News: Polished trading quiet. Jeweler inventory replacement down amid economic caution. Dealers hope Las Vegas shows will raise sentiment. GemGenève demonstrates strong demand for branded luxury. Richemont FY2023 jewelry sales +21% to $14.6B. Brilliant Earth 1Q revenue -2% to $98M. Sotheby’s Geneva raises $85M; pear, 11.16 ct., fancy-vivid-blue, VS1 sells for $25M ($2.3M/ct.). Rough market slow as cutters keep production low. De Beers May sale -21% to $480M. Feriel Zerouki becomes president of World Diamond Council. Industry mourns passing of former London Diamond Bourse president Harry Levy. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON MAY 26 DUE TO THE JEWISH HOLIDAY OF SHAVUOT.
Fancies: Fancy-shape market slower than before but better than rounds. Elongated Ovals, Emeralds and Radiants are strongest items. Goods with medium and short ratios weak. Demand for cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
United States:
Retail jewelry boosted by Mother’s Day sales. Dealers preparing for Las Vegas shows with hopes buyers will purchase now that price levels have dropped; appointments being made but uncertainty about potential buying. Independent jewelers have reduced inventory replacement. High-end brands making orders after robust 1Q sales.
Belgium:
European focus shifted to GemGenève show. Busy traffic and strong interest in high-end. Commercial-quality goods slow. Diamonds lagging behind lower price-point products such as gold jewelry. Antwerp market quiet due to cautious US and Chinese buyer sentiment. Rough demand down amid reduction in manufacturing levels.
Israel:
Global slowdown hitting local trade. Very few sales as US, China and Hong Kong jewelers reduce inventory following drop in consumer demand. Weak sentiment in Israel Diamond Exchange (IDE) as dealers uncertain when market will improve. Lower price-point SI2 to I2 goods sluggish, especially 0.50 to 1.20 ct. Mixed expectations for Las Vegas shows.
India:
Market slow as US and Far East buyers reduce purchases. Weak demand for SI1 and lower clarity diamonds; VVS and VS better. Surat factories reducing production and taking extended summer vacations due to market conditions. Growing concerns about extending credit as some suppliers note outstanding payments. Rough demand falling, prompting drop in buying at auctions.
Hong Kong:
Sentiment weak. Trading in seasonal lull between Chinese New Year and summer period. China’s recovery from Covid slower than expected. Gradual return of outbound tourism since border reopening, but traffic well below pre-pandemic levels. Jewelers seeing better demand for gold than diamonds as consumers seek lower-budget products. Steady interest in 0.30 to 1 ct. stones.
Market Comment
News: Polished trading quiet. Jeweler inventory replacement down amid economic caution. Dealers hope Las Vegas shows will raise sentiment. GemGenève demonstrates strong demand for branded luxury. Richemont FY2023 jewelry sales +21% to $14.6B. Brilliant Earth 1Q revenue -2% to $98M. Sotheby’s Geneva raises $85M; pear, 11.16 ct., fancy-vivid-blue, VS1 sells for $25M ($2.3M/ct.). Rough market slow as cutters keep production low. De Beers May sale -21% to $480M. Feriel Zerouki becomes president of World Diamond Council. Industry mourns passing of former London Diamond Bourse president Harry Levy. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON MAY 26 DUE TO THE JEWISH HOLIDAY OF SHAVUOT.
Fancies: Fancy-shape market slower than before but better than rounds. Elongated Ovals, Emeralds and Radiants are strongest items. Goods with medium and short ratios weak. Demand for cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
Retail jewelry boosted by Mother’s Day sales. Dealers preparing for Las Vegas shows with hopes buyers will purchase now that price levels have dropped; appointments being made but uncertainty about potential buying. Independent jewelers have reduced inventory replacement. High-end brands making orders after robust 1Q sales.
European focus shifted to GemGenève show. Busy traffic and strong interest in high-end. Commercial-quality goods slow. Diamonds lagging behind lower price-point products such as gold jewelry. Antwerp market quiet due to cautious US and Chinese buyer sentiment. Rough demand down amid reduction in manufacturing levels.
Global slowdown hitting local trade. Very few sales as US, China and Hong Kong jewelers reduce inventory following drop in consumer demand. Weak sentiment in Israel Diamond Exchange (IDE) as dealers uncertain when market will improve. Lower price-point SI2 to I2 goods sluggish, especially 0.50 to 1.20 ct. Mixed expectations for Las Vegas shows.
Market slow as US and Far East buyers reduce purchases. Weak demand for SI1 and lower clarity diamonds; VVS and VS better. Surat factories reducing production and taking extended summer vacations due to market conditions. Growing concerns about extending credit as some suppliers note outstanding payments. Rough demand falling, prompting drop in buying at auctions.
Sentiment weak. Trading in seasonal lull between Chinese New Year and summer period. China’s recovery from Covid slower than expected. Gradual return of outbound tourism since border reopening, but traffic well below pre-pandemic levels. Jewelers seeing better demand for gold than diamonds as consumers seek lower-budget products. Steady interest in 0.30 to 1 ct. stones.
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