In the latest release of the IDEX Price Report for March 2024 by IDEX Online, the diamond market witnessed a persistent downturn characterized by sluggish trading, subdued sentiment, and apprehension surrounding the impending imposition of G7 sanctions targeting Russian goods. The period under review saw limited instances of diamond price escalation.
Notably, Signet, the globe’s foremost retailer of diamond jewelry, disclosed a 6.3% decrease in net sales for the fourth quarter. Al Cook, the CEO of De Beers, commented on the situation, noting a discernible uptick in consumer demand for diamond jewelry in India juxtaposed with sluggish performance in China. Cook further remarked that De Beers anticipates a gradual convalescence in the demand for rough diamonds as the year unfolds. Meanwhile, in Antwerp, traders grapple with operational disruptions as the new mandate necessitates the verification of imported goods’ origin to exclude Russian sources, resulting in prolonged delays of up to a week.
The report also delineated a persistent decline in round diamond prices, particularly evident in superior color and clarity grades (ranging from D to I and IF to VS2) within the 1 to 1.99-carat segment. Transactions involving diamonds under 1 carat remained subdued, marked by marginal price fluctuations. In the 5 to 5.99-carat category, a majority of diamonds bore the brunt of the market downturn, with significant depreciation observed in D-F grade diamonds spanning 4 to 4.99 carats. Similarly, fancies registered widespread losses with nominal increments in prices. The downward trend extended across various size categories exceeding 0.50 carats, predominantly affecting diamonds with superior color and clarity grades (ranging from D to H and IF to VS2).