De Beers cuts rough prices by average of 13% at Jan. sight and ends deferral flexibility. De Beers rough still more expensive than open market auctions; sightholders claim De Beers rough still not profitable. Polished buyers holding off purchases to see if discounts will deepen. Dealers cautious about 2024 amid slow US restocking. Chinese diamond demand weak ahead of Lunar New Year, with consumers turning to lower-cost pearls and gemstones. US Nov. polished imports -22% YOY to $1.2B. India Dec. polished exports -32% to $862M, rough imports -14% to $1.3B. Richemont 3Q 2023 jewelry brand sales +6% to $4.3B. Martin Rapaport webinar, “2024: The Way Forward,” to take place Tuesday, Jan. 23, at 11 a.m. EST. Register here.

Webinar will address where the diamond industry is heading, what to do about synthetics and sanctions, and more.

Cheaper raw materials would usually translate to cheaper end products. But with sightholders still making thin or no margins, few of them see any room for a reduction in polished prices.

Chunky, colorful and statement-making, designs from the late 1930s to early ’50s are enjoying a resurgence.