The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
January 4, 2024
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.
Country Comments
United States
Christmas season saw steady demand for round, 1 to 2 ct., G-I, VS2-SI1 diamonds. Lower-cost items sold well. Suppliers preparing inventory for retailers’ restocking and are waiting for more information. Short week due to New Year celebrations. Traders slowly returning from vacation, but market remains quiet. Dealers reflecting on decent holiday. Focus shifting to Feb. 14 Valentine’s Day.
Belgium
Market quiet with dealers on New Year break. Bourses to resume regular activity Monday, January 8.
Israel
Trading minimal, as overseas customers are on vacation. Dealers waiting for holiday sales data to assess restocking demand levels in first quarter.
India
Business slow due to seasonal lull in global market. Higher-clarity melee has cooled following drop in overseas activity. Manufacturers and dealers optimistic that situation will improve when foreign buyers return after New Year vacation. Strong traffic expected at IIJS Signature show amid robust domestic jewelry demand.
Hong Kong
Wholesale sector quiet during festival period. Tourism recovery has boosted Hong Kong luxury market, but Chinese visitors are spending less than before. Retail business below pre-pandemic levels. Jewelers looking for ways to attract younger, local customers. Mainland market slow as focus turns to Feb. 10 Chinese New Year.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
January 4, 2024
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.
Country Comments
Christmas season saw steady demand for round, 1 to 2 ct., G-I, VS2-SI1 diamonds. Lower-cost items sold well. Suppliers preparing inventory for retailers’ restocking and are waiting for more information. Short week due to New Year celebrations. Traders slowly returning from vacation, but market remains quiet. Dealers reflecting on decent holiday. Focus shifting to Feb. 14 Valentine’s Day.
Market quiet with dealers on New Year break. Bourses to resume regular activity Monday, January 8.
Trading minimal, as overseas customers are on vacation. Dealers waiting for holiday sales data to assess restocking demand levels in first quarter.
Business slow due to seasonal lull in global market. Higher-clarity melee has cooled following drop in overseas activity. Manufacturers and dealers optimistic that situation will improve when foreign buyers return after New Year vacation. Strong traffic expected at IIJS Signature show amid robust domestic jewelry demand.
Wholesale sector quiet during festival period. Tourism recovery has boosted Hong Kong luxury market, but Chinese visitors are spending less than before. Retail business below pre-pandemic levels. Jewelers looking for ways to attract younger, local customers. Mainland market slow as focus turns to Feb. 10 Chinese New Year.
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