3 carats, in VS-SI clarities, particularly as dealers report shortages in the most popular items.

India: Polished trading has grown slightly cautious. Buyers are hoping for some price stability following the strong trading after the Hong Kong show at the beginning of March. There are shortages of goods and pressure is being exerted on manufacturers to ramp up output from their factories. Still, there remains good demand for smalls in -2, stars and melee, in pique and SI+ clarities, as well as for certified and non-certified 0.50-carat, J+, lower pique and SI+ goods, and for 1.00-carat stones in all categories.

China: The wholesale market has been busy preparing for the upcoming May Day holiday retail season. Reports indicate that recent polished price increases have filtered to the retail market without having a significant impact on sales volumes. Demand for polished remains strong with shortages reported for certified round, 0.30-carat to 1.10-carat, D-H, VS-SI, Triple EX makes, which continue to sell well.

Hong Kong: The market has been slightly quieter this week as dealers continue to absorb the higher prices. There is a sense that retailers are finding it difficult to transfer the new prices to consumers. Still, there is good demand for dossiers in 0.30-carat and 0.50-carat, VS-SI goods, as well as 1.00-carat stones in the same categories.