Market Comment

June 6, 2024

News: Las Vegas shows see decent jewelry sales, but loose-diamond dealing mixed. Steady traffic and trading at Luxury, Antique and Couture events. JCK started busy but lost steam by end; many retailers left before final day. Good orders for melee and 1 to 2 ct., G-J, SI rounds. Synthetics selling at very cheap prices. Strong showing at Rapaport Breakfast. De Beers to stop producing synthetics for jewelry, announces plans to manufacture and sell natural polished. Stable prices expected at next week’s sight. Natural Diamond Council still short of funding for marketing. Hong Kong hard-luxury sales -29% YOY to HKD 3.8B ($480M) in April.

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: 

Consumer market uncertain. Suppliers at JCK reporting mixed results; synthetics continuing to impact sales. Steady interest in round, 1 to 2 ct., G-J, SI goods. 3 ct. and above also performing well in SI clarities, as are melee and stones around 0.25 ct. Many JCK customers who bought synthetics last year have returned to natural diamonds. Growing number of attendees view fair more as networking opportunity, since cost of attending is often higher than sales.


Market slow but more positive than last month. Companies buying to fill demand, not for inventory. Melee doing well; 0.30, 0.40 and 0.50 moving nicely in D-H, SI categories. Many exhibitors found JCK disappointing.


Dealers that attended Las Vegas event report little activity. Overall show lived up to lower expectations. Sales to big brands decent, but mom-and-pop retailers made few purchases. Prices and demand outside show continue to be weak.


Sales at JCK mixed. Large companies bought goods, but small ones did not. Domestic market steady; overseas demand weak. Pears, marquises and ovals strong below 0.30 ct. Industry concerned about election impact on domestic demand and trader sentiment.

Hong Kong: 

Some sales of 0.30 to 1 ct. diamonds, but slower than usual; melee and 2 ct.-plus barely moving. Dealers worried weakness in certain sizes may continue until September. Some traders canceling overseas orders to control costs. Retail and wholesale markets functioning at low levels. Mainland jewelry-manufacturing orders shrinking.


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