Market Comment

December 22, 2022

News: Diamond market quiet as trading tapers off for the holidays. Major dealers satisfied with season. Jewelers facing competition from general retailers that are discounting to offload excess inventory as consumers shift to lower price points. Economic caution fueling uncertainty about 2023. Covid-19 outbreak in China shaking confidence ahead of Lunar New Year (Jan. 22). Some concerned about post-holiday restocking; few fresh goods available since cutters lowered polished production. Indian suppliers keeping prices firm for 0.30 ct., D-F, IF-VVS certified goods. De Beers Dec. sight +22% to $410M, estimated 2022 rough sales +20% to $5.8B. Rapaport wishes everyone happy holidays.

Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.

United States: 

Polished market seasonally quiet as wholesale sector shuts for Christmas-New Year period. Some dealers enjoyed last-minute orders and memo calls. General satisfaction with the season. Department stores less optimistic about jewelry than they were a year ago. Mid-size to large jewelers carefully managing inventory, hedging against potential downturn in 2023.


Very little trading; bourses closed for holidays. Companies made final shipments before going on vacation. Some looking for buying opportunities ahead of January post-season inventory replenishment. European luxury jewelers doing well and driving optimism for high-end diamond market.


Bourse activity quiet; some dealers taking vacation over Hanukkah festival. Suppliers have finished holiday orders and are waiting to assess sell-through rate on memo items. Dealers bargain-hunting as seasonal lull begins. Newly polished goods difficult to find due to recent drop in manufacturing.


Market sluggish since completion of US holiday orders and with China remaining slow. Steady demand from local diamond traders and jewelry manufacturers for 0.30 to 0.99 ct., D-F, IF-VVS1, 3X diamonds with no fluorescence. High gold prices creating some concerns for domestic consumers. Polished production down due to expense of rough.

Hong Kong: 

Covid-19 wave hits mainland, denting retail traffic and consumer sentiment. Low expectations for Chinese New Year but hopes of recovery by March. Local Hong Kong demand improving as economy opens up for festival period. Lack of tourist traffic continues to limit recovery. Stable demand for 1 to 2 ct., D-H, VS-SI2, 3X goods.


Clear all search filters