焦点 JNA January/February 2023 | 11 The Chinese market returning to normal will bring about massive demand in the second quarter of 2023. I expect China to bounce back – same with the US after it opened post-Covid. Chinese consumers will return and will want to buy diamonds. We anticipate a very good year. – Yoram Dvash, president of the World Federation of Diamond Bourses Dvash attributed downturns in recent months to dwindling demand amid business and Covid-related uncertainties in China and the US, describing this as the market “abating” after a boom. Growth in 2023 hinges upon markets fully returning to pre-pandemic activities, continued the WFDB official. Hong Kong further easing its Covid policies is a move in the right direction as China could soon follow suit. “The Chinese market returning to normal will bring about massive demand in the second quarter of 2023,” he explained. “I expect China to bounce back – same with the US after it opened post-Covid. Chinese consumers will return and will want to buy diamonds. We anticipate a very good year.” The industry is also counting on China’s reopening to stir up demand and consumer spending in the neighbouring markets of Asia, which will be advantageous to the jewellery and diamond industry, continued Dvash. Even with pandemic-related restrictions, buyers would still look for top-quality, Gemological Institute of America (GIA)-certified diamonds of 2 carats and above, revealed Nelson Shah of Sunrise Diamonds Ltd of Hong Kong. “We specialise in GIA diamonds, which are constantly sought after in the trade. These include fancy-shaped diamonds of 2 carats and up in D to G colours, and flawless to VS1 clarity grades,” added Shah. Industry players expect this trend to persist in 2023, but majority of the growth will depend on the Chinese economy and further changes to its Covid policy. Meanwhile, exceptionality is the name of the game in the fancy colour diamond business, with the rarest and most stunning stones continuing to enjoy solid demand from collectors and the high-end market in general. consumer behaviours and preferences – perhaps leaning more towards designs that are expressive, more grounded and incredibly meaningful to the buyer. Resilient diamonds Industry players described 2022 as a relatively good year for the diamond sector despite a slowdown in the second quarter of last year. According to Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), 2022 saw a generally solid demand for all sizes, colours and clarities. Major markets however reported lacklustre diamond trade towards the end of the year – India and Israel both saw high double-digit dips in polished exports. Rough diamond sales at De Beers’ 2022 Sightholder auctions remain positive though, exhibiting steady year-onyear growth, which the miner traced to robust consumer demand. At its 9th sales cycle, De Beers raked in US$450 million, up 2.7 per cent from the same period in 2021.
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