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...

Yesterday

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De Beers June Sight Estimated at $640M

17 june 2014

The De Beers June sight closed with an estimated value of $640 million as demand for rough diamonds remained firm, Rapaport reports. Prices and assortments were largely unchanged from the previous sight, although sightholders reported minor price adjustments on sel ect boxes.
There was ex-plan supplied – rough in excess of sightholders’ initial application for goods – as demand rose during sight week. While rough demand was healthy, sightholders expressed continued concerns over tight manufacturing profit margins due to persistent high rough prices relative to polished diamonds. Rapaport News estimates that rough prices have increased by between 7 percent and 10 percent since the beginning of the year.
“There isn't much profit in the goods,” said one sightholder. “Sightholders used to be able to buy rough, add value and see some profit fr om manufacturing when you sold the polished. If you are a master at adding value, then you could make even more profit. However, today, De Beers is pricing their rough as if they are giving the goods to you at no profit and only if you really are a master at adding value, can you make some profit.”
Despite the tight profit margins, Mike Aggett, the CEO of H. Goldie & Company, a diamond broker for De Beers sightholders, reported there was a positive mood at the sight. Aggett noted on his blog that speculative buying appeared insignificant and was likely curbed by the recent liquidity concerns affecting the manufacturing sector.
Dealers reported that boxes were trading on the secondary market at about 5 percent premiums with approximately half the goods sold for cash and half on credit. Several sightholders that spoke with Rapaport News stated that premiums on the secondary market have held firm because manufacturers want to ensure they have enough rough to keep factories running amid a relative shortage of rough on the market.  
In addition, sightholders expect polished demand in the U.S., China and India to improve in the second half of the year. David Johnson, head of midstream communications for De Beers, confirmed that healthy demand at the sight was propped up by a shortage of rough in the midstream segment of the market. He added that the recent election of Prime Minister Narendra Modi in India positively influenced sentiment for Indian exporters and improved the outlook for domestic consumer sales in India.
Johnson said that healthy macro-economic indicators suggested that economic activity was improving in most major markets and De Beers consequently reiterated its positive outlook for the rest of the year. De Beers expects polished diamond consumption to rise by around 4.5 percent in 2014, compared with about 3 percent growth in 2013, driven by steady growth in the U.S. and China, spokespersons told Rapaport News.