Market Comment

March 30, 2023

News: Diamond market quiet amid stalled China recovery and US economic caution. US consumer confidence +0.8% in March despite banking turmoil and interest rate hikes, Conference Board says. Botswana government to buy 24% of HB Antwerp and supply HB with rough through Okavango Diamond Company; deal puts spotlight on delayed De Beers-Botswana negotiations. Chow Sang Sang 2022 revenue -7% to $2.6B, profit -30% to $58M. Lab-grown dominates discussions at Israel meetings. NDC appeals to trade to help fund marketing. Yoram Dvash reelected WFDB president, Ronnie VanderLinden as IDMA president. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON APRIL 7 AND 14 DUE TO THE JEWISH HOLIDAY OF PASSOVER.

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 trading, with slight uptick in activity from previous weeks. Some anticipate a positive push for goods before Mother’s Day. Healthy mix of memo calls and asset purchases. Bridal not as strong as previous years as Covid-19 disrupted dating scene, resulting in delayed drop in engagements, Signet Jewelers reports. Stable demand for traditional US center-ring categories of 1 to 3 ct., G-I, VS-SI, with shift to elongated ovals, cushions and emeralds.


Market for 1 ct. and larger goods quiet amid continued price declines. Slow trading expected to continue into April as many businesses close for Passover. Fancy-color diamond segment robust, with 1 to 5 ct. intense and vivid yellows selling well. High-end jewelry strong, driven by growth of luxury brands. Rough trading stable during De Beers sight.


Buzz in the bourse during various events taking place over International Diamond Week. Some 450 buyers from over 40 countries attending; 150 exhibitors. Good demand for 0.20 to 0.30 ct. Weak interest in 0.50 to 3 ct. Nice, fancy shapes are selling well. Shift back to US memo market.


Slower activity amid sluggish US demand. Polished production gradually increasing as Chinese jewelers have resumed buying. 0.30 ct. diamonds doing very well. Fancy shapes are also a strong category. Rough prices are high relative to polished, squeezing manufacturing profit margins. Domestic jewelry demand steady.

Hong Kong: 

Sentiment positive as market continues to reopen. Activity has dropped since March shows. Consumers seeking lower prices, pushing demand toward budget items such as colored gemstones. Some movement in 0.30 to 2.00 ct. diamonds. Manufacturing margins thin amid firm rough prices. Optimism for the second half of the year.