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    Home»Diamonds»Decline in Prices for High-Clarity Diamonds Persists
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    Diamonds

    Decline in Prices for High-Clarity Diamonds Persists

    Ruchi SinglaBy Ruchi Singla08/05/20243 Mins Read
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    The latest pricing information from Rappaport showed that April 2024 saw a downturn in the diamond market, influenced by seasonal trends and reduced demand from the US and China. 

    Prices for diamonds with a clarity rating of Very Slightly Included (VS) and above declined, while those for Slightly Included (SI) categories saw minor increases, continuing a pattern seen since the year’s start.

    BHP’s Acquisition Moves and Impacts on De Beers

    Amidst these market fluctuations, BHP’s substantial $38.9 billion offer for Anglo American has sparked speculation regarding the future of De Beers. Anglo American’s potential sale of De Beers is underway, potentially reshaping the landscape of the diamond industry. This comes at a time when the sector faces multiple pressures including competition from synthetic diamonds, geopolitical challenges, and waning Chinese consumer interest.

    Polished Diamond Sales under Economic Pressures

    The sales of polished diamonds were sluggish in April, influenced by high inflation and increased interest rates, which suppressed spending in the US market. In China, there was a notable shift in consumer preference towards gold, impacting diamond sales.

    According to the RapNet Diamond Index, the price for 1-carat, D to H, IF to VS2 diamonds fell by 3.5% in April, with a near 20% decrease over the past year. Conversely, the price for 1-carat, D to H, SI clarity diamonds saw a slight increase of 1% during the same period.

    The Rough Diamond Market’s Struggle

    The market for rough diamonds reflected the difficulties seen in the polished sector. Dealers found it challenging to profit from De Beers’ rough diamonds on the secondary market. Sales at Botswana’s Okavango Diamond Company plummeted by 68% compared to the previous year, totalling $34.6 million. Consequently, De Beers has revised its 2024 production forecast downward by about 10%, with an anticipated output of 26 million to 29 million carats.

    Regulatory Changes and the European Market

    The implementation of Group of Seven (G7) sanctions on Russian diamonds has complicated the market situation. Additionally, Ari Epstein’s departure as CEO of the Antwerp World Diamond Centre (AWDC) highlighted the difficulties associated with new EU regulations, which have slowed processes at Antwerp’s customs offices. The proposal to make Antwerp the central inspection point for diamonds entering G7 countries has met with industry resistance.

    Looking Ahead: The Las Vegas Shows

    As the industry navigates through these turbulent times, attention is turning towards the upcoming Las Vegas trade shows. These events are anticipated to rejuvenate the wholesale market, setting the stage for the critical holiday season.

    For both jewellers and industry stakeholders, understanding these varied market dynamics is essential for strategic planning. The continued pressure from synthetic products, regulatory changes, and shifts in consumer preference are reshaping the traditional diamond market, presenting both challenges and opportunities.

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    Ruchi Singla

    Ruchi is our trusted breaking news reporter, keeping you informed about the latest trends, launches, and significant events as they unfold. With a commitment to accuracy and a passion for adding a layer of insight, Ruchi creates informative and engaging content that shines a light across the world of jewellery.

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