Market Comment

July 27, 2023

News: Weak polished demand leads to further decline in rough market. De Beers July sales -36% YOY to $410M, 1H revenue -21% to $2.8B, earnings -83% to $85M. Falling prices making for buyer’s market. US discretionary spending low. Federal Reserve raises interest rates 0.25 basis points, aiming to reduce inflation to 2% from 3% in June. American consumer confidence +6% in July, Conference Board reports. Concerns about major manufacturers going into synthetics. Antwerp shuts for summer break. Okavango July sales of $107M ($151/ct.) are its highest this year. LVMH 1H jewelry and watch revenue +11% to $6B after reopening of Tiffany NY flagship. US places sanctions on new Alrosa CEO Pavel Marinychev.

Fancies: Fancy-shape market slower than before but better than rounds. Prices dropping but not as fast as 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: 

Weak consumer spending continuing to impact trade. Jewelers missing payment deadlines. Very little demand for 0.30 to 2.99 ct. diamonds as synthetics offer shoppers lower prices, especially in 1 to 2 ct. range. Some demand for natural melee, with suppliers struggling to replace sold inventory. Orders coming in for 3 to 7 ct. rounds and elongated fancies but only in nicest makes.


Trading seasonally slow. Industry closing for summer. Declines in rough and polished prices denting sentiment.


Market sluggish amid seasonal lull and weak overseas demand. Almost all diamond categories are struggling. Dealers lack confidence due to falling prices. High-end brands still buying. Suppliers trying to sell directly to jewelers, seeking better margins and bigger pool of customers.


International sales very slow as US and Chinese orders remain low. Rounds barely moving. Fancies better but also seeing reduced demand. Domestic market has weakened, since few weddings take place at this time of year. Manufacturers maintaining lower production levels.

Hong Kong: 

Wholesale market quiet during summer slowdown. Local economy weak. Concerns arising about mainland China demand, as post-lockdown recovery has not extended to diamonds. 0.30 to 1 ct., D-J, VS-SI goods steady and supporting the sector. Gold sales strong.


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