News: All eyes on Las Vegas, with hopes the shows will raise sentiment for 2H. Deep concerns about the market amid sluggish demand and continued polished price slide. 1 ct. RAPI -1.2% in May, with sharper declines in lower qualities. Trade below previous years as jewelers tighten inventory purchases during economic uncertainty. US 1Q polished imports -21% to $5B. Responsible sourcing, sustainability and lab-grown the main themes shaping the market. Christie’s Hong Kong totals $60M, with pear, 4.83 ct., fancy-vivid-blue, IF, type IIb selling for $8.8M ($1.8M/ct.). Industry mourns passing of legendary diamond cutter Gabi Tolkowsky. Rapaport Group launches market for certified natural pearls. Rapaport to host annual Las Vegas breakfast and Social Responsibility Conference on Sunday, June 4. Register at info.rapaport.com/jck23.
Fancies: Fancy-shape market slower than before but better than rounds. Elongated Ovals, Emeralds and Radiants are strongest items. Goods with medium and short ratios weak. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
United States:
Outlook uncertain amid economic caution, inflation and lab-grown threat. US Consumer Confidence Index down 1% in May as employment outlook worsened, The Conference Board reports. Expectations measured for Las Vegas jewelry week, with positive outlook for high-end Luxury and Couture shows, and strong networking and education prospects at JCK. Dealers hoping buyers will gain confidence after disappointing 1Q trading.
Belgium:
Antwerp quiet as many dealers traveled to Las Vegas shows. Trading down amid weak polished demand. Suppliers struggling to reduce inventories due to low demand. Rough market subdued ahead of next week’s sight (June 5 to 9); hopes that De Beers will offer more flexible supply terms.
Israel:
Bourse traffic sparse as traders are in Las Vegas. Exhibitors focused on discovering market trends and building US growth opportunities. Global economic caution denting polished sales. Softened demand for SI to I2 diamonds across most sizes and colors.
India:
Sentiment muted following downturn in US and Chinese orders. Trade concerned lab-grown taking market share in larger sizes (2 to 3 carats). Domestic jewelry sector supporting industry, with some manufacturers shifting focus from exports to local sales. Polishing factories reopened after summer break, but production below capacity because of soft international demand. Suppliers extending credit as clients struggle to move goods.
Hong Kong:
Trading expected to remain slow until August holiday period. Local market has reopened to sluggish demand amid economic uncertainty. Melee better than other categories. Jewelry manufacturers receiving orders as Chinese retailers cautiously buying inventory ahead of summer sales season. E-commerce outperforming physical stores.
Market Comment
News: All eyes on Las Vegas, with hopes the shows will raise sentiment for 2H. Deep concerns about the market amid sluggish demand and continued polished price slide. 1 ct. RAPI -1.2% in May, with sharper declines in lower qualities. Trade below previous years as jewelers tighten inventory purchases during economic uncertainty. US 1Q polished imports -21% to $5B. Responsible sourcing, sustainability and lab-grown the main themes shaping the market. Christie’s Hong Kong totals $60M, with pear, 4.83 ct., fancy-vivid-blue, IF, type IIb selling for $8.8M ($1.8M/ct.). Industry mourns passing of legendary diamond cutter Gabi Tolkowsky. Rapaport Group launches market for certified natural pearls. Rapaport to host annual Las Vegas breakfast and Social Responsibility Conference on Sunday, June 4. Register at info.rapaport.com/jck23.
Fancies: Fancy-shape market slower than before but better than rounds. Elongated Ovals, Emeralds and Radiants are strongest items. Goods with medium and short ratios weak. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
Outlook uncertain amid economic caution, inflation and lab-grown threat. US Consumer Confidence Index down 1% in May as employment outlook worsened, The Conference Board reports. Expectations measured for Las Vegas jewelry week, with positive outlook for high-end Luxury and Couture shows, and strong networking and education prospects at JCK. Dealers hoping buyers will gain confidence after disappointing 1Q trading.
Antwerp quiet as many dealers traveled to Las Vegas shows. Trading down amid weak polished demand. Suppliers struggling to reduce inventories due to low demand. Rough market subdued ahead of next week’s sight (June 5 to 9); hopes that De Beers will offer more flexible supply terms.
Bourse traffic sparse as traders are in Las Vegas. Exhibitors focused on discovering market trends and building US growth opportunities. Global economic caution denting polished sales. Softened demand for SI to I2 diamonds across most sizes and colors.
Sentiment muted following downturn in US and Chinese orders. Trade concerned lab-grown taking market share in larger sizes (2 to 3 carats). Domestic jewelry sector supporting industry, with some manufacturers shifting focus from exports to local sales. Polishing factories reopened after summer break, but production below capacity because of soft international demand. Suppliers extending credit as clients struggle to move goods.
Trading expected to remain slow until August holiday period. Local market has reopened to sluggish demand amid economic uncertainty. Melee better than other categories. Jewelry manufacturers receiving orders as Chinese retailers cautiously buying inventory ahead of summer sales season. E-commerce outperforming physical stores.
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