Market Comment

January 25, 2024

News: Round prices stable. Fancies remain slow. US dealers show little appetite for rounds, with Indians firm on prices. Lack of supply supporting market, with shortages in select categories. De Beers rough-price drop has not affected polished prices. China weak ahead of Lunar New Year. Luk Fook 3Q sales +46% YOY amid strong gold demand; mainland diamond sales -25%. Diamantaires moving Hong Kong salespeople back to India. GJEPC seeks decrease in India’s import duty on polished diamonds to 2.5% from 5% to ease flow of goods from Botswana factories. Steady traffic at Vicenzaoro show; demonstrators protest presence of Israeli exhibitors. JVC elects Rebecca Foerster board chairman.

Fancies: Fancy demand weaker than rounds, with sellers more flexible on prices. Ovals, Emerald and Pear are most popular. Weak sales of Hearts, Princess and square Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices. 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.

United States: 

Market mixed following holiday season. Restocking sluggish for this time of the year. Inventory hard to replace due to lower polished supply. Retailers focused on memo. Some demand for round, 0.30 to 0.50 ct., D-G, VS2, RapSpec A3+ diamonds. Stable interest in 1 ct., F-I, VS2 diamonds; 2 ct. stones stronger in I-K, VS2-SI2 range. Synthetics slowing.


Sentiment improving. Steady requests for round, 0.30 and 0.40 ct., F-G, VS-SI diamonds and for 1 to 2 ct., G-I, VS qualities. Difficult to replenish inventory due to lack of supply. Dealers questioning whether recovery is demand or supply-driven, as recent holiday season was mixed. Concerns about synthetics have eased.


Dealers cautious as US clients showing little post-holiday appetite. Israelis unwilling to buy rounds at Indian sellers’ firm prices, so they are purchasing fancies or lower-quality rounds. Some demand from major brands, with expectations for orders at March Hong Kong show.


Market slow, with shortages supporting prices of D-H, VVS-SI goods. Traders seeking cash payment rather than selling on terms. Domestic demand robust during wedding season. Consumers in northern India buying 1 to 1.49 ct., G-H, VS2, RapSpec A3+ diamonds; southern regions prefer E-F, VVS. Melee sizes strong.

Hong Kong: 

Trading quiet despite Chinese New Year (Feb. 10). Suppliers starting holiday vacations early. Mainland economy weak, reducing sales of natural diamonds. Retailers’ sales mostly in melee, pearls or gold. Overseas companies cutting size of Hong Kong offices as business with mainland has declined.


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