Diamond market quiet during Passover, Easter and India’s Holi festival. Dealers expecting stable 2Q trading. Some concern that rising inventory levels may impact prices during slower season. More polished becoming available due to increase in manufacturing since beginning of the year, as evidenced by GIA backlog. Rough demand expected to drop after robust 1Q buying. 1 ct. RAPI +1.5% in March. Index now above pre-pandemic levels. Optimistic outlook for jewelry sales in US and mainland China. Lack of travel continues to impact tourist retail centers like Hong Kong and Europe. Chow Sang Sang 2020 revenue -15% to $1.9B, profit -15% to $70M.
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