News: De Beers cuts rough prices by average of 13% at Jan. sight and ends deferral flexibility. De Beers rough still more expensive than open market auctions; sightholders claim De Beers rough still not profitable. Polished buyers holding off purchases to see if discounts will deepen. Dealers cautious about 2024 amid slow US restocking. Chinese diamond demand weak ahead of Lunar New Year, with consumers turning to lower-cost pearls and gemstones. US Nov. polished imports -22% YOY to $1.2B. India Dec. polished exports -32% to $862M, rough imports -14% to $1.3B. Richemont 3Q 2023 jewelry brand sales +6% to $4.3B. Martin Rapaport webinar, “2024: The Way Forward,” to take place Tuesday, Jan. 23, at 11 a.m. EST. Register here.
Fancies: Fancy demand weaker than rounds. Sellers more flexible with prices than for rounds. Ovals, Emerald and Pear are most in-demand shapes. Weak sales of Hearts, Princess and square Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios harder to sell. Supply shortages supporting prices of Marquise. Well-cut stones in short supply and 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.
United States:
Market mixed. Many dealers reporting slower-than-usual January following mediocre holiday season. Others seeing steady demand from retailers, with focus on round, under 3 ct., VS-SI goods. Some interest in ovals and pears. Memo deals converting to sales. Consumer sentiment positive, with overall US retail sales up 6% year on year to $709.9 billion in December, Census Bureau reports.
Belgium:
Industry cautious, with drop in supply supporting trade. Steady demand for 1 ct. diamonds. Off sizes slower than before. Weak market SI and lower clarities. Dealers traveling to Miami antique show report interest in fancy-color diamonds but waiting to see if this will turn into sales. Chinese orders sluggish.
Israel:
De Beers price cut had large impact on market. Polished sales have slowed as buyers wait to see how situation plays out. US demand focused on round diamonds; fancies have weakened.
India:
Decline in inventories has supported prices. Select categories in short supply following two-month import freeze. US and Hong Kong showing some demand. China quiet. Optimism for domestic market as wedding season has several months to run. De Beers price reduction stimulating rough sales but concerns the goods are still too expensive.
Hong Kong:
Business slower than usual for this time of year. Mixed outlook for Chinese New Year, with trading activity ending earlier than normal. Dealers seeking ways to stimulate sales. Steady demand for round, 1 ct., D-J, VVS-VS diamonds. Mainland sales weak, with natural diamonds losing out to pearls, gemstones and lab-grown diamonds as economic downturn has reduced consumers’ budgets.
Market Comment
News: De Beers cuts rough prices by average of 13% at Jan. sight and ends deferral flexibility. De Beers rough still more expensive than open market auctions; sightholders claim De Beers rough still not profitable. Polished buyers holding off purchases to see if discounts will deepen. Dealers cautious about 2024 amid slow US restocking. Chinese diamond demand weak ahead of Lunar New Year, with consumers turning to lower-cost pearls and gemstones. US Nov. polished imports -22% YOY to $1.2B. India Dec. polished exports -32% to $862M, rough imports -14% to $1.3B. Richemont 3Q 2023 jewelry brand sales +6% to $4.3B. Martin Rapaport webinar, “2024: The Way Forward,” to take place Tuesday, Jan. 23, at 11 a.m. EST. Register here.
Fancies: Fancy demand weaker than rounds. Sellers more flexible with prices than for rounds. Ovals, Emerald and Pear are most in-demand shapes. Weak sales of Hearts, Princess and square Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios harder to sell. Supply shortages supporting prices of Marquise. Well-cut stones in short supply and 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.
Market mixed. Many dealers reporting slower-than-usual January following mediocre holiday season. Others seeing steady demand from retailers, with focus on round, under 3 ct., VS-SI goods. Some interest in ovals and pears. Memo deals converting to sales. Consumer sentiment positive, with overall US retail sales up 6% year on year to $709.9 billion in December, Census Bureau reports.
Industry cautious, with drop in supply supporting trade. Steady demand for 1 ct. diamonds. Off sizes slower than before. Weak market SI and lower clarities. Dealers traveling to Miami antique show report interest in fancy-color diamonds but waiting to see if this will turn into sales. Chinese orders sluggish.
De Beers price cut had large impact on market. Polished sales have slowed as buyers wait to see how situation plays out. US demand focused on round diamonds; fancies have weakened.
Decline in inventories has supported prices. Select categories in short supply following two-month import freeze. US and Hong Kong showing some demand. China quiet. Optimism for domestic market as wedding season has several months to run. De Beers price reduction stimulating rough sales but concerns the goods are still too expensive.
Business slower than usual for this time of year. Mixed outlook for Chinese New Year, with trading activity ending earlier than normal. Dealers seeking ways to stimulate sales. Steady demand for round, 1 ct., D-J, VVS-VS diamonds. Mainland sales weak, with natural diamonds losing out to pearls, gemstones and lab-grown diamonds as economic downturn has reduced consumers’ budgets.
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