IDEX Price Report for 1 February: Rounds Down Again, Fancies Fare Much Better

(IDEX Online) - Round prices fell yet again during January amid continued hesitancy in the markets, although fancies fared much better. Overall demand remains slow, sentiment is weak, and manufacturing in India is still well below full capacity. Estimates for the number of workers laid off in Surat vary between 10,000 and 20,000. China scrapped its zero-COVID policy in December, which has freed up trade and travel, but has seen infection levels well above anything the country has ever experienced. Alrosa's goods are still reaching the market, albeit at reduced levels because of US sanctions and industry boycotts.

The EU remains under pressure to outlaw Russian diamonds in its next round of sanctions, expected later this month, as the war nears its first anniversary. Meanwhile, US inflation, which peaked at 9.1 per cent last June, was down to 6.5 per cent in December (latest available figures) and US consumers are predicted to spend $5.5bn on jewelry this Valentine's Day, according to the NRF. There is some room for optimism, but what we're increasingly seeing is a shift in demand from rounds to fancies, as reflected in January's price movements.

Rounds

There were price drops, mostly one to four per cent, in all sizes from 0.70-cts to 5.00-cts. There were some small pockets of increase, but they were few and far between. There were occasional price increases among the larger investor stones (3.00-cts to 5.99-cts) but fewer than December. Price drops dominated. There was little activity in goods under 0.70-cts.

Fancies

A different story from rounds, with price increases outweighing decreases, notably among 1.00-cts to 1.99-cts goods. Overall, there was a much more mixed picture, with an even mix of price movements in many size. There were significant price drops among 0.18-cts to 0.22-cts. Among 4.00-cts to 4.99-cts prices fell in F+ and VVS2+ but rose elsewhere, while 5.00-cts to 5.99-cts were dominated by price drops.

KEY CHANGES 

Rounds

0.18-0.22 ct. D-F / SI2 +4.5-5%, E / VS2 -3.5%

0.23-0.29 ct. E-H / VS2 -3-7%, D / VS1 +2.5%

0.30-0.39 ct. D / VVS1 +1.5%

0.40-0.44 ct. D-E / IF-VVS1 +1.5-3.5%

0.45-0.49 ct. F / VVS1-VS1 -1.5-2%, E / VVS2-VS1 +3.5-8%

0.50-0.69 ct. G-I / VVS2-VS1 -1.5-2%, E-F / IF-VVS2 +1-3%

0.70-0.79 ct. D-H / VS1-SI1 -1-3.5%, I-K / VVS1-VS1 -1.5-2.5%

0.80-0.89 ct. D-I / IF-VS2 -1-3%

0.90-0.99 ct. D-G / VVS1-VS2 -1-4%, G / SI3-I2 +3-5%

1.00-1.24 ct. G-H / VVS1-SI1 -1-3.5%

1.25-1.49 ct. E-F / IF-SI3 -1.5-5.5%

1.50-1.99 ct. D-H / VVS1-SI3 -0.5-3.5%

2.00-2.99 ct. F-H / VVS1-VS1 -1-4.5%, G-I / SI1-SI3 -1-3.5%

3.00-3.99 ct. E-H / VVS2-SI1 -1-4%

4.00-4.99 ct. D-G / VVS1-VS2 -2.5-4%, K-M / IF-VVS1 -1-2.5%

5.00-5.99 ct. D-F / VVS1-SI1 -1.5-4%, F-G / SI2-I1 +1-3.5% 

Fancy Cuts

0.18-0.22 ct. F-I / IF - VS1 -4-6%

0.23-0.29 ct. I / SI1-2 -6-6.5%

0.30-0.39 ct. D-E / VVS1-2 +2.5%, H-J / SI3 -5.5-6.5%

0.40-0.44 ct. D / IF-VVS2 +5-5.5%, E-F / SI2-3 -3-6.5%

0.45-0.49 ct. F-G / VVS1-VS2 +2-4%, D-E / SI2-3 -2.5-3%

0.50-0.69 ct. D-G / IF-VVS2 +1.5-6%

0.70-0.79 ct. F-H / IF-VVS2 +1-2.5%, D-E / VS2-SI2 +1-3%

0.80-0.89 ct. E-F / SI1-I1 -1.5-2.5%, H / IF-VVS2 +4-5%

0.90-0.99 ct. G-I / IF -2-4.5%, K / SI1-3 +4.5-5.5%

1.00-1.24 ct. D-H / IF-VVS1 +1-3%, D-G / SI1 +1.5%

1.25-1.49 ct. H-J / IF-VVS1 +1.5-4.5%, D-G / VVS2 -1-4%

1.50-1.99 ct. H-J / IF-SI1 +1-4.5%

2.00-2.99 ct. E-H / VV1-SI1 -2.5-5%, E-F / IF-VVS1 +2-3.5%

3.00-3.99 ct. E-G / VVS2-VS2 -2.5-4.5%, D-E / SI2-I1 +1.5-5%

4.00-4.99 ct. E-F / IF-VS1 -1-4%, L-M / VVS1-VS1 +1.5%

5.00-5.99 ct. D-F / IF-VVS1 -1-4%, E-G / SI3-I1 +1-4.5%