Market Comment

March 23, 2023

News: Diamond trading quiet amid US economic caution. US Federal Reserve raises interest rates 0.25 basis points, aiming to reduce inflation from 6% in February to 2%. Chinese buyers lack urgency after Hong Kong show signaled their reentry to the market. Smalls doing better than certs. Manufacturer profit margins tightening after price increases of small rough in 1Q. Polished production stable at low levels; inventory reduced in popular categories. G7 working on plan to oblige companies to declare their supply is not sourced from Russia ahead of May meeting. Martin Rapaport to address supply chain challenges and opportunities at Israel’s International Diamond Week on Monday, March 27.

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: 

Stable market, with some weakness in 1 to 2 ct. rounds. Elongated fancy shapes selling well, but not enough supply. Top-quality 3 ct. and larger (D-F, IF-VVS) also strong for luxury sector. Commercial-quality melee another positive category. Concern lab-grown gaining market share in bridal segment.


Dealer activity slow due to seasonal lull and sluggish demand. Businesses pinning hopes on 2H improvement, stimulated by May-June Vegas shows and China recovery. 1 to 3 ct. stronger in fancies than rounds. Rough auction prices continue to firm in small categories. Some caution about next week’s De Beers sight.


Quiet trading, with some predictions of 2Q improvement. International Diamond Week (March 27 to 30) may lift sentiment. Several overseas delegations scheduled to participate. Stones below 0.30 ct. steady. Suppliers to luxury brands focused on source verification and supply assurances. High end doing well.


Market steady, with improvements in Chinese demand. Polished production still below capacity amid high rough prices. Melee strong but trading in lower qualities has cooled. Slow movement in 0.30 to 0.99 ct. goods. Stable demand for pears, oval and emeralds from 0.30 to 1.99 ct.

Hong Kong: 

Activity has eased after excitement of March gem and jewelry shows. Sales getting harder, as Chinese buyers have acquired enough inventory for now. Mainland retail seasonally slow. Return of tourists to Hong Kong boosting sentiment. Positive outlook for coming months.


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