Sentiment weak amid trading slump. Prices declining as dealers try to reduce inventory. Economic caution lingers; US inflation 4.9% in April. Majors and top-tier independents that can adapt to shifting consumer habits are gaining market share and demonstrating strength of US market. GemGenève show opens with hopes that robust high end will raise general activity. Part 1 of Heidi Horten collection auction raises $156M at Christie’s Geneva; cushion-cut, 25.59 ct. Sunrise Ruby ring misses presale estimate at $14.6M. WFDB pledges financial support for Natural Diamond Council. Industry mourns passing of Zvi Yehuda, inventor of Sherlock Holmes synthetic-diamond detection machines.

Several developments are creating positive energy around jewelry, despite the slow diamond market. The Rapaport editorial team discusses some of the high-profile events that may have raised the bar for the rest of the industry.

Wholesale trading has remained sluggish in the second quarter. But what has influenced the difficult start to 2023? In our upcoming webinar, Rapaport Senior Analyst Avi Krawitz will examine this question and outline the state of the sector as we approach the midpoint of the year.

Getting in shape: What consumers are buying and why.