Market Comment

United States

Sentiment down amid lower demand. Retailers focused on memo supply to avoid owning inventory during period of uncertainty. Selective interest, with fancy shapes selling well, particularly elongated ovals, emeralds and cushions. Fancy-color diamonds steady. Signet notes engagement ring gap ahead of summer wedding season; expects bridal turnaround from 4Q.

Belgium

Quiet trading with fewer deals than usual for this time of year. Sluggish demand for 1 to 2 ct., G-J, VS-SI stones as engagement ring sales dulled since Covid-19. Dealers preparing for GemGenève show (May 11-14), with optimism for high-end segment. Rough buying slow ahead of next week’s De Beers sight (May 2-5). Many categories are selling at a discount on the secondary market.

Israel

Activity limited over Independence Day holiday. Caution due to muted US and Chinese markets. Focus is on the US market ahead of June 1 Las Vegas shows, but demand is selective. Dealers lack urgency and have reduced purchases to minimum. Widening price gap between bulk inventory purchases and specific trades.

India

Concern about decline in bulk orders, with low expectations for coming months. Dealers focused on specifics, cherry-picking top-quality goods. Melee market fell from a month ago. Optimism for China despite sluggish recovery. Small- to medium-sized manufacturers maintaining low production levels, with reduced rough demand ahead of next week’s De Beers sight. Large sightholders gaining market share and streamlining sales via strong online presence.

Hong Kong

Dealer trading has slowed since the initial boost from reopening of the Chinese border in February. Chinese buyers cautious due to economic uncertainty on the mainland. Chinese jewelry manufacturing below capacity. Hong Kong retail boosted by improved tourist traffic but still below pre-pandemic levels. 2022 polished imports up 3% to $14.8 billion, exports rise 1% to $13 billion.