rapaport

Market Comment

February 8, 2024

News: Polished sales slow. Round prices rising gradually, with Jan. RAPI for 1 ct. +0.8%, 0.50 ct. +2.4%. Fancy prices in downward trend. US buyers purchasing for immediate needs only. Shortages supporting prices of round, 0.30 ct., D-H, VS2-SI1 goods. Fresh diamonds starting to appear in market, as almost two months have passed since India’s rough imports resumed. Rapaport urges industry to support Rapaport US Diamond Protocol at Rapaport.com/sanctions. Centurion and AGTA shows see strong attendance but lower sales than last year. Indian domestic demand strong; Titan 3Q sales +22% YOY to $1.7B. China slow as New Year holiday begins. Rapaport wishes everyone a successful Year of the Dragon.

Fancies: High inventories for Ovals and Pears due to slow sales and imbalance between supply and demand after Indian manufacturers shifted from rounds to fancies last year. Sellers are flexible on prices. Weakest size is 0.50 to 0.70 ct. Sales of Hearts, Princesses and square Cushions low. Longer Ovals, Pears, Radiants and Cushions bringing higher prices. Goods with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. 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: 

Dealers waiting for outcome of holiday memo sales. Shortages supporting market for round, 0.30 to 0.40 ct., F-I, VS-SI diamonds, with dealers struggling to replenish inventories. Melee prices holding firm amid shortages, especially in F-G, VS qualities. Strong attendance at Centurion Jewelry Show and AGTA GemFair Tucson, with good sales of tennis bracelets, diamond necklaces and stud earrings.

Belgium: 

Business slower than anticipated for this time of year. Scarcities supporting market. Steady orders for 0.50 to 0.70 ct. diamonds. 1 to 2 ct. improving. Strong interest in 1 to 3 ct. pinks, yellows and greens in intense and vivid colors.

Israel: 

Traders cautious amid sluggish overseas demand. Prices rising for round diamonds with no black center, making them hard to sell to American buyers. Suppliers concerned prices will fall due to De Beers’ rough correction and the weak sales.

India: 

Slow overseas orders. Domestic business supporting market. Manufacturing still below capacity, leading to shortages of sought-after diamonds such as oversizes. Polished production likely to increase following larger January De Beers sight. Good demand for melee in D-H colors and VVS-SI clarities.

Hong Kong: 

Wholesale trading weak ahead of Chinese New Year (February 10). Overseas dealers have returned to home countries for the holiday. Retail sector quiet; consumers have finished shopping for festival.

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