News: Diamond market quiet. US demand sluggish as jewelers reduced inventory purchases amid slowdown in engagement ring sales. Trade hoping Vegas shows will raise activity for 2H. Niche suppliers optimistic for GemGenève as European luxury sales are robust. Kering 1Q revenue +2% to $6.6B, boosted by “outstanding” jewelry. Rough trade cautious ahead of May sight. De Beers 1Q production flat at 8.9M cts., sales volume +23% to 9.7M cts. Diavik mine 1Q production -4% to 954K cts. Letšeng 1Q sales -30% to $37M, average price -22% to $1,431/ct. Tiffany & Co. reopens renovated flagship New York store. US sanctions 52 entities for funding Hezbollah terror group via diamond and luxury sales.
Fancies: Fashion driving appetite for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and slipping in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
United States:
Sentiment down amid lower demand. Retailers focused on memo supply to avoid owning inventory during period of uncertainty. Selective interest, with fancy shapes selling well, particularly elongated ovals, emeralds and cushions. Fancy-color diamonds steady. Signet notes engagement ring gap ahead of summer wedding season; expects bridal turnaround from 4Q.
Belgium:
Quiet trading with fewer deals than usual for this time of year. Sluggish demand for 1 to 2 ct., G-J, VS-SI stones as engagement ring sales dulled since Covid-19. Dealers preparing for GemGenève show (May 11-14), with optimism for high-end segment. Rough buying slow ahead of next week’s De Beers sight (May 2-5). Many categories are selling at a discount on the secondary market.
Israel:
Activity limited over Independence Day holiday. Caution due to muted US and Chinese markets. Focus is on the US market ahead of June 1 Las Vegas shows, but demand is selective. Dealers lack urgency and have reduced purchases to minimum. Widening price gap between bulk inventory purchases and specific trades.
India:
Concern about decline in bulk orders, with low expectations for coming months. Dealers focused on specifics, cherry-picking top-quality goods. Melee market fell from a month ago. Optimism for China despite sluggish recovery. Small- to medium-sized manufacturers maintaining low production levels, with reduced rough demand ahead of next week’s De Beers sight. Large sightholders gaining market share and streamlining sales via strong online presence.
Hong Kong:
Dealer trading has slowed since the initial boost from reopening of the Chinese border in February. Chinese buyers cautious due to economic uncertainty on the mainland. Chinese jewelry manufacturing below capacity. Hong Kong retail boosted by improved tourist traffic but still below pre-pandemic levels. 2022 polished imports up 3% to $14.8 billion, exports rise 1% to $13 billion.
Market Comment
News: Diamond market quiet. US demand sluggish as jewelers reduced inventory purchases amid slowdown in engagement ring sales. Trade hoping Vegas shows will raise activity for 2H. Niche suppliers optimistic for GemGenève as European luxury sales are robust. Kering 1Q revenue +2% to $6.6B, boosted by “outstanding” jewelry. Rough trade cautious ahead of May sight. De Beers 1Q production flat at 8.9M cts., sales volume +23% to 9.7M cts. Diavik mine 1Q production -4% to 954K cts. Letšeng 1Q sales -30% to $37M, average price -22% to $1,431/ct. Tiffany & Co. reopens renovated flagship New York store. US sanctions 52 entities for funding Hezbollah terror group via diamond and luxury sales.
Fancies: Fashion driving appetite for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and slipping in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
Sentiment down amid lower demand. Retailers focused on memo supply to avoid owning inventory during period of uncertainty. Selective interest, with fancy shapes selling well, particularly elongated ovals, emeralds and cushions. Fancy-color diamonds steady. Signet notes engagement ring gap ahead of summer wedding season; expects bridal turnaround from 4Q.
Quiet trading with fewer deals than usual for this time of year. Sluggish demand for 1 to 2 ct., G-J, VS-SI stones as engagement ring sales dulled since Covid-19. Dealers preparing for GemGenève show (May 11-14), with optimism for high-end segment. Rough buying slow ahead of next week’s De Beers sight (May 2-5). Many categories are selling at a discount on the secondary market.
Activity limited over Independence Day holiday. Caution due to muted US and Chinese markets. Focus is on the US market ahead of June 1 Las Vegas shows, but demand is selective. Dealers lack urgency and have reduced purchases to minimum. Widening price gap between bulk inventory purchases and specific trades.
Concern about decline in bulk orders, with low expectations for coming months. Dealers focused on specifics, cherry-picking top-quality goods. Melee market fell from a month ago. Optimism for China despite sluggish recovery. Small- to medium-sized manufacturers maintaining low production levels, with reduced rough demand ahead of next week’s De Beers sight. Large sightholders gaining market share and streamlining sales via strong online presence.
Dealer trading has slowed since the initial boost from reopening of the Chinese border in February. Chinese buyers cautious due to economic uncertainty on the mainland. Chinese jewelry manufacturing below capacity. Hong Kong retail boosted by improved tourist traffic but still below pre-pandemic levels. 2022 polished imports up 3% to $14.8 billion, exports rise 1% to $13 billion.
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