The 2022 Holiday Season has ended, and we have embarked on 2023. In the coming months we look forward to a restocking of inventory in the U.S. and an improvement in the markets in China. We are hopeful that price stability will set in, which is so important for the diamond industry.
It should be noted that uncertainty about market direction is causing a lack of polished supply in many categories. In India, stocks have gone down dramatically, and polished production there is still below capacity. At the same time, De Beers has reduced the prices of many of its boxes. This will likely help to stabilize the market at prices that are more attractive for buyers.
With the celebration of the Lunar New Year and the post-pandemic opening, we are very hopeful that there will be a rebound in the Chinese markets. We would very much like to see an improved equilibrium between our two major markets – the U.S. and China – which will help our industry become healthier and more stable.
We will be holding the 40th World Diamond Congress on March 28 – 30, 2023 in Israel and we are looking forward to welcoming you all there. The Israel Diamond Exchange is our host, and they will be holding an entire week of exciting events – the Israel Diamond Conference and the International Diamond Exhibition – that we hope you’ll attend.
I wish you all a very joyful, healthy, and prosperous Year of the Rabbit.