The diamond market has been seasonally quiet, but the polished diamond prices are still steady. Auction houses Sotheby’s and Christie’s did well, each averaging selling over 80% by lot. Both have fetched high diamond prices, at times even setting new records for Price-per-Carat for fancy intense blue diamonds.
Oval cut diamonds are the winning cut among the fancies this period and is followed by pear cut diamonds and cushions. Showing that curvy diamonds are doing better than squares. However, if you are looking for an oval or pear finding the right one is hard as supply for these cuts are limited.
How are the key diamond markets doing?
The USA, Belgium, Israel, India and Hong Kong are the key diamond markets at the moment. In Belgium, the polished trade is experiencing a slowdown in demand but only very slightly. In addition, buyers in this market are insisting on 3X and no fluorescence in the diamond and are willing to pay more to gain this quality rather than ending up with lesser quality.
The United States is getting ready for Mother’s Day, which is around the corner. National Retail Federation is already sharing estimations of $4.6 billion in jewelry sales. Lower than the estimated $5 billion of last year. On the other side of the world, Hong Kong is experiencing better jewelry sales due to tourists coming from China to do shopping. India, on the contrary, is experiencing less sales as many buyers are taking a vacation other destinations.