The market is stabilizing amidst a decrease in supply of rough diamonds. Due to miners allowing 100% rejection, De Beers' sales in October decreased by 82% year-on-year, to $80 million. The decrease in production has eased the pressure on inventory and capital flow, and the Surat factory is preparing to close for one to two months during the Diwali holiday (November 12th). The price of round diamonds has risen for the first time in a year; The performance of irregular drills is weak. As the holiday approaches, memorandum orders in the United States have improved. GemGenève The transaction is slower. The auction at Christie's in Geneva sold a total of $78 million (93%), with a 17.61 carat pear shaped, fan vivo blue diamond, and IF grade diamond sold for $44 million ($2.5 million per carat). Martin Rapport went on a three-day hunger strike to protest against the World Diamond Council's support for the Kimberley Process.
Abnormality drill: Abnormality market slows down. The price has dropped, but not as much as the decline in round diamonds. The price of longer oval, pear shaped, radial, and pad shaped diamonds is higher than that of shorter diamonds. Diamonds with medium to short ratios perform weakly. In the context of sluggish demand and high inventory, the price of square cushion diamonds has declined. The price of olive shaped diamonds has remained stable due to a decrease in supply. A 0.30 carat diamond performs well. Diamond orders ranging from 0.70 to 1.20 carats are relatively low. VS-SI grade diamonds have lost market power, except for diamonds ranging from 1.20 to 1.49 carats. Well cut diamonds are in short supply. The premium for diamonds with excellent cutting is high. Retailers offer a wider range of products as consumers seek alternative cutting methods. The trading price of super large carat diamonds is higher than the usual level. Irregular diamonds that deviate from specifications and are poorly cut are difficult to circulate and sell.
United States: Market sentiment is improving during the holiday season, and people hold a cautious and optimistic attitude towards Thanksgiving. Wealthy consumers have some expenses. The market has a stable demand for products of 3 carats and above, G-I color, and VS-SI2 purity level, with a high memorandum conversion rate. Due to limited supply, the price of the best circular product has steadily increased. Small carat diamonds, especially VS to SI clarity, are also difficult to buy. The rectangular pad shaped diamond is recovering after hitting the bottom. Traders are uncertain whether the improvement in market performance will continue until Christmas.
Belgium: Market quiet, exchange morale low. There are almost no buyers of rough diamonds around. There is some demand in the market for pink and yellow diamonds, but the prices of most categories of diamonds have decreased. The industry expects Russian diamonds to face further sanctions.
Israel: Due to the ongoing war with Hamas, overseas buyers are absent. Compared to last month, the number of Israeli merchants on the exchange increased, but sales were limited. The government has approved the provision of financial assistance to diamond companies affected by the conflict.
India: Emotions are more optimistic than before. As American buyers rush to make holiday purchases before Indian suppliers are closed due to Diwali, goods begin to flow. After the import suspension ended in mid December, some manufacturers remained cautious about purchasing rough diamonds. The market has a stable demand for D-F colors with certificates and diamonds with VVS-SI purity levels; Goods without certificates sell slower.
Hong Kong, China: The local retail market has improved. For diamonds of 1 carat, D-I color, VS-SI clarity, VG and above, the market remains stable. The return of tourists supports Hong Kong jewelers. High end brands benefit. Due to the weak market economy, the demand in Chinese Mainland is slow; Gold sells better than diamonds. The orders received by jewelry manufacturers are increasing, but less than last year.
