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Diamonds net - Alrosa Delays April Trading Session

RAPAPORT. Alrosa has pushed back its April contract sale by a week to support the diamond industry’s inventory balance, it said. The next trading session will begin on April 19 instead of April 12, the Russian miner announced Wednesday. “We are glad to see the continuing recovery of the industry, with our clients expressing sustainable interest in purchasing our goods,” said Alrosa deputy CEO Evgeny Agureev. “However, in our view, it is very important to keep the.supply and demand [of rough diamonds] balanced under [the] current circumstances. To maintain the market balance and avoid excessive stocks accumulation, clients should have ample time to process and sell the goods they have purchased earlier.”

Diamonds net - Rapaport Weekly Market Comment

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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