The diamond market was slow in May, as US demand was mixed and China remained weak. Anglo American’s plan to separate from De Beers created extra uncertainty.
Prices of IF to VS diamonds fell. SI1s were mixed, and SI2s continued to recover. Fancy shapes were sluggish, except for premium makes.
The Las Vegas fairs saw good traffic and trading in the jewellery sections — especially at the Luxury and Antique Jewelry & Watch shows — reflecting the importance of design and branding. Exhibitors in the loose-diamond section of JCK Las Vegas were cautious, as buyers pushed hard on prices. Demand was steady for round, 1- to 2-carat, G to J, SI diamonds. The high-end GemGenève show in Switzerland was slow.
Synthetics, high interest rates and inflation continued to impact US consumer demand. Buyers were selective, insisting on stones with no fluorescence and no brown, green or milky (BGM) tints. The elevated cost of inventory financing perpetuated retailers’ preference for memo.
De Beers reduced prices of 3-grainer (0.75-carat) and smaller rough by 4% to 6% at its May sight, with 4- to 6-grainers (1 to 1.50 carats) down by about 4%. This helped address a mismatch with polished prices, but sight holders still struggled to profit.
Source: RAPAPORT NEWS
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