FOCUS 焦点 JNA May/June 2024 | 11 The Chinese market is expected to recover in 2025, added Chieveley-Williams. Leibish Polnauer, owner and founder of Leibish & Co, said due to weak demand in China, other markets like the US and Asia will likely account for majority of jewellery sales this year, with big-ticket items selling at auctions in Asia. The fancy colour diamond business is also more resilient compared to other jewellery segments owing to fancy colour diamonds’ exceptional appeal, added Polnauer. Prices are also likely to remain high due to short supply of high-quality yellows and pinks. Demand is most robust in the 1-carat to 3-carat segment. “Intense and vivid pink, yellow and blue diamonds will be strong sellers and larger yellows will command higher prices,” shared Polnauer. “Argyle mine’s closure in 2020 likewise caused major shifts as the market started looking for alternatives like pink diamonds from Africa.” Allure of colours The fancy colour diamond business is also booming over at Arihant Star (HK) Ltd, revealed company director Sohil Jogani. Driving sturdy sales are jewellery brands in Europe and Asia, Taiwan in particular, that recognise the market’s soaring appetite for colours and variety in jewellery choices. Among the most expensive stones now are rare fancy red diamonds, followed by conventional favourites blue and pink. Pear shapes, which allow jewellers greater flexibility in conceptualising designs, are particularly favoured in the trade, alongside cushion cut. In terms of sizes, Arihant sells anywhere from 50 points to 5 carats, with 3-carat diamonds moving the fastest. “Another trend that I am seeing now is buyers consistently asking for colour combinations of pink, blue, green and orange diamonds in pear shapes – like a rainbow collection. These are moving well. Brands are on the lookout for these,” noted Jogani. Fancy orange and green diamonds are also gaining steam in jewellery circles, specifically straight orange colours. Arihant recently sold a 1-carat fancy orange diamond for half a million US dollars, the company official disclosed. Blue diamonds, meanwhile, have become too pricey for buyers due to scarce resources, prompting some to scout for alternatives that bear equally captivating colours minus the exorbitant prices such as Paraiba tourmalines. Pinks are faring better, helped in part by the success of the Barbie movie that came out last year, noted ChieveleyWilliams. Buyers are also partial to elusive straight-pink colours, which means there is little interest in purplish-pink or orangey-pink diamonds. Meanwhile, fancy colour diamond expert Scarselli saw steady demand for fancy yellow diamonds, which the company specialises in. Extremely sought after were fancy intense and vivid yellow diamonds while interest in pinks, blues and greens was subdued due to high prices. According to Davide Scarselli, co-owner of Scarselli, Europe and the US were the company’s strongest markets last year. Business, however, slowed down towards the last quarter of 2023 but is expected to pick up in the second quarter of 2024 as jewellery brands regain their footing and start working on new collections. The 2024 Olympics, scheduled for July 26 to August 11 in Paris, France, could also bolster sales. Davide shared, “Paris is home to the most prominent luxury brands, and we expect them to be buying and stocking up in preparation for a massive flow of tourists into France.” Echoing prevailing sentiments in the trade, Davide said buyers seem hesitant to spend for larger stones of around 15 carats to 30 carats. Instead, they are more inclined to purchase diamonds and gemstones weighing between 2 carats and 6 carats. “For us, fancy colour diamonds of 3 carats to 10 carats and matching pairs for earrings are moving exceptionally well,” revealed Scarselli. “The most interesting shapes tend to be oval, emerald and asscher cuts.” Markets Aside from varying consumer preferences, industry players said macroeconomic instability and a generally cautious market sentiment are influencing global sales of fancy colour diamonds. China, for instance, is a huge market for luxury jewellery but the country has been exhibiting stagnant demand for fancy colour diamonds due to a challenging economy. These heart-shaped fancy vivid blue and pink diamond rings sold for a combined US$18.7 million at Sotheby's Hong Kong in 2020 这心形切割艳彩蓝钻和粉红钻 戒指在苏富比香港拍卖会以 1,870万美元成交 Buyers consistently ask for colour combinations of pink, blue, green and orange diamonds in pear shapes – like a rainbow collection. Brands are on the lookout for these. - Sohil Jogani, director of Arihant Star (HK) Ltd
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