Diamond prices fall after Las Vegas conference

petra diamonds

Sales were low and demand generally weak at the JCK Las Vegas show.

Israel report that weak sentiment in Ramat Gan; many local dealers and manufacturers say that the JCK Las Vegas show met their low expectations, but no more. In Mumbai, large local manufacturers were satisfied with the show; however, smaller suppliers had more mixed reactions. In Hong Kong, demand from local retailers has not picked up amid a weak economy and lower tourist traffic from Chinese tourists.

However, in the US there is activity in the market with wholesale buyers looking for goods, and dealers are optimistic following the JCK Las Vegas show, despite lower sales than last year. Similarly in Belgium, trading has improved in Antwerp and sentiment is more positive than before the show.

Diamond prices have continued to fall recently, with both Tiffany & Co and Lucara reporting a disappointing results last week. Petra followed suit today, forecasting full year revenue below market expectations.

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