The world awaits the results from the Hong Kong jewellery show with interest!
Diamond prices plummeted for the last quarter of 2022, and this fall in price was due in part to demand for polished stones in China drying up, because of Covid-19 restrictions. Whilst demand in the US market also suffered due to a far from buoyant economy.
Within the US, demand for diamonds over 0.75carats was much reduced, and there was a greater demand for small stones to produce pave set jewellery - especially with 0.03 carat diamonds… Indeed, DeBeers have recently upped the price twice for such stones.
As a result of the recent fall in demand, everyone with a keen interest in the diamond market is watching with very closely to see how strong the Chinese appetite will now be after the easing of lockdown restrictions.
Dawsons gemmologist and cataloguer Season Cheng is currently in Hong Kong and reports that there is a great array of coloured diamonds on show – these diamonds are creating a lot of interest, and interestingly, there appears to be an increase in the variety of shapes used. Diamonds that are naturally coloured are highly prized, especially if their colour is strong and saturated throughout the stone(s).
In addition, Season notes that despite an increase in the wholesale price for sapphires and peridots, there has been a high footfall to these stands. Whilst there also appears to be a lot of interest in pearls which have been reported to be having a Renaissance in the US due in part to high profile celebrities such as Justin Bieber and Lewis Hamilton having been photographed wearing cultured pearl necklaces.
Season has confirmed that in attendance are many enthusiastic Chinese buyers, coupled with a strong international presence. It appears that pent-up demand in the far east is on track to produce buoyant sales. The early signs are encouraging, but with three more days to go it will take time to analyse the full impact on the international markets.
Do you have any jewellery that you are looking to sell?
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