Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

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There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

DTC March Sight Estimated at $200M as Demand Improves Slightly

07 april 2009

Reports from the Diamond Trading Company (DTC) sight this past week indicated a slight increase in demand for De Beers rough diamonds, as diamantaires respond to an apparent shortage in the market. The third sight of the calendar year, which ran from March 30 through April 3, had an estimated value of $200 million, RAPAPORT reported. This was double the average value of the previous three sights, but was still only about one-third the value of the March 2008 sale.
“We saw a slight return to demand-driven buying,” said one industry observer who attended the London event. "There’s a lack of rough in the market at the moment and everyone is looking at the goods much more seriously than previous months.”
Louise Prior, DTC spokesperson, agreed that there was stronger demand for certain goods and generally a more positive mood at the sight. She declined to comment on which items were most in demand. Sightholders reported stable to better demand for most goods, and strong requests for rough that yields polished sizes of 1 to 1.5 carats.
Participants in the sight stressed, however, that they were still inhibited by DTC’s high prices relative to other sources of rough in the market. One sightholder expressed concern that the slight upturn in the market would give DTC confidence to maintain its current high price levels. Sightholders nevertheless reported little change in either prices or the assortment of goods presented at the March sight.
The improved demand for DTC goods follows similar reports from the rough tender circuit, where prices rose about 10 percent in late February through March. Diamantaires dramatically scaled back their rough diamond purchases toward the end of 2008 after global economies fell , due to a lack of orders and the banks' tightening of credit to the industry. DTC responded by committing to smaller sights until market conditions improve. Prior stressed again on Monday that DTC would continue to offer smaller sights “until demand picks up at the consumer level.”
The drop in demand was evident in the intentions to offer (ITOs) for the next 10 sights, which are due to be submitted in the coming weeks. Sight participants interviewed by Rapaport News estimated that the ITOs, which reflect sightholders' forecasted buying needs, will be about 50 percent lower than those in 2008.
De Beers has responded to the drop in demand by mining fewer diamonds, and has implemented sporadic temporary shutdowns at most of its operations in Botswana, Namibia and Canada. The company, which mined 48.1 million carats of diamonds in 2008, is expected to see production drop by around 30 percent this year. The forecast fall in DTC sales from last year’s $ 5.9 billion may be even more dramatic. According to Rapaport estimates, DTC sales have dropped 76 percent to approximately $410 million in the first quarter.