Market Comment

March 14, 2024

News: Market quiet amid seasonal slowdown in US and China. Round prices steady, with RapSpec A3+, 0.30 to 1 ct. SIs improving and IF-VVS qualities slower. Prices of fancies falling. Indian dealers cautious about offering credit. Shipment delays at Antwerp customs due to G7 sanctions, with 146 Belgian companies signing complaint to AWDC. De Beers Feb. rough sales -13% YOY to $430M, year to date -15% to $804M. The Knot says 46% of engagement-ring center stones in 2023 were synthetic diamonds, up from 12% in 2019. Chow Sang Sang 2023 revenue +21% to more than $3.2B as Hong Kong and China end Covid-19 restrictions. Men and women flaunt natural diamonds on Oscars red carpet.

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. Cutters now returning to rounds. Sellers are flexible on prices. Downtrend continues. Weakest size is 0.70 ct. category. 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. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.

United States: 

Market stable during seasonal lull. Shortages of round, 1 to 3 ct., F-I, VS2-I1 oversizes and diamonds with no black center. Importers reporting smooth introduction of sanctions on Russian diamonds, with customs requiring self-declaration. Hopes for market improvement from 2Q onward. Synthetic prices continue to fall.


Mixed reports from Hong Kong show. Concerns about impact of G7 sanctions, with some goods getting held up at Antwerp Diamond Office. Steady demand for 1 to 2 ct., D-G, VVS-VS and nice SI diamonds. Slow movement in 3 ct. and larger. High gold prices impacting costs for jewelry manufacturers.


Sales slow due to seasonal slowdown in US and China and following disappointing Hong Kong show. Indian sellers seeking high prices for nice SIs and oversizes, but Israeli buyers unsure whether to purchase. Round, SI diamonds strengthening; VVS weaker, as large brands are not buying.


Market quiet. Domestic demand weakening as end of wedding season approaches. Overseas orders sluggish. Steady interest in round, 1 to 2 ct., G-H, VVS to SI2 diamonds. D-F, VVS slow. Negative trend in pears and ovals. Sellers reluctant to extend credit due to uncertainty and reports of bankruptcies.

Hong Kong: 

Little activity amid slump in consumer spending after Chinese New Year. Sellers offering deep discounts on VVS diamonds to promote sales. Steady demand for round, 0.30 to 1 ct., D-I, VS-SI, RapSpec A3+ goods. Some post-show orders. Jewelry manufacturers buying gold and gemstones rather than diamonds.


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