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The Top 10 Things to Know About the Diamond Market

Updated: 2 days ago

Diamond Gems Weekly - May 27


For those traveling to Vegas this week, my FOMO is off the charts. Wishing you a most successful show. Here’s what you need to know heading into the week.

 

1. All eyes are on Las Vegas, with the various trade shows taking place there this week. Those include JCK Luxury and The Couture Show from May 29, and JCK which begins on May 31. Unfortunately, I won’t be attending due to personal commitments, but I’ll be looking for reports about market sentiment and levels of US demand.

 

2. Here’s what to expect from organizers of JCK las Vegas: Puppies, Tattoos, Flo Rida - All the Cool New Things at JCK Las Vegas 2024

 

3. The US trade has slowed in the past 18 months. Polished imports to the US fell 22% in the first quarter, having declined 19% to $22.76 billion for the full year 2023. 


4. De Beers will unveil its new strategy in Vegas, the first such presentation by CEO Al Cook since he took the job over a year ago. This comes amid speculation about De Beers’ future after Anglo American announced it plans to divest from the diamond company. See my analysis about the divestment prospects here: What's Next for De Beers?


5. De Beers rough sales in April-May fell 21% to $380 million, after it reduced prices on smaller rough, as reported by Rapaport. Sales declined 17% to $1.63 billion in the first four sales cycles of the year.

 

6. Several smaller diamond mining operations have been put up for sale or mothballed, reflecting the fragility of the market. I explore the implications of this in my video: More Diamond Mines Going Under.


7. These trends reiterate the need to raise marketing efforts and messaging around natural diamonds. De Beers and Signet Jewelers announced a collaboration to do just that, with a focus on the bridal segment. While the partnership is somewhat of a departure for both companies, I believe it is a necessary move to give the industry a much-needed boost. See my video analysis: De Beers, Signet Jewelers to promote Natural Diamonds


8. The Antwerp World Diamond Centre (AWDC) gave an update on its position regarding sanctions on Russian goods. For the first time, the group lent its support to verification points outside Antwerp. The AWDC also assured it is working toward a smooth implementation of a traceability system on September 1. Read the statement here.

 

9. A new organization has been established to create structure within the lab-grown diamond sector. The Grown Diamond Trade Organization aims to bring together growers, manufacturers and retailers, while “facilitating a new transparency and ethos,” it said.

 

10. Following the Geneva auctions, Christie’s Hong Kong is hosting Magnificent Jewels sale in Hong Kong on Monday (May 27). The top lot on offer is this beautiful cut-cornered rectangular, 2.68-carat, fancy vivid purplish pink, internally flawless diamond and diamond ring with a presale estimate of HKD 31.5 million to HKD 50 million ($4M to $6.4M). (Image credit: Christie's).




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