Sentiment is improving, but it’s unclear if any recovery will last.
Cushion brilliant-cut, 15.48-carat stone is top seller at Hong Kong Magnificent Jewels auction.
Economic headwinds, Chinese caution and the threat of lab-grown are the trade’s current concerns. But the recurring difficulties that existed before Covid-19 have not gone away.
Manufacturers should have bought more carefully, says managing director Mmetla Masire.
Rapaport Statement - Nov 21, 2023.
Hot Topic: Market Turnaround?
Figure beat NRF’s original prediction by more than 18 million.
Spending on category was 99% higher than average day in October, Adobe reports.
Jewelry market will exceed $32 billion this year amid investment demand, report estimates.
Consumers’ changing spending habits are the real cause of weak retail sales, more so than rising inflation, says consultant David Marcotte.
The market is swinging back after the boom of the last two years, finding its post-pandemic sweet spot as financial uncertainty lingers.
Market Comment - Nov. 30, 2023
Market improving as holiday shopping begins. Round prices up 2% to 3% since mid-Oct. in some categories and 5% in 0.30 ct. SI1s, but discounts remain high.
Strong Black Friday online sales.
Steady US demand for 1 to 2 ct. commercial goods boosts India trade as Mumbai offices reopen. India Oct. polished exports -33% YOY to $1.3B, rough imports +9% to $1B as manufacturers bought ahead of shipment pause.
Some retailers abandoning synthetics amid falling profits; “authentic” is Merriam-Webster word of the year.
Cushion, 15.48 ct., fancy-intense-pink, IF diamond fetches $10.8M ($694K/ct.) at Christie’s HK.
World Wildlife Fund urges industry to improve sustainability efforts.