WARNING: Rough prices speculatively high. Rough markets overheating as premiums rise on secondary market and at auctions. Dealers optimistic even though trading has slowed. Buyers growing cautious after strong January inventory replacement. Suppliers have good liquidity, maintaining firm prices and pushing discounts even lower in some categories. US retail stable but seasonally slower. China quiet amid ongoing Covid-19 restrictions. Global 2021 jewelry sales +29%, with US +38%, China +19% and India +16%, according to Bain report. Titan Company 3Q sales +32% to $1.4B, profit +91% to $136M. Sotheby’s sells 555.55 ct., fancy-black Enigma diamond for $4.3M ($7,709/ct.).
Fancies: Market robust. Good demand across all sizes. 1.20 to 3.99 ct., F-J, VS-SI is hottest category and seeing scarcities. 0.30 to 0.99 ct. improving in VS and better clarities. Fancies below 0.30 ct. showing significant gains since Diwali. Supply shortages supporting prices. Retailers offering broader product ranges as consumers seek alternative shapes. Growing interest in fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Oversizes trading at higher prices than usual. Excellent shapes commanding premiums. Steady demand in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Trading slower than in January as jewelers enter seasonally quieter period. Good business at firm prices during AGTA Tucson and Centurion shows; dealers getting fewer calls elsewhere. Buyers resisting higher prices. Steady orders and low availability of 1 to 3 ct., G-J, VS-SI, 3X stones. Some retailers pushing Valentine’s Day promotions.
Belgium: Sentiment upbeat. Rough dealers seeing strong price momentum, robust demand and not enough supply. Polished traders more conservative, particularly sellers of commercial-quality goods. Big-stone market strong, especially top-level D, IF diamonds. Fancy colors also moving well at higher valuations.
Israel: Suppliers in the driver’s seat even with US and Chinese interest slowing. Dealers struggling to replace sold items and cautious about rising prices. Steady market for 1 to 2 ct., G-H, VS-SI diamonds. Some concerned melee sector is overheating after sharp gains in recent months. Bourse traffic still light due to Covid-19’s Omicron variant.
India: Orders stable in most categories. Good movement in 0.70 to 0.90 ct., H-K items. Low-value, uncertified stones selling well. Strong US demand supporting market during quiet season in China. Growing appetite for fancy shapes; hearts are hot ahead of Valentine’s Day. Selling easier than buying as prices continue to climb. Rough expensive.
Hong Kong: Activity down due to Chinese New Year vacation and local Covid-19 outbreak. Consumer spending is suffering as Hong Kong government maintains tight containment rules. Mainland business picking up after lunar festival. Solid interest in 0.30 to 1 ct., D-I, VS-SI, VG+ diamonds as shoppers make final purchases for Valentine’s Day.
