Press Releases

Diamond Trade Cautious at End of Year

1ct. RAPI up 0.1% in December but down 21% in 2023.

Published

4 months ago

January 8, 2024

Press Releases

(PRESS RELEASE) LAS VEGAS, NV — Diamond trading was quiet in late December as wholesalers took vacation between Christmas and New Year. The industry was cautious due to sluggish US consumer demand and competition from synthetics.

The holiday season for the overall jewelry market was weaker than in 2022 but in line with expectations. US jewelry sales fell 2% year on year for the period between November 1 and December 24, Mastercard SpendingPulse reported. Restaurant revenues rose 7.8%, indicating a shift from products to experiences. Chinese diamond demand remained slow amid an economic slump.

Polished prices rose in most categories as India’s two-month voluntary freeze on rough imports — which ended December 15 — reduced inventories. India’s rough imports for November slid 76% year on year to $314 million. Manufacturers were under less pressure to sell, since they needed less cash to buy rough. Holiday orders supported prices for 1- to 3-carat, F-I, VS-SI, RapSpec A3+ diamonds.

The RapNet Diamond Index (RAPI) for 1-carat diamonds rose 0.1% in December. The index for 0.30-carat stones increased 1%, and the 0.50-carat RAPI climbed 2.2%. Prices for fancy shapes were stable or declined.

The 0.50- and 1-carat RAPI categories had their worst full year on record, falling 26% and 21% respectively. However, the trend improved from November onward as US retailers bought for the holidays and Indian factories lowered polished production. The number of diamonds on RapNet fell 8% during 2023, totaling 1.6 million on January 1, 2024.

Some sightholders expect De Beers to reduce rough prices in January to stimulate sales. This could have an immediate impact on polished prices. To avoid an oversupply, manufacturers must ensure that their purchases match polished demand.

January also marks the introduction of broader Group of Seven (G7) restrictions on Russian diamonds. An expanded ban on any polished resulting from Russian rough begins March 1. The implementation could profoundly affect supply dynamics.

Diamond Trade Cautious at End of Year

She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”