All eyes were on America this week as voters went to the polls. While many hope the new president will boost the economy, the worldwide diamond market remains sluggish. In the U.S., orders dribble in as jewelers prepare for Holiday 2008. With slumping polished prices, trade was practically non-existent in Antwerp.

In Ramat Gan, the only movement seen was in goods of 1.00-2.00 cts, G-J / VS-SI, mainly rounds. Traders returning to work in Mumbai after the Diwali holiday found more time to relax as buyers, both local and overseas, stayed away. Finally, low movement characterized the Far East markets where even goods that had sold well until recently, such as 1.00-2.00 cts, H-K / VS+, mainly rounds, slowed.

U.S.

The New York market has been very quiet over the past seven days, with many people focusing on Tuesday's election. That being said, orders are slowly trickling in for limited quantities of mostly smaller merchandise, as jewelers prepare for the upcoming Holiday Season. It looks like the season is going to come late, which is to be expected when people fill inventories at the last minute in attempts to conserve cash.

Given the volatile stance of the market, traders are concerned with who they should sell to, and who is creditworthy. It seems that increasingly business is being done directly between diamond manufacturers and jewelry retailers/ manufacturers, making it difficult for middlemen to survive this challenging period.

Rounds

0.005-0.15 cts, D-J / pique, slow

0.005-0.15 cts, D-J / VS+, mediocre demand

1/5, D-J / VS+, moving

1/4-3/4, white / pique, slow

0.25-0.90 cts, D-J / VS+, good makes, selling

1-5 cts, white / pique, slow

2.50+ cts, D-M / SI1+, good makes, certified, selling, high pricing

Fancy Cuts

Princesses, Radiants, Asschers and Cushions, 1-5 (mainly sizes larger than 3.00+) cts, D-K / SI+, slowing

Marquises, Pears, Ovals, Emeralds and Hearts, 0.25-5.00 (mainly 3.00+) cts, D-K / SI+, mediocre demand

Antwerp

The low movement further slowed with the decrease in the prices of polished goods over the past few days. Traders are feeling a lack of confidence in the business, with practically nobody either buying or selling. Many say that in the current market there is no real price reference for diamonds, and everyone is selling according to how much they need funds at a given moment.

Rounds

0.005-0.15 cts, D-J / pique, mediocre demand

0.005-0.15 cts, D-J / VS+, slowing

1/5, D-J / VS+, slowing

1/4-3/4, white / pique, slow

0.25-0.90 cts, G-K / VS+, good makes, mediocre demand

1-5 cts, white / pique, including goods for treatment, mediocre demand

1-3 cts, G-L / SI1+, good makes, mediocre demand

4.00+ cts, D-M / VS+, very slow

Fancy Cuts

Princesses, Radiants, Asschers and Cushions, 1-3cts, G-K / SI+, slow

Marquises, Pears, Ovals, Emeralds and Hearts, 0.25- 3.00 cts, G-K / SI+, mediocre demand

Tapers and Baguettes, 1/10-1/6, D-I / SI+, mediocre demand

Ramat Gan

The optimism of a few traders received a small setback due to recent decrease in the prices of polished. Demand levels remain very low with some movement noted only in goods of 1.00-2.00 cts, G-J / VS-SI, mainly rounds. Traders hope they have seen the worst, and that the market will start to pick up as the season approaches.

Rounds

0.005-0.15 cts, across the board, slow

1/5, across the board, slow

1/4-3/8, white / pique, mediocre demand

1/4-3/4, D-J / VS+, good makes, slow

3/4, white / pique, including goods for treatment, slow

1-5 cts, white / pique, including goods for treatment, very slow

1-2 cts, G-K / VS-SI, good makes, slow

3.00+ cts, D-M / VS+, very slow

Fancy Cuts

Princesses, Radiants, Asschers and Cushions, 1-5 cts, D-J / VS+, slow

Pears, 2-3 cts, D-J / VS+, mediocre demand

Marquises, Emeralds, Hearts and Ovals, 1-5 cts, D-J / SI+, slow

Mumbai

The Mumbai diamond market saw a few traders return from the Diwali and New Year holidays, although they had little to do in the office as both the local and overseas demand levels remain very low, with practically no overseas buyers in the market. Traders say conditions are not expected to improve until some stability is achieved and until the dollar exchange rate against the rupee drops and remains constant.

Rounds

0.005-0.15 cts, across the board, slow

1/5, across the board, very slow

1/4-3/4, white / pique, very slow

1/4-3/4, D-J / SI+, good makes, mediocre demand

0.80-0.90 cts, D-I / VVS, mediocre demand

1-5 cts, white / SI to pique, slow

1.00-1.25 cts, G-H / IF-VVS2, good makes, mediocre demand

1-3 cts, D-L / VS+, good makes, slow

4.00+ cts, D-M / VS+, very slow

Fancy Cuts

Emeralds and Stabbes (wide baguettes), 1/4-3/4, D-J / VS+, slow

Marquises, Pears and Hearts, 1/4-3/4, F-J / VS+, slow

Emeralds, Marquises, Pears and Hearts, 3.00+ cts, H-J / VS+, slow

Far East

Low movement was seen at the Hong Kong diamond market, echoing the situation in the neighboring Far East markets. Traders do not expect any big change in the very near future, with most believing it will take several months for the market to turn around. Even goods that sold well at the recent Hong Kong trade show, such as 1.00-2.00 cts, H-K / VS+, mainly rounds, have also slowed down.

Rounds

0.005-0.15 cts, white / SI2 to pique, mediocre demand

0.005-0.15 cts, D-J / SI1+, good makes, slowing

1/5, G-J / VS+, slowing

1/4-3/4, across the board, mediocre demand

1-5 cts, white / pique, slow

1-3 cts, H-L / SI+, slow

4.00+ cts, D-M / VS+, very slow

Fancy Cuts

Princesses, Radiants and Emeralds, 1-3 cts, H-K / SI+, mediocre demand

Princesses and Emeralds, 1/10-1/3, H-K / VS+, slow

Marquises, Pears, Ovals and Hearts, 1.00-3.00 cts, H-K / SI+, mediocre demand

Tapers and Baguettes, 1/10-1/2, H-J / VS+, very slow