Diamond Industry : Focus on rough prices and forecasts for 2023

Marianne Riou

Dear readers,

This week, we have put together a Lettre the way we like them! Brimming with varied and useful content to help us better understand the major challenges affecting the diamond industry in 2023 so that we can approach them with confidence.

You will therefore find a series of articles dealing with rough prices. De Beers’ 2022 rough sales reached $5.79 billion, a very good result, up 20% on 2021. Strong demand and the need to secure quality, ‘ethical’ supply with known provenance are among the decisive factors (Michelle Graff, De Beers rough diamond sales near US$6 billion for 2022).

It should be noted that on the 1st Sight of 2023, the diamond company has just readjusted its prices, bringing them more ‘in line’ with the actual market and demand over recent months. As evidenced by Rapaport: “De Beers has made sharp price changes […]. Prices fell by as much as 10% in 2-carat rough and above, with lower-quality items seeing the most significant drops […]. Prices of diamonds under 0.75 carats rose by similar percentages […].”

You can also read the article Forecast for 2023 which, with the help of six industry professionals, sums up the current issues including: macro-economic uncertainty and caution, the risk of speculative purchases, the very good results of luxury brands, the importance of justified and reliable ethical claims, the attractiveness of fancy diamonds and classic jewelry and the strong engagement of women.

Moreover, Bain & Company confirms the expected strong performance of the luxury market in 2023, with sales growth of between 3% and 8% depending on two possible scenarios (all eyes are on China which has just reopened its borders!).

As a feast for your eyes, I suggest you take a look at the diamond necklaces, which, be they strands, rivière or tennis, are always in vogue!

And because you can both learn and think with a smile on your face, take the time to read the JCK‘s The 40 best jewelry-related quotes of 2022. It’s often funny and, if nothing else, very instructive.

Happy reading and enjoy your week

Source Rubel & Ménasché