News: Round prices declining; fancies down less sharply. Manufacturers switching to cheaper, smaller goods. De Beers lowers 2024 production plan to 23M-26M cts. from 31.9M cts. in 2023; demand slow and rough prices stable at July sight. India removes 2% equalization levy on rough, with “safe harbor” rule simplifying tax for overseas miners. US retailers buying selectively and focusing on memo. Sluggish inventory replacement by brands and large jewelers. LVMH 1H watch and jewelry sales -5% YOY to $5.6B. Swatch Group 1H watch and jewelry sales -14% YOY to $3.7B. Birks FY sales +14% to $135M. Luk Fook fiscal 1Q diamond jewelry same-store sales -52% YOY. AWDC names Karen Rentmeesters permanent CEO.
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:
Dealers returning from vacation, but market still quiet. Downward trend in prices has dampened enthusiasm to buy. Demand selective. Retailers taking goods on memo. Round, 1.50 ct. and larger, G-J, VS2-SI2 diamonds with no black center or fluorescence are hard to find at discounts buyers want; sellers firm on prices. Slow orders from high-end brands.
Belgium:
Trading sluggish amid summer lull and weak overseas demand. Diamond district to shut for three weeks and return August 18, with hope for improvement in September. Slow sales prompting concerns about future of trade.
Israel:
Activity low. Sales weak amid concerns about prices. Dealers on vacation. Slowdown in overseas markets impacting local sentiment.
India:
Very little movement; overseas and domestic demand slow. SIs selling better than VS and VVS diamonds. Cutters in Surat reducing manufacturing volumes, especially of higher-value goods, as smaller stones are cheaper to produce. Low rough demand at De Beers sight amid high polished inventories.
Hong Kong:
Chinese economic and banking crisis impacting market. Mainland consumer demand weak as shoppers move away from diamonds. Diamonds under 1 ct. selling better than those over 1 ct. due to growing impact of synthetics.
Market Comment
News: Round prices declining; fancies down less sharply. Manufacturers switching to cheaper, smaller goods. De Beers lowers 2024 production plan to 23M-26M cts. from 31.9M cts. in 2023; demand slow and rough prices stable at July sight. India removes 2% equalization levy on rough, with “safe harbor” rule simplifying tax for overseas miners. US retailers buying selectively and focusing on memo. Sluggish inventory replacement by brands and large jewelers. LVMH 1H watch and jewelry sales -5% YOY to $5.6B. Swatch Group 1H watch and jewelry sales -14% YOY to $3.7B. Birks FY sales +14% to $135M. Luk Fook fiscal 1Q diamond jewelry same-store sales -52% YOY. AWDC names Karen Rentmeesters permanent CEO.
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.
Dealers returning from vacation, but market still quiet. Downward trend in prices has dampened enthusiasm to buy. Demand selective. Retailers taking goods on memo. Round, 1.50 ct. and larger, G-J, VS2-SI2 diamonds with no black center or fluorescence are hard to find at discounts buyers want; sellers firm on prices. Slow orders from high-end brands.
Trading sluggish amid summer lull and weak overseas demand. Diamond district to shut for three weeks and return August 18, with hope for improvement in September. Slow sales prompting concerns about future of trade.
Activity low. Sales weak amid concerns about prices. Dealers on vacation. Slowdown in overseas markets impacting local sentiment.
Very little movement; overseas and domestic demand slow. SIs selling better than VS and VVS diamonds. Cutters in Surat reducing manufacturing volumes, especially of higher-value goods, as smaller stones are cheaper to produce. Low rough demand at De Beers sight amid high polished inventories.
Chinese economic and banking crisis impacting market. Mainland consumer demand weak as shoppers move away from diamonds. Diamonds under 1 ct. selling better than those over 1 ct. due to growing impact of synthetics.
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