US economic caution is the main factor affecting market sentiment, but changes in the lab-grown diamond market have also influenced the wider trade, noted Rapaport Senior Analyst Avi Krawitz in the latest installment of the Diamond Trends webinar series.

Krawitz examined the supply-and-demand dynamics that are weighing on diamond prices and assessed the impact of economic uncertainty and the developments in the lab-grown market.

Watch the webinar here:

Main image: A man holding a polished diamond. (Shutterstock)

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The diamond-grading sector is changing, with laboratories carrying out origin verification and other added services to benefit the industry, panelists said on a Rapaport webinar this week.

While the sector used to focus solely on diamonds’ physical characteristics, increased consumer and trade demand for provenance information has led labs to branch out into other disciplines. They are also embracing technology such as QR codes and experimenting with digital reports.

The webinar, sponsored by the International Gemological Institute (IGI) and moderated by Rapaport News Editor Joshua Freedman, addressed these issues and more as the future of diamond documentation came under the spotlight.

“Diamond Reports in a Digital World” featured three panelists offering different perspectives on the industry: Hasu Dholakiya, founder of India-based diamond and jewelry manufacturer H.K. Designs; Leanne Kemp, founder and CEO of Everledger, a provider of technology solutions to increase supply-chain transparency; and Avi Levy, president of IGI North America.

The session was the third of a series titled “Fast-Tracking the Future,” brought to you by IGI. Watch the recording of the latest episode here:

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Six major factors will determine the makeup of the diamond industry this year, following a market decline in last year’s second half, according to Rapaport Senior Analyst Avi Krawitz.

In his quarterly Diamond Trends webinar last week, Krawitz pointed to economic uncertainty in the US, the recovery in China, and the changing landscape of lab-grown diamonds as issues that would impact demand in 2023. On the supply side, he cited the sanctions on Russian diamonds and the pending agreement between De Beers and Botswana’s government.

Some of those developments have led to a rising interest in source-verification programs, which is the sixth factor that will affect the trade, he said.

Krawitz also outlined retailers’ results for 2022 as a whole and for the holiday season in particular, noting a slowdown in sales during the second half of the year. After a strong start, diamond jewelry sales likely fell 5% to 10% for the full year, he estimated.

The drop in demand, along with high polished inventory in the midstream, led to a decrease in polished prices that has continued into 2023, he added.      

Watch the full webinar below for more details on these points:

Correction, February 22, 2023: Please note that there was an error in the data presented in the webinar relating to the import of rough diamonds from Russia to Belgium during the first 10 months of 2022.

Belgium’s rough imports from Russia fell 53% by volume to 11.6 million carats in the first 10 months of 2022, and not 29% to 2.6 million carats as initially reported in this article. The combined imports of Russian rough to Belgium and India amounted to 15.7 million carats during the same period, down 44% by volume from the previous year, and not as stated previously. The following is the correct graph that reflects the imports of Russian rough to Belgium and India.

Image: A dealer showcases his diamonds. (Shutterstock).

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The diamond industry is navigating a drop in demand and a rise in supply that is weighing on polished prices at the start of the holiday season.

This comes despite earlier projections that limitations on Alrosa’s rough sales would result in polished shortages. Strong rough buying in 2021 and in the first quarter of this year has caused a spike in polished inventory, while economic uncertainty and the slowdown in China have resulted in buyer restraint.  

However, pockets of strength in the US jewelry sector are supporting the global market, noted Rapaport Senior Analyst Avi Krawitz in the latest installment of the Diamond Trends webinar series. That has brought a mixed outlook for the short term, he added.

Krawitz also outlined key trends that are shaping conversations about the industry, including the growth of the lab-grown diamond segment, sustainability, branding and marketing, and the pending agreement between De Beers and the Botswana government.

Watch the webinar here:

Image: Dealer inspects small rough diamonds. (De Beers)

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Experts discussed the important topic of fancy-shape diamonds in the latest Rapaport webinar, sharing their views on what’s driving demand and how technology is changing the market.

The second in a series of sessions sponsored by the International Gemological Institute (IGI) delved into the popularity of different cuts among consumers, how manufacturing has improved, why the role of grading has changed, and whether the Russia crisis has affected the supply-demand dynamic.

It featured Nilesh Chhabria, chief operating officer at Indian polished manufacturer Finestar Jewellery & Diamonds; Avi Froindlikh, diamond director and buyer for US brand Tacori and CEO of AF Special Diamonds; and John Pollard, senior director of education at IGI. The moderator was Rapaport News Editor Joshua Freedman.

The guests also took questions from the audience on a range of issues including current supply levels and how IGI’s new cut grade for fancy shapes might affect the market.

Follow the discussion in the video above.

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Image: Martin Rapaport. (Rapaport)

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The conflict has fundamentally changed the dynamic in the diamond and jewelry industry, noted Rapaport senior analyst Avi Krawitz in the latest installment of the “Diamond Trends” webinar series.

Polished inventory levels remain high, but shortages will likely start to show in the third quarter as Russian rough is largely off the market, Krawitz said. The presentation outlines current supply, demand and price dynamics shaping the diamond market, and presents various scenarios and trends that may develop as a result.

Watch the webinar here:

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RAPAPORT… Traditional diamond grading can be inconsistent and inefficient, but is automation a viable alternative? Experts shared their views in the latest “Fast-Tracking the Future” webinar installment.

Titled “Automated Grading and the AI Revolution,” the final session of the three-part series featured panelists from four organizations: David Block, CEO of Sarine Technologies, the series’ sponsor; Nitin Kumar Dhadda, chief manufacturing officer at diamond-cutting firm KGK; Pritesh Patel, chief operating officer at the Gemological Institute of America (GIA); and Andrew Rickard, vice president of operations at US wholesaler RDI Diamonds.

The participants discussed whether artificial intelligence gives more accurate results than a human grader, and what can be done to protect systems from fraud. Also: Is the industry ready for such a major step?

Follow the discussion, moderated by Rapaport’s Joshua Freedman, in the video above.

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RAPAPORT… The word “metaverse” is suddenly on everyone’s lips, but what does it mean and why is it important for the diamond industry? That was the topic for the second episode of “Fast-Tracking the Future,” a webinar series sponsored by Sarine Technologies.

Titled “Diamonds in the Metaverse,” the session explored non-fungible tokens (NFTs) and their potential benefits for the market. The panel comprised David Block, CEO of Sarine; Daniela Ott, secretary-general of Aura Blockchain Consortium, a traceability platform and distributor of NFTs; and David Teruzzi, Aura’s chief technology officer.

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