Market Comment

April 4, 2024

News: Market slow amid seasonal lull in US and India retail. Belgium quiet during Easter holiday. RAPI for 1 ct. -0.6% in Mar., reflecting weakness in VVS+ diamonds. SIs stronger. Rough prices stable at De Beers sight; buyers finding better prices at tenders and auctions. Polished buyers demanding exporters provide origin statements even for diamonds under 1 ct., beyond requirements of sanctions. Okavango becomes Natural Diamond Council’s first non-mining member. Rapaport publishes standards for source certification. Mountain Province 2023 sales -15% to $243M, average price -17% to $90/ct., loss of $32M vs. 2022 profit of $36M. Blackstone reportedly planning to list IGI on Indian stock exchange.

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. Weakest size is 0.70 ct. category. 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: 

Retail quiet during slow season between Valentine’s Day and Mother’s Day. March was okay, but start of April has been sluggish. Dealers starting to prepare for JCK Las Vegas show (May 31 to June 3). Steady melee demand. Hard to replace inventory of 1.75 ct. and larger, G-I, SI, 3X diamonds in both round and fancy shapes.


Trading reduced during Easter period. Rough market steady over De Beers sight week. Delays at Antwerp Diamond Office easing.


Market weak, with suppliers struggling to make sales. Unclear whether downturn is seasonal or due to deeper market issues. VVS and VS slowing; SI1-I1 improving. Diamonds with fluorescence and black centers selling if prices are low enough to interest buyers.


Demand declining due to drop in overseas and domestic orders. Extra controls on cash movement during election season impacting transactions. Stable market for round, 1 to 1.99 ct., G-H, VS-SI, 3X diamonds with no black center. Melee demand down.

Hong Kong: 

Activity seasonally slow. Solid demand for engagement rings supporting market for 1 ct., D-G, VVS-SI1, 3X, GIA-graded diamonds with no fluorescence. Dealers offering deeper discounts on VVS to attract buyers. Jewelry manufacturers in mainland China focusing on gemstones, gold and pearls in response to consumer preferences.



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