Market Comment

The diamond trade’s trusted bulletin for pricing, trends and news

Weekly since 1980

February 16, 2023

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.

Country Comments

United States
United States

Activity slightly down as retailers hesitate to buy large amounts of inventory. Jewelers satisfied with Valentine’s Day sales. Memo houses receiving steady calls. Stable demand for 1 ct., G-H, VS goods (3X, none). Elongated ovals, radiants and marquises hot. Jewelry retail expected to be seasonally slow until start of summer wedding period.

Belgium
Belgium

Sentiment more positive than in previous weeks. Dealers seeing uptick in demand. Some buyers testing the market for 1 to 2 ct., D-F, VVS goods after recent price declines. Melee steady. High-end selling well as luxury brands continue solid performance. Rough trading stable ahead of next week’s De Beers sight.

Israel
Israel

Slow activity amid price uncertainty. Suppliers seeing fewer US orders than expected for January-February. Many attended Dubai show but left disappointed. Buying difficult due to some scarcities and price differences in popular items. Top-quality small stones moving well.

India
India

Polished trade improving from January lull. Domestic market and China recovery driving demand. US buyers cautious. Rough market slower than usual for this time of year as concerns rise about manufacturing profitability. Production levels remain low due to slower orders and high inventory levels.

Hong Kong
Hong Kong

Activity continues picking up after January border opening. More Chinese buyers present and looking for goods, but still not at pre-lockdown levels. Some see opportunity to purchase inventory at current price levels. Steady demand for 0.30 to 0.80 ct. and 1 to 2 ct., D-I, VS-I2 diamonds. Local retail also improving, with Valentine’s Day shopping driving more foot traffic. Rising expectations for Hong Kong International Jewellery Show on March 1 to 5.

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