News: US wholesale seasonally quiet. Indian market weak amid drop in overseas demand and rising inventories. Rough prices falling on secondary market. Trade awaiting De Beers and Alrosa decisions on pricing and flexibility. Kimberley Process reports 2023 global rough production -20% to $12.7B, volume -8% to 111.5M cts., average price -14% to $114/ct. Russia production +1% to $3.6B; overtakes Botswana as top producer by value. US Jan.-May. 0.50 ct.+ net polished imports -9% YOY to $2.3B. Titan fiscal 1Q jewelry sales +9% YOY, but high gold prices limited demand. IGI appoints Tiffany Stevens to head North America business. AWDC reelects Isidore Mörsel board president.
Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. US buyers more selective about quality of SIs, rejecting black centers and short ratios. Elongated shapes still preferred. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
United States:
Market in summer lull but okay for this time of year. US dealers doing better than Indian manufacturers due to healthier inventories and less reliance on debt. Retailers taking goods on memo amid uncertain market.
Belgium:
Activity muted during summer season. Overseas demand weak. Some movement in 10 ct. and larger goods. European Union 2023 rough imports down 29% at $6.87 billion, rough exports down 34% at $6.57 billion; net rough imports of $297.3 million in 2023 vs. deficit of $352.4 million in 2022.
Israel:
Trading and sentiment weak due to drop in overseas orders. Market slump and seasonal slowdown impacting activity. Bourse quiet as dealers take summer vacation.
India:
Market slow amid ongoing downturn in overseas demand. Domestic jewelry appetite seasonally low. Price declines denting buyers’ confidence. Manufacturers’ inventories rising as sales declines outpace production cuts.
Hong Kong:
Market sluggish, with buyers seeking bargains. Some orders for 0.30 to 1 ct. goods. Larger items slow in all shapes and sizes. Synthetics impacting sales of naturals. Chinese economy weak. Mainland demand focused on gold rather than diamonds.
Market Comment
News: US wholesale seasonally quiet. Indian market weak amid drop in overseas demand and rising inventories. Rough prices falling on secondary market. Trade awaiting De Beers and Alrosa decisions on pricing and flexibility. Kimberley Process reports 2023 global rough production -20% to $12.7B, volume -8% to 111.5M cts., average price -14% to $114/ct. Russia production +1% to $3.6B; overtakes Botswana as top producer by value. US Jan.-May. 0.50 ct.+ net polished imports -9% YOY to $2.3B. Titan fiscal 1Q jewelry sales +9% YOY, but high gold prices limited demand. IGI appoints Tiffany Stevens to head North America business. AWDC reelects Isidore Mörsel board president.
Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. US buyers more selective about quality of SIs, rejecting black centers and short ratios. Elongated shapes still preferred. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
Market in summer lull but okay for this time of year. US dealers doing better than Indian manufacturers due to healthier inventories and less reliance on debt. Retailers taking goods on memo amid uncertain market.
Activity muted during summer season. Overseas demand weak. Some movement in 10 ct. and larger goods. European Union 2023 rough imports down 29% at $6.87 billion, rough exports down 34% at $6.57 billion; net rough imports of $297.3 million in 2023 vs. deficit of $352.4 million in 2022.
Trading and sentiment weak due to drop in overseas orders. Market slump and seasonal slowdown impacting activity. Bourse quiet as dealers take summer vacation.
Market slow amid ongoing downturn in overseas demand. Domestic jewelry appetite seasonally low. Price declines denting buyers’ confidence. Manufacturers’ inventories rising as sales declines outpace production cuts.
Market sluggish, with buyers seeking bargains. Some orders for 0.30 to 1 ct. goods. Larger items slow in all shapes and sizes. Synthetics impacting sales of naturals. Chinese economy weak. Mainland demand focused on gold rather than diamonds.
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