(rapaport.com) - Melee goods — and the rough that produces them — are outperforming larger sizes due to strong luxury demand and a supply squeeze. Inflation, rising interest rates, lockdowns in China: The diamond industry is facing diverse forces that, by and large, have had a negative effect on the market. Major mid-market retailers in the US are warning of depressed consumer sentiment, while dealers are barely making sales to the Chinese mainland. The high end is stronger, mostly because the wealthy are less affected by the financial strain and are enticed by glamorous brands. This might make it intuitive that larger diamonds, being rarer and more expensive, would weather the storm better than their smaller, cheaper counterparts. However, the picture that’s emerging is more complicated. Polished from around 0.30 to 3 carats is weak, traders report. The exceptional stones are holding up, but the real movement is in melee.
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