Diamond trade uncertain as polished prices decline. 1 ct. RAPI -3.6% in Nov. Midstream inventory high due to weak demand after bullish 1H manufacturing. Surat factories closed for Diwali. De Beers eases buyer terms and keeps prices stable at Nov. sight. Boxes offered at deep discounts on secondary market. Letšeng 3Q average price +28% to $2,028/ct. Lucara Diamond 3Q sales -36% to $47M. Rising cost of living, Ukraine war, China slowdown, and growth in synthetics affecting confidence. US jewelers start holiday marketing push; brands focusing on sustainability and enlisting high-profile influencers to engage with consumers. Strong expectations for high end as GemGenève show begins.   

Esther Oberbeck and Marc Jacheet, two of the miner’s executives, discuss how the growing focus on diamond origins and corporate values has prompted shoppers to seek out labels they can trust.