Market Comment

October 12, 2023

News: Industry sends support to Israel following Hamas attack. Ramat Gan bourse quiet as city comes under rocket fire and country enters war. Rapaport urges boycott of Iran and other Hamas supporters. Global market crisis continues, with polished prices slumping due to weak retail sales and competition from synthetics. 1 ct. RAPI -5.2% in Sep. Manufacturers trying to reduce inventories in anticipation of weak holiday, price drops, and G7 restrictions on Russian goods. LVMH 3Q jewelry and watch revenue -5% to $2.7B as luxury sector slows. China sales low after sluggish Golden Week. Radiant, 11.28 ct., fancy-vivid-blue, VS2 diamond fetches $25.3M ($2.2M/ct.) in disappointing Sotheby’s HK auction season.

Fancies: Fancy market slowing. Prices falling, but less sharply than for rounds. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 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 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 hard to sell.

United States: 

Slow demand for round, 1 to 2 ct., G-I, VS-I1 diamonds as synthetics take market share. Jewelers buying on memo due to worries about holding inventory amid price declines. Wealthy consumers still spending. Traders hoping for late holiday season. Deep concern for coming months as major jewelers reconsider 2024 purchases.


Sentiment and sales weak; downward price trend making buyers cautious. Many concerned about financial challenges if slowdown persists. Trade preparing for G7 ban on Russian diamonds.


Traders focused on war rather than diamonds. Bourse remains open but almost empty. Some rockets from Gaza reaching Ramat Gan diamond district.


Weak overseas sales. Manufacturers reducing inventory and preparing for voluntary rough-import freeze starting October 15. Sellers flexible on prices and credit terms. Domestic demand steady during wedding season, supporting sales of small diamonds.

Hong Kong: 

Market slow following lackluster Jewelry & Gem World Hong Kong show. Chinese economy weak, impacting luxury markets. Disappointing sales over Golden Week. Suppliers looking ahead to fourth-quarter holiday season and Chinese New Year (February 10) in hopes of recovery.


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