Market Comment

November 9, 2023

News: Market stabilizing amid drop in rough supply. De Beers Oct. sales -82% YOY to $80M as miner allows 100% refusals. Decline in production easing pressure on inventory and liquidity as Surat factories prepare to shut for one to two months over Diwali holiday (Nov. 12). Prices of rounds rising for first time in a year; fancies weaker. US memo orders improving as holidays approach. Slow trading at GemGenève. Christie’s Geneva achieves $78M (93% by lot), with pear, 17.61 ct., fancy-vivid-blue, IF diamond fetching $44M ($2.5M/ct.). Martin Rapaport fasts for three days to protest World Diamond Council support for Kimberley Process. Rapaport wishes all our Indian friends a happy Diwali.

Fancies: Fancy market slowing. 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 down 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: 

Mood improving ahead of holidays, with cautious optimism for Thanksgiving. Wealthier consumers spending. Steady demand for 3 ct. and larger, G-I, VS-SI2 goods, with strong memo conversion rates. Prices of best round goods firming due to limited supply. Melee also hard to source, especially in VS to SI clarities. Elongated cushions recovering after hitting bottom. Traders uncertain whether upturn will continue through Christmas.


Market quiet, with low morale in bourses. Few rough buyers around. Some demand for pink and yellow diamonds, but most categories have seen price drops. Trade anticipating further sanctions on Russian diamonds.


Overseas buyers absent due to ongoing war with Hamas. More Israelis attending bourse than last month, but sales limited. Government approves financial help for diamond companies affected by conflict.


Sentiment better than before. Goods starting to move as US buyers hurry to make holiday purchases before Indian suppliers shut for Diwali. Some manufacturers considering keeping up cautious rough-buying habits after two-month import freeze ends in mid-December. Steady demand for D-F, VVS-SI diamonds with dossier reports; uncertified goods slow.

Hong Kong: 

Local retail improving. Market steady for 1 ct., D-I, VS-SI, VG or better diamonds. Tourist revival supporting Hong Kong jewelers. High-end brands benefiting. Mainland Chinese demand slow amid sluggish economy; gold selling better than diamonds. Jewelry manufacturers picking up pace but receiving fewer orders than last year.


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