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Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 20, 2023
News: Diamond prices falling following De Beers’ sharp reduction of rough prices in many categories and synthetic diamonds’ takeover of commercial-quality real-diamond demand. Brands buying perfect fancy shapes and select large diamonds. Vivid and intense yellows also selling well. Fine-quality diamonds better than commercial goods. Synthetic-diamond prices crashing, with fine-quality synthetics (F-G, VVS-VS) in 2 to 3 ct. selling for $300-$500/ct. De Beers 2Q sales -19% to 7.6M cts., production -5% to 7.6M cts. US consumer spending weak, with revenue growth slowing to 0.2% in June, Census Bureau reports. Asia recovery supporting luxury brands: 1Q sales at Richemont’s jewelry brands +19% to $4B. China gold demand improving, but diamonds slow.
Fancies: Fancy-shape market slower than before but better than rounds. Prices dropping but not as fast as rounds. Longer Ovals, Pears, Radiants and Cushions fetching higher prices than shorter stones. Goods with medium and short ratios weak. Marquises improving. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
Country Comments
United States
Activity low. Expectation is that holiday sales will come late this year. Rounds very weak, with dealers holding off purchases. Fancy shapes supporting market with steady demand and supply shortages; elongated makes moving better than squares. Memo still popular among retailers. High-end brands doing well and starting to place orders for fourth quarter. Elliot Krischer reelected president of NY Diamond Dealers Club.
Belgium
Market very slow due to summer vacations and weak global demand. Rough market sluggish, with synthetic-diamond competition causing deep concern. Offices preparing to close for the summer. Federation of Belgian Diamond Bourses signs cooperation agreement with Shanghai Diamond Exchange to boost trade relations.
Israel
Business weak, with few traders willing to make purchases. Focus is on maintaining low inventory due to price drops. High-end goods sustaining market; top fancy shapes and colors in demand.
India
Low US sales affecting demand for most categories. SI1 to I2 has suffered most. Domestic market supporting trade in H-J, VS-VVS goods. Some orders from Gulf nations. Polished production remains low; companies cutting inexpensive or lab-grown rough to keep factories running.
Hong Kong
Market quiet. Economy better than last year but still slow. Depreciation of Chinese yuan against dollar (-6.1% year on year to CNY 7.18/$1) impacting wholesale business. Jewelers offering discounts to stimulate summer retail sales. Gold selling better than diamonds at major brands.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 20, 2023
News: Diamond prices falling following De Beers’ sharp reduction of rough prices in many categories and synthetic diamonds’ takeover of commercial-quality real-diamond demand. Brands buying perfect fancy shapes and select large diamonds. Vivid and intense yellows also selling well. Fine-quality diamonds better than commercial goods. Synthetic-diamond prices crashing, with fine-quality synthetics (F-G, VVS-VS) in 2 to 3 ct. selling for $300-$500/ct. De Beers 2Q sales -19% to 7.6M cts., production -5% to 7.6M cts. US consumer spending weak, with revenue growth slowing to 0.2% in June, Census Bureau reports. Asia recovery supporting luxury brands: 1Q sales at Richemont’s jewelry brands +19% to $4B. China gold demand improving, but diamonds slow.
Fancies: Fancy-shape market slower than before but better than rounds. Prices dropping but not as fast as rounds. Longer Ovals, Pears, Radiants and Cushions fetching higher prices than shorter stones. Goods with medium and short ratios weak. Marquises improving. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.
Country Comments
Activity low. Expectation is that holiday sales will come late this year. Rounds very weak, with dealers holding off purchases. Fancy shapes supporting market with steady demand and supply shortages; elongated makes moving better than squares. Memo still popular among retailers. High-end brands doing well and starting to place orders for fourth quarter. Elliot Krischer reelected president of NY Diamond Dealers Club.
Market very slow due to summer vacations and weak global demand. Rough market sluggish, with synthetic-diamond competition causing deep concern. Offices preparing to close for the summer. Federation of Belgian Diamond Bourses signs cooperation agreement with Shanghai Diamond Exchange to boost trade relations.
Business weak, with few traders willing to make purchases. Focus is on maintaining low inventory due to price drops. High-end goods sustaining market; top fancy shapes and colors in demand.
Low US sales affecting demand for most categories. SI1 to I2 has suffered most. Domestic market supporting trade in H-J, VS-VVS goods. Some orders from Gulf nations. Polished production remains low; companies cutting inexpensive or lab-grown rough to keep factories running.
Market quiet. Economy better than last year but still slow. Depreciation of Chinese yuan against dollar (-6.1% year on year to CNY 7.18/$1) impacting wholesale business. Jewelers offering discounts to stimulate summer retail sales. Gold selling better than diamonds at major brands.
Previous Market Comments
Market Comment: June 12, 2025
Market Comment: June 5, 2025
Market Comment: May 29, 2025
Market Comment: May 22, 2025
Market Comment: May 15, 2025
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Previous Market Comments
Market Comment: June 12, 2025
Market Comment: June 5, 2025
Market Comment: May 29, 2025
Market Comment: May 22, 2025
Market Comment: May 15, 2025
Market Comment: May 8, 2025