Market Comment

News: Happy New Year! Holiday season looks okay. Diamond trade ended challenging 2023 with 0.50 ct. RAPI -26%, 1 ct. -21%, 3 ct. -11%. Round prices stabilized in Dec. Mixed trend in fancies. Chinese retail slow ahead of Feb. 10 Lunar New Year. All eyes on De Beers Jan. 15 sight, as price changes could shake market. Labs report synthetic diamonds bearing forged GIA inscriptions. EU to implement sanctions on Russian diamonds, with Belgium trying to control market. No import regulations issued, and industry uncertain how rules will impact supply and costs. Rapaport warns trade to protect US market and will launch Rapaport US Diamond Protocol next week to restrict import of sanctioned diamonds.

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.