Rapaport's weekly round-up finds that cutters remain under pressure as De Beers keeps rough prices unsustainably high, with reports that sightholders turned down 35%-50% of the goods on offer at this week's sight which may have been as low as $200 million. Sightholders are preferring to buy polished at lower prices rather than expensive rough for manufacturing.
Around the world, trading in New York is slow but stable with many dealers on summer vacation. In Antwerp, sentiment is weak with low trading volumes. Meanwhile, trading in polished goods is stable in Hong Kong with dealers active but cautious. And in India, polished trading is weak as polished prices continued to soften, with dealers saying that US demand is steady demand and supporting the market overall, while Far East demand is cautious. In Israel, polished trading is slow but stable.