China recovery lifts global sentiment. Dealers uncertain about US, but better-than-expected 4Q GDP growth of 2.9% calms recession fears. Valentine’s Day shopping boosts Jan. US jewelry sales 6.5%, Mastercard says. Average amount spent on engagement rings -3% in 2022 amid rising demand for lab-grown and fancy-shape center stones, The Knot reports. Kering notes outstanding jewelry category. Brands increasingly focusing on source verification as pressure builds to broaden Russian sanctions and clarify legal requirements for dealing in Russia-sourced diamonds. Sightholders anticipate stable prices at next week’s sight. Hong Kong 2022 polished imports +3% to $14.8B, exports +1% to $13B.

The diamond market has yet to feel the full effect of the war in Ukraine. Initial predictions pointed to a potential supply shortage that would result from having Alrosa, with its large share of global rough production, off the market. However, those scarcities have not emerged significantly.

Jewelers point to celebrities, social media, and a shift away from tradition as reasons for trend.

The steady barrage of negative economic news has dealers concerned about the impact on business.