Market Comment

August 3, 2023

News: Market slow. India trade in crisis as price declines continue. 1 ct. RAPI -2.7% in July, 0.50 ct. -4.8%. Summer vacation in Belgium and Israel. American dealers have better salable inventory than Indian manufacturers, as they buy more selectively. US jewelry sector shrank 2.4% to 23,424 companies in 2Q, JBT reports. Concerns about synthetics remain. Mainland China sluggish. Hong Kong improving, with June sales of jewelry, watches, clocks and valuable gifts +64% to $713M. Optimism for Indian jewelry demand as Mumbai IIJS show opens. RJC updates terms to allow member expulsions. Armed robbers reportedly steal about $13M in jewelry from Piaget Paris store.

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 bringing 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 demand for 1 to 2 ct., G-I, SI1-I2 diamonds as synthetics capture market share. Retailers taking memo goods to avoid buying for stock. Fancies selling better than rounds. Ovals and other elongated shapes moving, especially in 3 ct. and larger sizes. Companies moving to better-performing categories. High-end sales steady, with strong demand for fine colored gemstones.


Industry on vacation until August 21.


Business sluggish during vacation period. Buyers only purchasing for specific needs and want to pay low prices.


No improvement as prices continue to fall and buying remains weak. Large companies flexible with prices in effort to secure sales. Smaller players suffering. Late payments and memo deals increasingly common amid liquidity concerns. Low-value diamonds sustaining market, but drop in sales of small rough indicates segment is slowing. Domestic demand seasonally low; trade hoping IIJS show (August 3-8) will improve activity ahead of Diwali (November 12) and wedding season.

Hong Kong: 

Market seasonally quiet, with some memo deals. Outright sales down. Trade hopes September show will boost activity. Mainland Chinese demand weak; jewelers trying to clear inventory over the summer. Orders for round, 0.80 to 1.50 ct., G-J, VS, 3X goods supporting sector. Pears and emeralds selling in 1 to 2 ct. range. Competition from lab-grown diamonds starting to affect business in Hong Kong.


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