Market Comment

July 6, 2023

News: De Beers and Botswana reach 25-year mining-rights and 10-year sales agreements. Okavango to receive 50% of Debswana goods over 10 years, and government will get opportunities to partner on high-value stones. Polished trading slow during US vacation period and with economic uncertainty. Buyer’s market, with prices falling as sellers reduce inventory. 1 ct. RAPI -2.4% in June, -23.9% year on year. Kimberley Process (KP) reports 2022 global rough production volume of 118M cts. (-1%) at $16.02B (+24%), with rough prices up; Russia exports totaled 36.7M cts. (-24%) at $3.9B (-4%), indicating impact from sanctions. Rough market quiet ahead of next week’s De Beers sight. Israel 1H polished exports -24% to $1.7B, rough imports -45% to $555M.

Fancies: Fancy-shape market slower than before but better than rounds. Longer Ovals, Pears, Radiants and Cushions fetching higher prices than shorter stones. Goods with medium and short ratios weak. Marquises improving. 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: 

Trading quiet following July 4 holiday as summer vacations start. Fancies doing better than rounds. Concerns about market decline and the impact of lab-grown diamonds. Jewelers buying on memo due to uncertainty.


Activity low as global demand remains weak and summer slowdown begins. Dealers waiting for post-vacation rebound. Melee supporting market; larger stones barely moving.


Very few sales amid weak US demand. Dealers have seen their inventories lose value and are avoiding further purchases. Nice fancy shapes are pocket of strength, but supply is limited.


Dealers reducing inventory as slowdown persists. Prices still declining because sellers need liquidity. Buyers making specific demands about measurements since they have many possible vendors from which to purchase. Some manufacturers sending small stones to contractors as “job work” because in-house production has become expensive. Chinese clients reportedly starting to buy. Lab-grown diamonds continue to affect market sentiment.

Hong Kong: 

Seasonal summer lull continues. Steady local orders for 0.80 to 1 ct., D-H, VS diamonds. Mainland China showing some demand, but sales sluggish. Engagement-ring market supporting sector amid economic challenges across the region. Cautious optimism for September Jewellery & Gem World fair.


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