FOCUS 12 | JNA November/December 2022 demand for diamond jewellery in the key US market sustained growth, revealed De Beers. Exports of major diamond manufacturers were also on the rise. India reported a 12 per cent jump in polished diamond shipments to US$2.13 billion year on year in September 2022. Israel’s polished diamond exports in the first three quarters of 2022 meanwhile reached US$3.2 billion, up 25 per cent year on year. Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), said the impact of the RussiaUkraine conflict was not immediately felt in the diamond sector, despite luxury sectors usually getting hit first when a crisis erupts. “Gold prices declined while real estate slowed down earlier in 2022. We were affected only in the last quarter due to a certain extent to fewer Russian goods in the market starting in the second quarter,” explained the WFDB official. All in all, Dvash described 2022 as a “good year” and “better than most” for the diamond trade. Demand and prices remain strong throughout the year, especially for fancy-shaped diamonds due to tighter supply in the market. Fancy colour diamonds Consumer interest in top-quality fancy colour diamonds is also robust, owing to their exceptionality and high appreciation value, according to Harsh Maheshwari, executive director of Kunming Diamonds. Prices, especially of pink diamonds, have increased organically over the years, offering the market some level of stability amid continued market volatility, he added. According to the Fancy Color Research Foundation (FCRF), prices of fancy colour diamonds rose in the second quarter of the year, driven by robust demand across the value chain. Prices in all colours and sizes demonstrated an average increase of 0.8 per cent, with those of fancy vivid diamonds across all colour categories rising by 1 per cent. Fancy and fancy intense categories meanwhile saw 0.7 per cent and 0.8 per cent price hikes, respectively. Maheshwari said prices of pink diamonds were up across the board while those of rarer stones with highsaturated colours saw double-digit increases. “Demand for fancy colour diamonds is influenced by the very nature of the stone,” shared Maheshwari. “The rarity factor sets them apart from others in the market. There are also fewer diamonds mined every year, especially when the Argyle mine closed, making these diamonds even more exceptional.” More sophisticated and educated consumers who are looking to diversify their diamond jewellery collection are also fuelling market appetite. Hong Kong however is yet to see a resurgence in demand for fancy colour diamonds to match prepandemic levels. This is contingent on the city opening more and further relaxing Covid restrictions, the company official noted. Sustained growth also hinges upon resumption of consumer confidence. According to Maheshwari, buyers remain cautious and are choosing to set aside funds as cushion for the coming months. Yash Khinduka, managing director of HYT Jewelry, echoed this sentiment, adding that Covid and the RussiaUkraine war somehow dented the fancy colour diamond and coloured gemstone market. Demand remained strong but supply tightened by the second quarter of 2022. Amid the challenges, Khinduka described 2022 “as a promising year,” based on his company’s solid sales performance and successful participation in Hong Kong shows. “We had a strong start to 2022. Demand rose for fancy colour diamonds and Colombian emeralds, which we specialise in. The Hong Kong shows in June and September were also critical, helping us meet a great deal of new clients and driving more sales,” he revealed. “Our Argyle pink diamond collection did very well so far and has been the main driver of growth for our brand’s high jewellery collections.” 624M 6.24亿 Confirmed cases of Covid-19 globally as of October 21, 2022, according to the World Health Organisation 根据世界卫生组织的数据，截至2022年10月21日， 全球确诊的新冠病例
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