Familiar with the relationship status ‘It’s Complicated’?
That is a good two word description of the diamond jewelry holiday selling season so far. As you may recall, diamond jewelry sales were sluggish during the 2017 holiday season, but ended with a last-minute rush by consumers. That happened during the last two weeks of December.
Hong Kong is a unique diamond center that serves three different functions. It is one of the main wholesale polished diamond trading hubs, a major diamond consumer market, and it serves as a gateway to the Chinese market – both retail and for manufacturing. As such, the local Hong Kong diamond organizations play an important role in serving this exceptional market. Chief among them is the Diamond Federation of Hong Kong, China (DFHK), a non-profit organization that aims to protect the integrity of diamonds and consumer interests by standardizing business practices.
Prices of smaller goods recovered in November, responding to rising demand. Larger goods, however, suffered from further price declines. The Mercury Diamond Global Tracker™ (MDGT™) averaged 110.1 in November 2018, down 1.30% from October. Polished diamond price increases are a typical cyclical trend in November, as holiday season purchases drive demand.
The Israel Diamond Exchange (IDE) is the hub of the Israeli diamond center. Located in Ramat Gan, right by Tel Aviv it serves one of the largest and most important diamond trading centers.
In the past few months, we have witnessed polished diamond prices decline. They are sliding downward at a slow pace, with an occasional small rise before sliding again. So far this year, overall polished diamond prices lost 2.9%, according to Mercury Diamond Global Tracker™ (MDGT™). The majority of the decline took place in the third quarter of the year – 1.3%.
