Market Comment

December 21, 2023

News: Dealer market slow as US retailers focus on final Christmas sales. Solid holiday results expected. Polished prices stable. Indian manufacturers slowly reopening. De Beers Dec. sales -69% YOY to $130M; miner predicts gradual recovery in rough trading now that supply-demand balance has improved. India Nov. polished exports -12% to $1.1B, rough imports -76% to $314M amid voluntary shipment freeze. European Union declares first sanctions on Russian diamonds, says ban will extend to synthetics, jewelry and watches. Indian Prime Minister Narendra Modi inaugurates Surat Diamond Bourse. Rapaport wishes everyone happy holidays.

Fancies: Fancy market slowing. Weak demand for Hearts and Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Elongated fancy shapes selling well. Goods with medium and short ratios harder to sell. 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.

United States: 

Holiday season peaking, with retailers making final sales before Christmas. Wholesale buying has slowed. Steady memo demand for round, 1 to 3 ct., F-I, VS-SI, 3X diamonds with no center black or fluorescence. Good conversion rates for consignment goods. Inventory harder to replace following drop in Indian polished production. Some uncertified parcel goods commanding higher prices than diamonds with reports.


Sentiment okay, but some believe this is only because of holiday season. Steady demand for melee and large diamonds; mid-sizes slow. Reduction in Indian manufacturing has led to difficulties replacing inventory. Small fancy shapes in demand. Industry preparing to close for Christmas and New Year.


Market stable but uncertain, with companies focusing on holiday sales. US customers limiting their purchases. Suppliers waiting to see how memo goods perform over holidays.


Industry cautious following end of two-month voluntary freeze on rough imports. Fresh polished has not reached market yet. Manufacturers careful not to buy too much and are keeping production low amid uncertainty about future prices. Indian wedding season supporting demand for round, under-1 ct., D-H, VVS1-VS2, 3X diamonds.

Hong Kong: 

Holiday season driving improvement in trading, but sales slower than in previous years. Retailers maintaining low inventories. Wholesalers discounting to secure revenues. Stable demand for 0.50 to 1 ct., D-J, VVS-SI1 diamonds. Some demand for 2 to 5 ct., F-I, VS goods, indicating wealthy consumers are still spending. Younger customers showing preference for synthetics, seeking fashionable styles at lower cost.


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