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Global price drop of rough diamonds does not impact retail prices in China

18 july 2023

Though rough diamond prices have fallen globally since the start of this year, it has not impacted retail prices of the precious stones in China, as per media reports.

Diamond prices have dropped 6.5 percent so far in 2023 and plunged 18 percent from a record high in February 2022, but retail prices have changed little since last year, according to Chow Tai Fook Jewellery, Leysen Jewellery, and Kimberlite Diamond.

The decline in rough diamond prices has also not significantly impacted the secondary market because there are not so many people who look at diamonds as an investment or a collector's item.

Changes in rough diamond prices do not necessarily spill over into diamond jewelry prices because they are also based on other factors, including the cost of gold and other gemstones, design, labor, and brand premium.

Also, it takes time for lower rough diamond prices to filter through into diamond jewelry prices even if the drop continues. This is because the products being sold at retail now were stocked when rough diamond prices were high, according to a jeweller.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished