Market Comment

News: De Beers cuts rough prices by average of 13% at Jan. sight and ends deferral flexibility. De Beers rough still more expensive than open market auctions; sightholders claim De Beers rough still not profitable. Polished buyers holding off purchases to see if discounts will deepen. Dealers cautious about 2024 amid slow US restocking. Chinese diamond demand weak ahead of Lunar New Year, with consumers turning to lower-cost pearls and gemstones. US Nov. polished imports -22% YOY to $1.2B. India Dec. polished exports -32% to $862M, rough imports -14% to $1.3B. Richemont 3Q 2023 jewelry brand sales +6% to $4.3B. Martin Rapaport webinar, “2024: The Way Forward,” to take place Tuesday, Jan. 23, at 11 a.m. EST. Register here.

Fancies: Fancy demand weaker than rounds. Sellers more flexible with prices than for rounds. Ovals, Emerald and Pear are most in-demand shapes. Weak sales of Hearts, Princess and square Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios harder to sell. Supply shortages supporting prices of Marquise. Well-cut stones in short supply and 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.