Polished trading cautious as Indian suppliers return from Diwali break. US driving demand. Focus on memo as jewelers limit inventory during economic uncertainty. Rising expectations for the season; NRF projects Nov.-Dec. retail sales +6% to +8%. Consolidation continues as JBT reports number of jewelry businesses -2% to 23,702 in 3Q. Brands gaining market share in India; Titan Company 2Q revenue +22% to $1.1B, profit +30% to $101M. Fewer De Beers goods on secondary rough market. Blue Nile offering lab-grown bridal jewelry. GemGenève signals optimism in high end. Christie’s Geneva sells $58M (87% by lot), with pear, 18.18 ct., fancy-vivid-pink diamond going for $29M ($1.6M/ct.).

Early projections for the US holiday season are upbeat, but that sentiment hasn’t filtered through to the rest of the diamond market, Rapaport’s editorial team observes.

The industry enters the holiday season with a mixed outlook. Trading has slowed amid economic challenges, but there are pockets of strength among jewelry retailers. In webinars on November 16 and 17, Rapaport Senior Analyst Avi Krawitz will examine the trends shaping the sector in the final months of the year and outline the state of the market as it heads into 2023.

The second edition of the Swiss show this year enjoyed a jump in traffic, which bodes well for the top-tier gemstone and jewelry market.