Market Comment

February 29, 2024

News: Hong Kong shows open to slow traffic. Low expectations for diamond sales amid weak Chinese demand. Global market cautious. US retail seasonally quiet. Strong demand for ex-plan goods at De Beers sight following Jan. price cut; Feb. prices stable. Alrosa 2023 revenue +9% to $3.5B, profit -15% to $933M. Sarine 2023 sales -27% to $43M, loss of $2.8M vs. $8.8M profit in 2022. WFDB and other trade bodies warn that G7 requirement to ship diamonds through single Antwerp node will harm industry. De Beers backs African producers’ right to certify own goods. US sanctions of Russian-source diamonds begin March 1. Rapaport holds emergency sanctions webinar and requests trade support for Rapaport US Diamond Protocol.

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. 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 hard to find 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 slow, with memo still the preferred method for retailers. Melee moving. Dealers reluctant to send 1 ct. and larger diamonds to Hong Kong show due to weak Chinese demand. Synthetics taking market share from natural diamonds. Declines in synthetics prices creating some hope for natural-diamond trade, as retailers don’t want to hold synthetic inventory.


Trading quiet; many dealers in Hong Kong. Industry preparing for G7 sanctions on Russian diamonds. Rough market stable during De Beers sight week.


Short week due to public holiday. Reports of slow business and little optimism at Hong Kong show. Secondary rough market quiet.


Trading sluggish due to limited overseas demand. Supply shortages supporting prices. Steady demand for 1 to 2.99 ct., D-I, SI1-SI2, RapSpec A3+ diamonds. Low expectations for loose-stone sales at Hong Kong fairs, as Chinese consumers are buying more gold than diamonds. Indian domestic market slowing as end of wedding season approaches.

Hong Kong: 

Industry focused on trade shows, with muted expectations for sales. Sentiment weak, as Chinese buyers have not returned to normal activity since Lunar New Year festival. Chinese dealers limiting inventory purchases; many regular loose-diamond buyers not attending fair this time. Suppliers hoping mainland market will bounce back after show.


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