JCK Las Vegas fuels optimism for U.S. retail but buying at show still driven by Far East and Indian buyers. 3 ct certs hot. High prices for large diamonds generating buyer resistance. Good demand for 1-2 ct, G-I, VS-SI. Demand for SI-I1 very strong for small inexpensive goods. DTC June sight estimated at $500m as prices increase 3-7%. Secondary market rough premiums softening but demand remains strong due to shortages. Large cutters dealing rough rather than manufacturing. Christie’s London sells $6.6m (79% by lot) with rectangular cut, 14.85-carat, D, VS1 Bulgari diamond ring selling for $1.1m ($73,800/ct). Michael Hill to close eight of 17 U.S. stores. Botswana’s April rough/polished exports +36% to $233.6m. Abbey Chikane says Zim meets minimum KP standards as NGOs still report state-sponsored human rights abuses.
Market Comments 6/10/201013 08 2010