Market Comment

November 17, 2022

News: Mixed sentiment ahead of Thanksgiving weekend. Jewelers seeing steady sales but remaining cautious amid economic uncertainty. US jewelry sales -3.8% in Oct., Mastercard reports. Brilliant Earth lowers outlook as 3Q sales +17% to $111M, profit +44% to $6M. Savvy retailers focused on enhancing consumer holiday shopping experience by improving multi-channel sales platforms. High end robust. Richemont’s jewelry maisons 1H sales +24% to $6.6B, operating profit +22% to $2.4B. Dealers more upbeat than manufacturers. Rough market slow; De Beers Nov. sales -11% to $450M. Sotheby’s Geneva totals $50M, but cushion, 5.53 ct., fancy-vivid-blue from De Beers collection fails to sell.

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: 

Rising expectations for retail sales over Thanksgiving weekend. Jewelry contractors busy filling last-minute orders, particularly from high-end brands. A lot of goods out on memo, but some suppliers feeling pressure to generate liquidity. Single-stone fancies and large diamonds slower than usual for this time of year. Top labels pushing fashion jewelry in holiday campaigns.


Market segmented into specific categories due to narrowing demand amid uncertainty. Some predict recent price declines will stimulate buying after Thanksgiving weekend. Dealers receiving calls, but buyers lack urgency and are pushing for higher discounts. US holiday demand and European luxury houses driving sales. Rough trading slow.


Bourse activity quiet. Muted expectations for holiday season. Dealers traveling to India as diamonds become available at significantly lower prices. Top-quality small diamonds in demand. Concerns growing that recent supply deals between miners and manufacturers will lead to consolidation of large-stone rough market.


Polished trading steady. US orders supporting the market. China and Hong Kong showing some improvement. Stable interest in 0.50 to 0.90 ct., VS-SI, certified diamonds. Melee has slowed. Polished production below capacity as manufacturers gradually return from Diwali break. Rough sector weak, but dealers say Russian goods are entering market at firm prices.

Hong Kong: 

Increase in memo demand. Overall trading sluggish due to high inventories and uncertain consumer sentiment. Outlook cautious as China’s Covid-19 policies continue to weigh on market. Stronger Chinese yuan indicates possible economic recovery on mainland, but October retail data fell below analysts’ projections.