Diamond prices falling following De Beers’ sharp reduction of rough prices in many categories and synthetic diamonds’ takeover of commercial-quality real-diamond demand. Brands buying perfect fancy shapes and select large diamonds. Vivid and intense yellows also selling well. Fine-quality diamonds better than commercial goods. Synthetic-diamond prices crashing, with fine-quality synthetics (F-G, VVS-VS) in 2 to 3 ct. selling for $300-$500/ct. De Beers 2Q sales -19% to 7.6M cts., production -5% to 7.6M cts. US consumer spending weak, with revenue growth slowing to 0.2% in June, Census Bureau reports. Asia recovery supporting luxury brands: 1Q sales at Richemont’s jewelry brands +19% to $4B. China gold demand improving, but diamonds slow.
|
