Market Comment

United States

Dealer market quiet. Businesses focused on meeting April 18 tax deadline and lacking urgency to purchase. Engagement ring segment slightly down, with slow demand for 1 ct., F-I, VS-SI, 3X goods. Signet Jewelers anticipates bridal reawakening in 2H. Elongated ovals, emeralds and cushions remain the strongest category.   

Belgium

Activity very slow, with growing concern over prolonged market quiet. Pockets of stability in certain niche categories such as fancy colors and fancy shapes. Dealers cautious about raising inventory of commercial-quality rounds. Some optimism for GemGenève show taking place from May 11 to 14. European luxury driving stable high-end demand.

Israel

Gradual return to trading after Passover break. Sentiment weak as some firms have missed their 1Q sales targets. Companies using downtime to assess market conditions and plan for 2H. Select categories of fancies selling well, with shortages also supporting prices. 1Q polished exports -36% to $838M, rough imports -42% to $287M.

India

Market lull due to decline in US and Chinese sales. Steady demand from local jewelers. Fancy shapes moving better than rounds. Rising appetite for non-certified diamonds in below-1-carat goods as manufacturers seek to save on grading costs. Inventory relatively high for this time of year. Manufacturers hesitant to raise polished production levels.

Hong Kong

Trade cautious since March Hong Kong shows. Chinese buyers restrained despite opening of borders. Local retail boosted by return of tourist traffic; mainland China sluggish. Steady demand for 0.30 to 1 ct., D-J, VS-SI diamonds. Gold jewelry outperforming gem-set as gold prices climb.