[miningmx.com] – DIAMOND prices would not be firmer during the Chinese new year in February following a firm but unspectacular Christmas period, said BDLive citing RBC Capital Markets analyst, Des Kilalea.
“We do not see any realistic prospect of firmer prices year-on-year, though some categories should improve,” said Kilalea. Early and scant information from both the US and China show a mixed year-end performance, he said.
Chow Tai Fook, which De Beers describes as a leading jeweller in China, Hong Kong and Macau, reported gem-set jewellery sales falling 7% in the quarter to end-December and gold product sales down 3% in Hong Kong. In Macau, both classes of products fell 16% and 24%, respectively, said BDLive.
The Chinese New Year starts on February 8 and buying is likely to pick up before then.
“Commentators in cutting centres are not particularly bullish about New Year sales in China, however,” Kilalea said. In the US, indications were jewellery sales for the year-end were about 3% higher, he said.
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