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 jewellery market was weaker than in 2022 but in line with expectations. US Jewellery 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.
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.
For more Updates Do follow us on Social Media
 Facebook Page https://bit.ly/3blw5Rg Â
Instagram https://bit.ly/3MsRHbP
 YouTube https://bit.ly/3LjGj2LÂ
 Twitter https://bit.ly/3E9IO5UÂ
 Linkedin https://bit.ly/3M17Xlk Â
WhatsApp Group https://bit.ly/JewelBuzz13
Comments