IDEX Price Report for 1 October: Rounds Keep on Falling
October 01, 23 by IDEX Online
(IDEX Online) - It was "more of the same" during September, as round prices again suffered wholesale losses, but fancies fared somewhat better.
Markets remain weak, sentiment remains slow and Alrosa has halted sales for two months in a move aimed at stabilizing the market.
Lab growns are set to overtake natural diamonds, and currently account for almost half of unit sales. And the global economy remains in the doldrums.
In addition, the G7 nations, accounting for 70 per cent of diamond purchases, are poised to announce sanctions on Russia any day now.
Meanwhile the US has extended existing sanctions to cover Russia's AGD Diamonds and its Belgian subsidiary Grib Diamonds to limit the cash flowing into Russia's war machine.
And Ukraine has sanctioned one of India's biggest players, for buying Russian diamonds on favorable terms and actively supporting its aggression against Ukraine - a charge the company adamantly denies.
Unsurprisingly, caution persists. Business was reportedly slow at the Jewellery & Gem World fair in Hong Kong as buyers expect prices to drop further.
De Beers' rough sales slumped to just $370m during cycle 7, the lowest figure since the Covid pandemic.
Petra, which cancelled its May tender because of weak demand, sold $79m in August, but reported a drop in like-for-like prices of 14 per cent on goods from 2.0-cts to 10.0-cts.
Rounds
There were significant losses in all goods from 0.70-cts to 2.99-cts, with barely any increases.
Worst-hit were 2.00-cts to 2.99-cts, with a wall of red across L+ and SI2+. Elsewhere the price drops were still very much concentrated among better colors and clarities, around I+ and VS2+. Larger goods, 3.00-cts and above, saw a more mixed pictures, with clusters of increases, but with price drops still dominating. There was little in the way of distinct trends in goods under 0.49-cts.
Fancies
A very different picture among fancies, with fewer losses and less movement overall, but no clear direction of travel. There were notable clusters of price increases - unlike rounds - especially in goods over 1.50-cts. Price drops still dominated on the whole. There was little activity in goods under 0.49-cts, except for a huge drop among 0.23-cts to 0.29-cts in L, M and SI3.
Rounds
0.18-0.22 ct. J / VVS1-SI2 -4-11%
0.23-0.29 ct. J / VVS2-VS2 -5.5-10.5%, G-I / N2 +7.5-18%
0.30-0.39 ct. D / IF-VVS1 -5.5-6%
0.40-0.44 ct. D-G / IF -2-4.5%
0.45-0.49 ct. D-E / IF-VS1 -1.5-6%
0.50-0.69 ct. D-G / IF-VS1 -3-5.5%
0.70-0.79 ct. D-I / IF-VS2 -1-7%
0.80-0.89 ct. D-H / VVS1-VS2 -1.5-5%
0.90-0.99 ct. D-G / IF-VS2 -2-6%
1.00-1.24 ct. D-I / IF-VVS2 -1-6.5%
1.25-1.49 ct. F-I / VVS1-VS2 -1-6%
1.50-1.99 ct. E-J / IF-SI2 -1.5-7%
2.00-2.99 ct. D-L / IF-SI2 -2-5.5%
3.00-3.99 ct. H-K / VS1-SI2 -0.5-4.5%, G-I / SI3-I1 +1.5-4.5%
4.00-4.99 ct. D-E / IF-VVS2 -1-4%, G-H / IF-VVS2 +1-3%
5.00-5.99 ct. D-G / SI2-I2 -1-4%, D-E / VVS2-VS2 +0.5-4%
Fancy Cuts
0.18-0.22 ct. F / VVS1-VS1 -5%
0.23-0.29 ct. L-M / IF-I1 -12.5-28%
0.30-0.39 ct. H / IF-VVS1 +3%
0.40-0.44 ct. G-J / VS2 -3-5%
0.45-0.49 ct. F-G / IF +1.5.5%
0.50-0.69 ct. G / IF-VS1 -1.5-4.5%
0.70-0.79 ct. H-I / IF-SI1 -1-5%
0.80-0.89 ct. F-H / VS2-SI1 -1-3%
0.90-0.99 ct. D-E / IF-SI1 -1-6%
1.00-1.24 ct. D / VVS1-VS2 +1-5%, D-I / SI1 -2-5%
1.25-1.49 ct. D-G / VVS2 +1-4%, D / VS2-SI3 -1.5-3.5%
1.50-1.99 ct. E-J / VS2-SI3 -1.5-4%
2.00-2.99 ct. D-F / VVS2-SI1 +1-5%, D-J /SI2-3 -1-5%
3.00-3.99 ct. K-M / VVS1-VS2 +1-2%, E-I / SI3 -1-5%
4.00-4.99 ct. E-F / IF-VS1 +2-4.5%, F-H / SI3-I1 -3-7%
5.00-5.99 ct. E-F / VVS1-SI1 +0.5-4%, H-I / SI2-I1 -1-2.5%
