The IDEX Price Report for February 2024, published by IDEX Online, shows diamond price losses across nearly all sizes of goods, reflecting a sluggish demand and quiet markets post-holiday season, including Valentine’s Day and the Chinese New Year.
The rough supply remains sluggish, with De Beers reporting only $370 million in sales for January. Also, ongoing uncertainty surrounds the next phase of G7 sanctions, with the requirement for suppliers to demonstrate the non-Russian origin of any diamond of 1.0 carat or more, came into effect from March 1. This threshold is set to drop to 0.50 carats on September 1.
Round gems experienced substantial losses across various sizes, ranging from 1.50 carats to 5.99 carats. Fancies also saw notable downward movement, with limited activity in goods under 0.45 carats. Price declines were predominant across all other sizes, though there were some gains in the 2.0 carats to 4.99 carats range.
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