News: Diamond market quiet over Passover and Easter holidays. Steady US demand for 1 to 1.50 ct. sizes supporting the trade, but dealer prices continue to soften. US retail solid; jewelers expecting strong summer wedding season. Dealers cautious due to Russia crisis and China Covid-19 lockdown. Rough trading slow. Uncertainty surrounds upcoming Alrosa sale (April 26 to 29). Long gap until next De Beers sight (May 3 to 6). Manufacturers preparing to separate Alrosa goods from others to serve different markets. GIA to launch consumer service to verify country of origin for natural and lab-grown diamonds. Luk Fook FY4Q same-store sales -8%. Petra Diamonds FY3Q revenue +33% to $141M. India March polished exports +2% to $2.2B, rough imports +46% to $2.1B. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED THIS WEEK DUE TO THE PASSOVER HOLIDAY.
The two veteran industry journalists discuss the diamond trade’s Russia dilemma, among other topics affecting the market.
As buyers seek greater personal contact and shop more online, many jewelry brands are bypassing wholesale in favor of selling directly to consumers.