Market Comment

January 12, 2023

News: Diamond trade uncertain amid slow demand. Polished production low as cutters seek to reduce inventory of less-popular goods. All eyes on next week’s De Beers sight as rough prices decline at auctions. Macy’s warns that US consumers will be under pressure in 2023 after disappointing holiday sales. Independents say season salvaged by last-minute rush. China reawakening after government scraps quarantine for travelers ahead of lunar festival. Busy Diwali pushes Titan’s FY3Q jewelry sales +11%. Sarine agrees to buy majority stake in GCAL. Charles Stanley retires as president of De Beers brands in North America. Signet promotes Jamie Singleton to president and chief consumer officer.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining 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 mixed as retailers and dealers assess 1Q inventory needs. Many having difficulty finding nice goods to replace those sold during holiday season. High end robust, with good demand from jewelry brands. Steady orders and firm pricing for 1 ct., D, IF diamonds. Decent conversion on memo calls. Jewelers preparing Valentine’s Day promotions.


Market quiet; bourses reopened on Monday after holiday break. Dealers hopeful but unsure about Far East as China lifts travel restrictions. Collection goods below 1 ct. doing well in D-G, IF-VVS. Rough sector cautious ahead of De Beers sight (January 16 to 20), since auction prices have softened.


Trading slow as clients gradually return from holiday period. Select demand from luxury brands. Expectations low for first half of 2023 as US and China remain uncertain. Dealers monitoring price levels. Next week’s De Beers sight likely to indicate market direction.


Renewed interest from China is driving improved demand for 0.30 ct., D-G, IF-VS2, 3X dossiers. Local market stable during wedding season. US and European dealers still returning from vacation and determining inventory needs. Rough trading steady, with smaller diamonds firming. Polished production below capacity but starting to rise amid expectations of greater 1Q orders. Notable sales growth in -2, stars and melee.

Hong Kong: 

Market mixed during festive shopping period. Local economy slower than last year, since retail recovery has tapered off. Stable demand for 1 to 2 ct. diamonds. China showing signs of upturn following Covid-19 wave. Focus on gold jewelry ahead of January 22 Chinese New Year.