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China Recovery Boosts Global Sentiment, US Jewellery Sales Up 6.5% During Valentine’s Day Shopping

According to the Rapaport Market Comment on February 16, 2023, the recovery in China has led to an increase in global sentiment, with dealers feeling uncertain about the US. However, the better-than-expected 4Q GDP growth of 2.9% has calmed recession fears. Valentine’s Day shopping has also boosted January US jewellery sales by 6.5%, according to Mastercard.

The Knot reports that the average amount spent on engagement rings has decreased by 3% in 2022 due to rising demand for lab-grown and fancy-shape center stones. Kering notes an outstanding jewelry category, with brands increasingly focusing on source verification due to the pressure to broaden Russian sanctions and clarify legal requirements for dealing in Russia-sourced diamonds.

Sightholders anticipate stable prices at next week's sight, while Hong Kong's polished imports rose by 3% to $14.8B in 2022, with exports rising by 1% to $13B.

According to the RAPNET Diamond Index (RAPI™):

Index IMG

: RAPI™ stands for RAPNET Diamond Index.

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