(IDEX Online) - Markets remain depressed, with further widespread losses among rounds, as the prospect of possible G7 sanctions on Russian diamonds looms, combined with a lull before the Vegas storm and disappointment that China's post-lockdown bounce-back hasn't happened. Fancies fared better, as has been the case in recent months.
De Beers reported a 20 per cent drop in rough sales at cycle 4, blaming slow demand in China. It also cancelled auctions in response to poor sentiment among buyers.
Petra suffered sharp drops in both revenue and prices at its May tender and held back parcels of over 75,000 carats because of weak demand. Manufacturers in India are struggling to shift inventory, amid talk of layoffs, extended summer vacations and shorter working weeks. Retailers, especially in the US, are likewise cautious about re-stocking.
Highlighted Changes
Rounds
Fancies
Fancy prices again fared better than rounds, as has been the case for several months, with a far more even split of price rises and falls. Among 0.45-cts to 0.69-cts goods there were price increases in all VS1+ and G+ stones.
KEY CHANGES
Rounds
1.00-1.24 ct. E-H / VVS1-SI1 -1.5-4%
1.25-1.49 ct. D-I /IF-SI1 -1-6.5%
4.00-4.99 ct. D-F / IF-VS2 -0.5-4%, D-F / SI2-I1 +1-2.5%
Fancy Cuts
1.00-1.24 ct. D / VS1-SI3 -2-4.5%, E-H / SI1 -3-4%
1.25-1.49 ct. H / IF-VS1 +1-2%, K-N / VVS2 -2.5-3.5%
3.00-3.99 ct. E-G / IF-VVS1 -1-4%, D-GI / SI3-I1 +1.5-4.5%
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