We are about to celebrate Rosh Hashana, the Jewish New Year, and the start of the holiest period in the Jewish calendar. It is a time when we take stock of all that we went through during the passing year, the good and the bad, and when we look forward to beginning a new and hopefully, blessed year.
For the diamond industry, this month also marks the beginning of the busiest time of the year – the holiday season.
So, in the spirit of Rosh Hashana, let’s look back at the past year for the diamond industry, and what we hope for in the coming season. We can certainly say that the last part of 2021 and the first half of 2022 were very good for the diamond industry. Most of this was due to a very healthy recovery of the United States market and a huge demand for diamond jewelry, among other luxury items.
We are now experiencing a mix of trends, and the picture is not entirely clear. On the one hand the US market is still robust, and demand is steady. On the other hand, the Hong Kong and Chinese markets are still faced with stringent COVID-19 restrictions that have significantly reduced diamond and jewelry demand.
In major diamond centers outside of the US, trading has slowed, as many wait to see how the market will fare, and diamond price lists have quoted reduced polished prices. Many are looking to the Jewellery & Gem World show in Singapore this month, moved from Hong Kong due to COVID restrictions, and are hoping it will give a needed boost to trading.
As I look forward, I am optimistic about the holiday season. I believe that polished prices will stabilize, and US demand will be strong. Let’s all hope that I am right.
For those who celebrate Rosh Hashana, and those who do not, let me wish all of you a blessed year, one of health, happiness, peace and prosperity.