Market Comment

March 16, 2023

News: Polished trading slower than expected after Hong Kong show, but dealers more upbeat than before. China outlook positive even though buyers lack urgency and are testing price levels. US market stable. Large jewelry chains driving demand for small goods. Signet Jewelers 4Q revenue -5% to $2.7B, profit -12% to $277M. Brilliant Earth 4Q sales -2% to $120M, profit -46% to $6M. Petra Diamonds rough prices +12.5% in 1Q; fancy colors and small stones strong. Gem Diamonds 2022 revenue -6% to $189M, profit -26% to $20M. Burgundy Diamond Mines buys Ekati owner Arctic Canadian for $136M. Martin Rapaport to address New York Diamond Dealers Club on Monday, March 20, 2:30 p.m. EST. Register here.

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: 

Dealer trading gradually picking up. Steady memo calls and decent sell-through. Major jewelers making purchases. Elongated ovals, cushions and emeralds are hot categories. Melee also strong. Demand for European and old mine cuts has tapered off.


Stable market but mixed sentiment. Fancy-color diamond segment doing well as Chinese buyers return. Dealers in commercial goods cautious after Hong Kong show, which demonstrated solid demand but overall buyer restraint. Suppliers getting reacquainted with Chinese clients. Good orders for rough that yields fancy colors and small stones. Melee difficult to find.


Dealers apprehensive amid slow sales. Hong Kong show buzz quickly petered out. Chinese buyers testing prices and will likely resume more significant purchases in second half. Manufacturers concerned about profit margins for small goods after consistent rough-price hikes exceeded polished gains. Expectations rising for Israel Diamond Week (March 27 to 30).


China recovery driving market. Local demand slightly weak; Surat better than Mumbai, especially in small stones. Fancy shapes strong. Pears, ovals and emeralds selling well in 0.30 to 1.99 ct. Rough demand steady despite recent price hikes, as some manufacturers seek to raise polished production. Factories still operating well below capacity, leading to shortages in select categories.

Hong Kong: 

Mood upbeat as trading improves. Momentum continuing from Hong Kong show. Good orders for 1 to 3 ct. fancy shapes and colors. Chinese buyers still cautious and focusing on cheaper, low-margin items. Dealers optimistic for second-half recovery. Jewelry retail relatively weak on mainland but improving in Hong Kong.


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