Market Comment

April 11, 2024

News: Market quiet. US and India retail seasonally slow. China slump continues. G7 sanctions causing confusion. Weak demand for round, 0.30 to 2.99, J-L, VVS-VS diamonds. Fancies slow. AGTA bans sales of synthetic stones at its shows. UK regulator censures Skydiamond for calling its synthetic diamonds “real.” Rough dealers struggling to make premiums on 3-grainer and larger De Beers goods after buying them at high prices. Stargems to acquire Petra’s Koffiefontein mine. US inflation rises to 3.5% in Mar. Oval brilliant, 55.55 ct., D-flawless diamond sells for $5.8M ($103,986/ct.) at Sotheby’s Hong Kong. Martin Rapaport and Sarine CEO David Block to host source certification webinar on Tue., April 16, at 11 a.m. EDT.

Fancies: High inventories of Ovals and Pears due to slow sales and imbalance between supply and demand after Indian manufacturers shifted from rounds to fancies last year. Cutters now returning to rounds. Sellers are flexible on prices. Downtrend continues. 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 hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.

United States: 

Market stable. Sales slower due to seasonal retail lull. Smaller independent jewelers taking cautious approach to inventory. Supply constraints supporting demand for round, 1.25 to 2 ct., G-I, SI, 3X diamonds with no black center. Dealers starting to prepare for JCK Las Vegas show, with hopes the market will pick up.


Activity slow due to religious holidays. Steady demand for 1 to 2 ct. diamonds. 0.30 and 0.50 ct. moving; 0.70 ct. weaker. Fancy shapes with good proportions selling well. G7 sanctions regime facing resistance from traders.


Market seasonally slow ahead of Passover holiday. Ongoing war with Hamas impacting sentiment and trading. Attendance at bourse lower than before war. Few dealers traveling overseas for business. G7 sanctions adding to uncertainty. Israel 1Q polished exports down 32% year on year at $566.2 million.


Overseas and domestic demand weak. Some orders of 1 to 1.99 ct., G-H, VS-SI, 3X diamonds. Stones with brown, green or milky tints (BGM) and those with black centers are hard to sell. Fancies slow; only stones with excellent proportions moving. Ongoing concerns about impact of G7 sanctions.

Hong Kong: 

Trade seasonally slow. Sluggish demand from stores in mainland China. Jewelry manufacturers operating below capacity and focusing on low-cost goods. Best categories are 0.30 to 0.50 ct. and 1 to 1.50 ct., D-J, VVS-SI1, 3X diamonds, but transaction levels low.


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