Market Comment

November 30, 2023

News: Market improving as holiday shopping begins. Round prices up 2% to 3% since mid-Oct. in some categories and 5% in 0.30 ct. SI1s, but discounts remain high. Strong Black Friday online sales. Steady US demand for 1 to 2 ct. commercial goods boosts India trade as Mumbai offices reopen. India Oct. polished exports -33% YOY to $1.3B, rough imports +9% to $1B as manufacturers bought ahead of shipment pause. Some retailers abandoning synthetics amid falling profits; “authentic” is Merriam-Webster word of the year. Cushion, 15.48 ct., fancy-intense-pink, IF diamond fetches $10.8M ($694K/ct.) at Christie’s HK. World Wildlife Fund urges industry to improve sustainability efforts.

Fancies: Fancy market slowing. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Elongated fancy shapes selling well. 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 availability. 0.30 ct. seeing good sales. Orders down for 0.70 to 1.20 ct. diamonds. Well-cut stones in short supply. 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: 

Sales steady as peak shopping days approach. Good orders for round, 1 to 2 ct. F-I, SI1-SI2, RapSpec A3+ diamonds. Some demand for 3 ct. and larger goods. Small companies struggling to compete with majors. Melee sellers holding firm on prices. Dealers struggling to replenish inventories of nicer goods as Indian production has fallen. Retailers pulling out of synthetics. US govt. raises 3Q GDP growth estimate to 5.2%.


Market stable. Rough sector quiet ahead of next week’s De Beers sight as India import pause continues. Trade anticipating European Union ban on Russian diamonds.


Exporters focusing on US market as holiday season kicks in. Sales better than expected but lower than last year. Rounds popular due to sharp price decrease in recent months. Some Hong Kong demand for large stones. Local trading slow, with companies looking overseas for revenue and using Israel as an operating base. National mood tense amid ongoing Gaza war.


Sentiment improving due to US holiday demand and robust sales to domestic Indian market. Mumbai offices reopen following Diwali break. Stable orders for 1 to 1.50 ct., D-J, VVS-I1 diamonds. Nice goods in short supply as Surat manufacturing is on extended break. Voluntary freeze on rough imports to remain in place until December 15.

Hong Kong: 

Synthetics and rocky economy reducing activity in Hong Kong and mainland China. Engagement rings and festive demand supporting trade. Steady sales of 1 ct., D-J, VS2-SI1 diamonds to local market. Fancy shapes moving in 1 to 2 ct. sizes, with some interest in 3 to 5 ct. pears and ovals.