News: Prices falling, with India under pressure from low sales and rising supply. US sellers doing better as they are not over-inventoried. Dealers and jewelers buying on demand only. Sluggish trading at June Hong Kong show, with low dealer attendance. Chinese consumer confidence in diamonds waning; lack of sales impacting manufacturers. Hong Kong’s TSL warns of heavy FY losses amid weak Chinese diamond demand. Luk Fook estimates 30% to 40% increase in FY profit, reflecting lower exposure to mainland. De Beers June sales -31% YOY to $315M as some sightholders reject loss-making boxes. Okavango June sales -34% YOY to $67M. EU extends sanctions sunrise period to Mar. 2025 and adds grandfathering rule.
Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. Pears slower than other shapes. Market for Ovals not as hot as it was. Elongated shapes still preferred. Goods with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Well-cut fancy-shape diamonds hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
United States:
Market seasonally slow. Dealers seeing decent demand from retailers but not restocking because they have enough inventory. New York diamond district preparing for summer lull. Independent jewelers continue to sell. High-end market stable. Shortages of 3X diamonds.
Belgium:
Trading quiet. High-end brands still buying. Rough market slow following small De Beers sight. Industry welcomes grandfathering rule for EU sanctions on Russia diamonds and extension of sunrise period.
Israel:
Sentiment weak. Dealers cautious about buying due to falling prices. Those who are purchasing are doing so because of low prices.
India:
Mood extremely low. Slow overseas demand, with US mixed and China weak. Lack of confidence in diamonds. Customers unwilling to take on inventory, buying for specific orders only. Round, 0.50 to 1 ct., D-G, IF-VS goods moving very slowly; SI-I1 better but still slow. Companies with good connections to brands are doing okay. May polished exports down 15% year on year at $1.5B; rough imports up 3% year on year at $1.2B.
Hong Kong:
Deep concerns about ongoing slump in Chinese demand. Consumers investing in gold rather than diamonds, lacking purchase power following real-estate slowdown. Slow traffic and trading at Jewellery & Gem Asia Hong Kong show. Low attendance by diamond traders. Jewelry manufacturers came but were disappointed by lack of overseas visitors.
Market Comment
News: Prices falling, with India under pressure from low sales and rising supply. US sellers doing better as they are not over-inventoried. Dealers and jewelers buying on demand only. Sluggish trading at June Hong Kong show, with low dealer attendance. Chinese consumer confidence in diamonds waning; lack of sales impacting manufacturers. Hong Kong’s TSL warns of heavy FY losses amid weak Chinese diamond demand. Luk Fook estimates 30% to 40% increase in FY profit, reflecting lower exposure to mainland. De Beers June sales -31% YOY to $315M as some sightholders reject loss-making boxes. Okavango June sales -34% YOY to $67M. EU extends sanctions sunrise period to Mar. 2025 and adds grandfathering rule.
Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. Pears slower than other shapes. Market for Ovals not as hot as it was. Elongated shapes still preferred. Goods with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Well-cut fancy-shape diamonds hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
Market seasonally slow. Dealers seeing decent demand from retailers but not restocking because they have enough inventory. New York diamond district preparing for summer lull. Independent jewelers continue to sell. High-end market stable. Shortages of 3X diamonds.
Trading quiet. High-end brands still buying. Rough market slow following small De Beers sight. Industry welcomes grandfathering rule for EU sanctions on Russia diamonds and extension of sunrise period.
Sentiment weak. Dealers cautious about buying due to falling prices. Those who are purchasing are doing so because of low prices.
Mood extremely low. Slow overseas demand, with US mixed and China weak. Lack of confidence in diamonds. Customers unwilling to take on inventory, buying for specific orders only. Round, 0.50 to 1 ct., D-G, IF-VS goods moving very slowly; SI-I1 better but still slow. Companies with good connections to brands are doing okay. May polished exports down 15% year on year at $1.5B; rough imports up 3% year on year at $1.2B.
Deep concerns about ongoing slump in Chinese demand. Consumers investing in gold rather than diamonds, lacking purchase power following real-estate slowdown. Slow traffic and trading at Jewellery & Gem Asia Hong Kong show. Low attendance by diamond traders. Jewelry manufacturers came but were disappointed by lack of overseas visitors.
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