Diamond : Technical View : 05.12.2019
Join Whatsapp 9841986753
Whatsapp Number : 91-9094047040 / 91-9841986753
Diamond 1Ct on ICEX settled down -0.39% at 3580.45 as market remained cautious due to trade war and Hong Kong unrest. Specific demand creating high inventory
of less popular qualities. De Beers 2018 global market estimate finds rough sales +3% to $16.9B, production volume -3% to 154M cts. and value +2% to $17.4B,
polished demand +2% to $25.3B, diamond-jewelry demand +2% to $76B.
Insight Report outlines changing attitudes toward love and their impact on the industry. De Beers has restated its estimation of global diamond-jewelry sales following a new study valuing the diamond content in jewelry purchases since the 2008 recession. The group also revised its production data to reflect lower output than previously believed, stemming from an overestimation of the artisanal mining sector.
Global diamond jewelry demand rose 2.4% to $76 billion in 2018, driven by growth in the US and China, De Beers said in its annual Diamond Insight Report published last week. However, that figure was below the $82 billion it had originally reported for 2017, as the company gained new insight relating to the elements that are included when valuing jewelry, De Beers explained.
Technically market is under fresh selling as market has witnessed gain in open interest by 9.74% to settled at 68136 while prices down -13.9 rupees, now Diamond 1Ct is getting support at 3574 and below same could see a test of 3568 levels, and resistance is now likely to be seen at 3592, a move above could see prices testing 3604
Insight Report outlines changing attitudes toward love and their impact on the industry. De Beers has restated its estimation of global diamond-jewelry sales following a new study valuing the diamond content in jewelry purchases since the 2008 recession. The group also revised its production data to reflect lower output than previously believed, stemming from an overestimation of the artisanal mining sector.
Global diamond jewelry demand rose 2.4% to $76 billion in 2018, driven by growth in the US and China, De Beers said in its annual Diamond Insight Report published last week. However, that figure was below the $82 billion it had originally reported for 2017, as the company gained new insight relating to the elements that are included when valuing jewelry, De Beers explained.
Technically market is under fresh selling as market has witnessed gain in open interest by 9.74% to settled at 68136 while prices down -13.9 rupees, now Diamond 1Ct is getting support at 3574 and below same could see a test of 3568 levels, and resistance is now likely to be seen at 3592, a move above could see prices testing 3604
