While Europe experienced a rather flat and complicated first half for diamond sales, the recent JCK Las Vegas fair served as a litmus test for the first half of the year. According to Rapaport News, the Las Vegas show highlighted a cautious atmosphere in diamond trading due to ongoing uncertainties in the US consumer market. As always, the newsletter from this significant informational platform provides its readers with a detailed report, closely followed by European operators. Held at the beginning of June, the event reflected diverse trends within the diamond industry, presenting a picture typical of periods of stagnation.
Exhibitors, as usual, provided mixed feedback, with the influence of lab-grown diamonds still evident in the natural diamond market. Rapaport noted that initial expectations were low; however, the first day of the fair surpassed predictions, though business slowed significantly on Saturday due to the absence of many Jewish participants. By Monday, the event had quieted as numerous retailers had already departed.
Rishi Mundra from Stellar Group HK observed: «Suppliers reported steady interest in round, 1- to 2-carat, G- to J-color, SI goods. Diamonds of 3 carats and larger performed well, while melee and quarters — stones of around 0.25 carats — were in demand in SI clarities».
Decreased manufacturing in India has affected the supply of eye-clean SIs diamonds, although there is an abundance of lower-quality SIs.
«Where the stones are eye-clean and still look good, they will be able to sell easily», remarked Alok Shah of Star Rays. «VS is too pricey, [so] they cannot sell it, and piqué cannot compete against lab-grown, so they have nothing left — they have to sit in SI».
There is a noticeable shift back to natural diamonds, as customers who had previously opted for lab-grown diamonds are returning to natural options due to declining prices of synthetics.
The Luxury show, part of the JCK event, experienced positive engagement and sales, with solid demand for traditional bridal jewelry and a rebound in items priced between $3,000 and $5,000. An important detail not to be overlooked is that the cost sustained by exhibitors is again an issue. Participants reported to Rapaport that the expenses of exhibiting at JCK Las Vegas and Luxury have risen, often exceeding direct sales revenue. However, the report from Rapaport indicates that for many exhibitors, the primary goal remains networking and cultivating long-term relationships.
