Weak polished demand leads to further decline in rough market. De Beers July sales -36% YOY to $410M, 1H revenue -21% to $2.8B, earnings -83% to $85M. Falling prices making for buyer’s market. US discretionary spending low. Federal Reserve raises interest rates 0.25 basis points, aiming to reduce inflation to 2% from 3% in June. American consumer confidence +6% in July, Conference Board reports. Concerns about major manufacturers going into synthetics. Antwerp shuts for summer break. Okavango July sales of $107M ($151/ct.) are its highest this year. LVMH 1H jewelry and watch revenue +11% to $6B after reopening of Tiffany NY flagship. US places sanctions on new Alrosa CEO Pavel Marinychev.

When younger shoppers are ready to invest in natural diamonds, they want designs that are simple, timeless and versatile, luxury brands say.