Supply shortages driving uptrend in prices. 1 ct. RAPI +0.8% in May. Inventory declining; number of 0.30 to 0.50 ct., RapSpec A3+ stones on RapNet -23% since April 1. Large US retailers stimulating demand. Scarcities and rising prices making it hard for dealers to replenish polished goods. Major suppliers with inventory and efficient online systems are selling at strong premiums compared to smaller firms with limited e-commerce platforms. Rough trading robust ahead of next week’s De Beers sight. Items on secondary market achieving high profits as small-scale manufacturers struggle to source rough. Covid-19 outbreak causing mining disruptions in Canada.
Fancies: Market robust. Upturn in prices for 0.30 to 0.99 ct. goods of various shapes. Oversizes trading at higher prices than usual. Shortages of 1.25 to 3.99 ct., F-J, VVS2-SI2 fancies. Retailers offering wider product ranges as consumers seek alternative shapes at more affordable prices than rounds. Dealers seeing increased sales of fancy-shape engagement rings. Rise in orders for Ovals, Pears, Emeralds, Princesses, long Radiants and Marquises. Excellent cuts in demand and selling at premiums. Steady orders in China helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.
United States: Short week due to Memorial Day. Dealers upbeat as orders continue to stream in, but frustrated at difficulty of sourcing the right inventory. High sell-through rate on memo calls. Strong demand for goods below 0.25 ct. in G-H, IF-SI range. Steady interest in round, 2 to 2.50 ct., H-I SIs, and ovals of 2 to 4 ct.
Belgium: Market optimistic amid steady US and Chinese demand. Selling mainly taking place online since international buyers are still subject to travel restrictions. Local dealer trading improving as suppliers struggle to fill orders due to shortages. Good demand for 1 ct., G-J, VS-SI, RapSpec A3+ diamonds. Rough sector strong ahead of June De Beers sight (June 7 to 11).
Israel: Activity picking up. Bourse hosts first Blue & White diamond fair in trading hall since pandemic began. Stable polished demand in all sizes. 1.50 to 2.99 ct. most requested category. 1 ct., F-I, VS2-SI2 also selling well. Melee improving. Dealers making money off inventory they bought in April-May but finding it hard to replace goods they’ve sold.
India: Ongoing Covid-19 struggles causing concern. Manufacturing at estimated 60% to 75% of capacity for smaller goods and 90% for larger stones. Backlog at grading labs leading to shortages. Polished scarcities driving robust rough trading. Suppliers optimistic due to steady export dem
Antwerp-based technology and service provider iTraceiT is set to launch a new traceability solution for the diamond and jewelry industry.
The software, which can authenticate diamonds of all sizes, uses a unique QR code to record, store and display all processes performed on any gemstone from its point of origin through to its sale, the company said last week. Certain information is automatically collected by iTraceiT, such as geolocation, device, date and time, while other types of data can be attached to the digital QR code, including custom data fields.
“Our main goal has always been to build a tool that is both robust and secure but also flexible and workable,” says iTraceiT CEO Frederik Degryse. “We believe that we now have a solution that the entire industry can get behind, a system that connects all stages of the pipeline in a united effort to make the end consumer feel confident and good about their purchase.”
iTraceiT expects to launch the software later this year after piloting it with partner companies, it added.