News: Sales improving and prices stable, with all eyes on holiday season. Steady US memo demand as retailers prepare for Christmas. High end better than mid-market. Richemont 1H jewelry sales (Cartier, Van Cleef & Arpels, and Buccellati) +10% to $7.4B. Brilliant Earth 3Q sales +2.5% to $114M; company lowers FY outlook amid slowdown in bridal segment. Indian manufacturers’ inventories falling as Diwali shutdown begins. Kimberley Process plenary ends in deadlock over Russia-Ukraine war. Rapaport warns G7 leaders of Russian sanctions loophole and introduces US Diamond Protocol. Lucara shaves $40M off 2023 sales forecast following split from HB. GIA’s Anna Martin retires. Designer Henry Dunay dies at 88.
Fancies: Fancy market slowing. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders down for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing 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 hard to sell.
United States:
US sector cautiously optimistic for holiday season, with strong memo sales. Rounds improving. Demand steady for elongated fancy shapes. Mid-market focused on VS2-SI2 goods. Natural diamonds regaining market share from synthetics. Indian companies’ US offices closed for Diwali break.
Belgium:
Mood improving as business stabilizes ahead of holiday season. Dealers benefiting from India’s reduction in rough inventory. Clients not buying for stock. Price gap growing between general inventory purchases and selective purchases for specific customers. Steady European orders for diamonds under 2 ct. with VVS-VS clarity. Pears, ovals and marquises selling well. Cushions slow; rounds okay.
Israel:
Market quiet due to ongoing war with Hamas and slow global trading. Indian Diwali shutdown has reduced Israelis’ polished buying. October polished exports down 1.7% at $425.2 million.
India:
Surat manufacturing sector closed for one to two months due to Diwali. Some units remaining shut until voluntary rough-import freeze ends on December 15. Mumbai sales offices to reopen in late November. Industry shifts focus to retail during Indian holiday and wedding season, hoping steady demand for small diamonds will continue. Kalyan Jewellers reports strong start to third fiscal quarter, which includes festive season. Trade sentiment improving following reduction in rough supply.
Hong Kong:
Festive demand boosting retail and wholesale markets across Hong Kong and mainland China. Sales behind previous years. Good orders for 1 ct., D-I, VS, 3X diamonds, with nice SIs in short supply and selling at higher prices. Singles’ Day (11/11) saw steady purchases of pearls and gold, with some interest in lower-budget diamonds such as 0.30 to 0.50 ct., F-I, VVS-VS categories.
Market Comment
News: Sales improving and prices stable, with all eyes on holiday season. Steady US memo demand as retailers prepare for Christmas. High end better than mid-market. Richemont 1H jewelry sales (Cartier, Van Cleef & Arpels, and Buccellati) +10% to $7.4B. Brilliant Earth 3Q sales +2.5% to $114M; company lowers FY outlook amid slowdown in bridal segment. Indian manufacturers’ inventories falling as Diwali shutdown begins. Kimberley Process plenary ends in deadlock over Russia-Ukraine war. Rapaport warns G7 leaders of Russian sanctions loophole and introduces US Diamond Protocol. Lucara shaves $40M off 2023 sales forecast following split from HB. GIA’s Anna Martin retires. Designer Henry Dunay dies at 88.
Fancies: Fancy market slowing. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 0.30 ct. doing well. Orders down for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing 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 hard to sell.
US sector cautiously optimistic for holiday season, with strong memo sales. Rounds improving. Demand steady for elongated fancy shapes. Mid-market focused on VS2-SI2 goods. Natural diamonds regaining market share from synthetics. Indian companies’ US offices closed for Diwali break.
Mood improving as business stabilizes ahead of holiday season. Dealers benefiting from India’s reduction in rough inventory. Clients not buying for stock. Price gap growing between general inventory purchases and selective purchases for specific customers. Steady European orders for diamonds under 2 ct. with VVS-VS clarity. Pears, ovals and marquises selling well. Cushions slow; rounds okay.
Market quiet due to ongoing war with Hamas and slow global trading. Indian Diwali shutdown has reduced Israelis’ polished buying. October polished exports down 1.7% at $425.2 million.
Surat manufacturing sector closed for one to two months due to Diwali. Some units remaining shut until voluntary rough-import freeze ends on December 15. Mumbai sales offices to reopen in late November. Industry shifts focus to retail during Indian holiday and wedding season, hoping steady demand for small diamonds will continue. Kalyan Jewellers reports strong start to third fiscal quarter, which includes festive season. Trade sentiment improving following reduction in rough supply.
Festive demand boosting retail and wholesale markets across Hong Kong and mainland China. Sales behind previous years. Good orders for 1 ct., D-I, VS, 3X diamonds, with nice SIs in short supply and selling at higher prices. Singles’ Day (11/11) saw steady purchases of pearls and gold, with some interest in lower-budget diamonds such as 0.30 to 0.50 ct., F-I, VVS-VS categories.
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