The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 28, 2023
News: Diamond market slow with trading centers on end-of-year break. Mastercard reports US Nov.-Dec. holiday jewelry sales -2%, general retail +3.1%, e-commerce +6.3% and in-store +2.2%. Restaurant spending +7.8%, indicating shift from products to experiences. Manufacturers focusing on Chinese New Year (Feb. 10) and Valentine’s Day (Feb. 14) but keeping production low to avoid oversupply. G7 members update sanctions on Russian diamonds: US removes “substantial transformation” loophole; Antwerp Diamond Office to vet all rough imports into European Union. Rapaport wishes everyone a happy, healthy, prosperous and peaceful New Year.
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 moving 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.
Country Comments
United States
Very little B2B activity, as many dealers are on vacation until mid-January. Industry reflecting on holiday season, which was slow but in line with expectations. Drop in inflation has boosted hopes for 2024.
Belgium
Diamond industry closed as dealers take vacation.
Israel
Bourse quiet, as overseas customers are off for the holidays. Mood low due to ongoing war with Hamas.
India
Market slow with overseas clients on extended Christmas break. Manufacturers cautiously optimistic for Chinese New Year and Valentine’s Day. Polished diamonds in short supply due to recent two-month pause on rough imports; fresh goods expected in mid-January. Steady wholesale demand for 1 to 1.99 ct., D-H, IF-VS2, RapSpec A3+ diamonds. Lull in domestic jewelry demand due to inauspicious period for weddings (kamurta).
Hong Kong
Local industry returning from Christmas break. Wholesale sector slow due to vacation. Jewelry retail quiet. Trade looking ahead to Chinese New Year but uncertain about sales amid weak mainland diamond demand.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 28, 2023
News: Diamond market slow with trading centers on end-of-year break. Mastercard reports US Nov.-Dec. holiday jewelry sales -2%, general retail +3.1%, e-commerce +6.3% and in-store +2.2%. Restaurant spending +7.8%, indicating shift from products to experiences. Manufacturers focusing on Chinese New Year (Feb. 10) and Valentine’s Day (Feb. 14) but keeping production low to avoid oversupply. G7 members update sanctions on Russian diamonds: US removes “substantial transformation” loophole; Antwerp Diamond Office to vet all rough imports into European Union. Rapaport wishes everyone a happy, healthy, prosperous and peaceful New Year.
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 moving 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.
Country Comments
Very little B2B activity, as many dealers are on vacation until mid-January. Industry reflecting on holiday season, which was slow but in line with expectations. Drop in inflation has boosted hopes for 2024.
Diamond industry closed as dealers take vacation.
Bourse quiet, as overseas customers are off for the holidays. Mood low due to ongoing war with Hamas.
Market slow with overseas clients on extended Christmas break. Manufacturers cautiously optimistic for Chinese New Year and Valentine’s Day. Polished diamonds in short supply due to recent two-month pause on rough imports; fresh goods expected in mid-January. Steady wholesale demand for 1 to 1.99 ct., D-H, IF-VS2, RapSpec A3+ diamonds. Lull in domestic jewelry demand due to inauspicious period for weddings (kamurta).
Local industry returning from Christmas break. Wholesale sector slow due to vacation. Jewelry retail quiet. Trade looking ahead to Chinese New Year but uncertain about sales amid weak mainland diamond demand.
Previous Market Comments
Market Comment: June 5, 2025
Market Comment: May 29, 2025
Market Comment: May 22, 2025
Market Comment: May 15, 2025
Market Comment: May 8, 2025
Sign up for Rapaport Newsletters
Get the trade’s most trusted news, analysis and data delivered to your inbox daily.
Previous Market Comments
Market Comment: June 5, 2025
Market Comment: May 29, 2025
Market Comment: May 22, 2025
Market Comment: May 15, 2025
Market Comment: May 8, 2025
Market Comment: May 1, 2025