Market Comment

March 28, 2024

News: Market stable. India trade seasonally quiet ahead of financial year’s end. Round, ten-per-carat, D-F, VVS goods slowing in Indian market. Diamonds with black center or fluorescence moving at low prices. Gokhran reportedly agrees to buy rough from Alrosa. Sanctions-related Antwerp blockages easing, but dealers still concerned about delays. Belgian police arrest four men in probe of Russian diamond imports. Forevermark to stop supplying loose diamonds and will shift focus to India. Chow Sang Sang 2023 revenue $3.2B (+22%), profit $129M (+124%) amid HK recovery; China diamond sales weak. National Retail Federation predicts 2024 US retail sales +2.5% to +3.5%, down from 3.6% in 2023. Kendra Scott launches synthetic-diamond fashion jewelry priced at $500 to $2,950.

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. Weak orders for 1 to 1.50 ct. diamonds. Steady demand for 1.75 ct. and larger goods in round and fancy shapes, with availability tight. Wholesalers getting calls for round, 3 to 7 ct., D-H, VS1-SI2 diamonds. Prices of commercial melee stable; merchandise in short supply.


Bourse activity limited. Steady demand for very small melee. 1 to 2 ct. polished slow. Local trade facing ongoing compliance challenges vis-à-vis Russian-diamond sanctions.


Sentiment weak, with deep uncertainty about the current and future market situation. Many traders absent due to recent Purim festival. Some movement in medium- and low-quality goods (with black centers) as low prices entice buyers. SI diamonds performing better than VVS.


Short week due to Holi holiday. Market slow as overseas demand remains weak and end of financial year approaches (March 31). Smaller businesses concerned about long-term prospects. Antwerp’s implementation of sanctions is impacting flow of goods from India. Stable demand for round, 1 to 1.99 ct., G-H, VS-SI, RapSpec A3+ diamonds. Forevermark decision to refocus on India reflects country’s growing consumer market for diamonds.

Hong Kong: 

Business quiet but steady following March show. Retailers trying to control inventory levels and have low market expectations. Chinese demand for diamonds sluggish, as consumers prefer to invest in gold.


Clear all search filters