Editor’s Note
This market update highlights a period of seasonal calm in the US, with steady demand for specific quality rounds. Key developments include De Beers holding prices, a decline in Petra’s rough prices, and India’s new duty-free import rule. The tragic armed robbery in Namibia underscores ongoing security challenges in the industry.
US market seasonally slow. Steady demand for round diamonds, 0.30 to 0.69 carats, D-F color, IF-VVS2 clarity. De Beers maintains prices at its January sight, allowing 20% buybacks. Petra’s rough diamond prices for July-December are down 10% year-over-year. A worker at Namibia’s Namdia trading company was killed in an armed robbery. India allows duty-free import of some polished diamonds under 0.25 carats. Steady trading reported at the Vicenzaoro show. Bain reports a strong 2024 for high-end jewelry. Belgium’s 2024 polished diamond exports fell 16% to $8 billion, while rough imports dropped 37% to $4.2 billion. Chow Tai Fook’s retail sales for October-December fell 14% year-over-year; Luk Fook’s fell 6%. RapNet to launch a Gemstone Trading Network. Martin Rapaport webinar scheduled for January 29 at 10 a.m. EST. Register here. Wishing everyone a happy Chinese New Year.
Fancy-shape diamond prices stable. Prices firm for diamonds 3 carats and larger, as high-quality items are hard to find. Good US demand and price increases for elongated Ovals in D-I color, VS-SI clarity categories with good shape and quality. Ovals and Pears, 0.30 to 0.49 carats, F-I color, VS clarity diamonds in demand. Ovals are 5% to 10% more expensive than Pears in the US market. Elongated Emeralds, Radiants and Pears in demand, with stable prices. Diamonds in the 2.50 to 2.99 carat range trading at significant premiums in those shapes. Supply shortages supporting prices for Marquise cuts. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancy shapes are illiquid.
Market seasonally slow after the holidays. Stable trading at the Miami Beach Antique Show, with retailers attending and making purchases. Market focusing on memo (consignment) business. Steady market for diamonds 1.50 carats and larger, F-I color, VS-SI clarity with no fluorescence in elongated fancy shapes. Melee market sluggish but stable. Industry looking ahead to the AGTA GemFair Tucson show (February 3 to 9).
Sentiment low. Sluggish orders and low profitability. Little desire to take on inventory.
Business quiet amid slow overseas sales. Dealers cautious.
Overseas demand weak, with traders cautious about investing in diamonds. Domestic demand better, especially in smaller sizes. Manufacturing remains at around 50% of capacity, with some shortages of fresh goods.
Sales weak ahead of Chinese New Year (January 29). Low morale in wholesale market. Some dealers taking vacation as jewelry manufacturers shut for the holiday. Consumer demand focused on low-budget items. Demand for synthetic diamonds growing.