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Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 12, 2024
News: US consumer demand stable during holiday season. Prices steady. Traders concluding final sales as peak season ends. Dealers and retailers cautious about restocking as they await seasonal sales data. Rough market weak, with sightholders making “political” purchases at Dec. sight to secure future supply; sight estimated at $200M. Lots of Angolan rough on the market. Christie’s NY sells $49.1M (97% by lot), with cushion brilliant, 5.72 ct., fancy-intense-blue, VVS1 diamond ring selling for $8.8M ($1.5M/ct.). Sotheby’s NY sells $30M (92% by lot) as ring with 10.33 ct. Burmese ruby and diamonds fetches $5.5M.
Fancies: Fancy-shape prices stabilizing, but decline more moderate than for rounds. US demand for elongated ovals, emeralds and radiants but buyers more selective about quality of SIs, rejecting black centers and short ratios. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
Country Comments
United States
Retailers focusing on memo. Steady demand for 1.50 ct., oversizes and 2 to 4 ct. rounds and fancies in VS-SI clarities. Elongated ovals, emeralds and radiants in demand. US November inflation of 2.7% in line with forecasts, fueling expectations for Federal Reserve cut to interest rates.
Belgium
Sentiment mixed, with US holiday business slow but in line with expectations. Some last-minute orders. 2 ct. diamonds moving better than 1 ct. Steady demand for 0.30 to 1 ct., D-H, VS1-SI1 diamonds in rounds and fancies. 5 ct. and larger selling on demand only. Dealers nervous about state of rough market.
Israel
Sales slowing as seasonal demand tails off. Regular goods not moving much. Special diamonds above 3 ct. selling. Wholesalers waiting for news on holiday sales to decide whether to refresh inventory in preparation for January restocking.
India
Overseas demand sluggish. Domestic sales stable. Manufacturing slow to resume after Diwali. Concerns over reports that major Surat manufacturer may shut for three to four months, threatening 15,000 jobs.
Hong Kong
Some sales during festive season, but sentiment remains weak. Retailers and wholesalers discounting to secure sales, reducing profits and market confidence. Engagement-ring segment supporting diamond market, with steady orders for 0.80 to 1 ct., D-G, VS1-SI1, 3X diamonds with no black inclusions. 2ct. and larger hard to sell.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 12, 2024
News: US consumer demand stable during holiday season. Prices steady. Traders concluding final sales as peak season ends. Dealers and retailers cautious about restocking as they await seasonal sales data. Rough market weak, with sightholders making “political” purchases at Dec. sight to secure future supply; sight estimated at $200M. Lots of Angolan rough on the market. Christie’s NY sells $49.1M (97% by lot), with cushion brilliant, 5.72 ct., fancy-intense-blue, VVS1 diamond ring selling for $8.8M ($1.5M/ct.). Sotheby’s NY sells $30M (92% by lot) as ring with 10.33 ct. Burmese ruby and diamonds fetches $5.5M.
Fancies: Fancy-shape prices stabilizing, but decline more moderate than for rounds. US demand for elongated ovals, emeralds and radiants but buyers more selective about quality of SIs, rejecting black centers and short ratios. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.
Country Comments
Retailers focusing on memo. Steady demand for 1.50 ct., oversizes and 2 to 4 ct. rounds and fancies in VS-SI clarities. Elongated ovals, emeralds and radiants in demand. US November inflation of 2.7% in line with forecasts, fueling expectations for Federal Reserve cut to interest rates.
Sentiment mixed, with US holiday business slow but in line with expectations. Some last-minute orders. 2 ct. diamonds moving better than 1 ct. Steady demand for 0.30 to 1 ct., D-H, VS1-SI1 diamonds in rounds and fancies. 5 ct. and larger selling on demand only. Dealers nervous about state of rough market.
Sales slowing as seasonal demand tails off. Regular goods not moving much. Special diamonds above 3 ct. selling. Wholesalers waiting for news on holiday sales to decide whether to refresh inventory in preparation for January restocking.
Overseas demand sluggish. Domestic sales stable. Manufacturing slow to resume after Diwali. Concerns over reports that major Surat manufacturer may shut for three to four months, threatening 15,000 jobs.
Some sales during festive season, but sentiment remains weak. Retailers and wholesalers discounting to secure sales, reducing profits and market confidence. Engagement-ring segment supporting diamond market, with steady orders for 0.80 to 1 ct., D-G, VS1-SI1, 3X diamonds with no black inclusions. 2ct. and larger hard to sell.
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