According to Rapaport, diamond prices were steady in August, which is traditionally a slower period for the diamond trade. Activity picking up at the Vegas shows, where jewelers signaled they need goods, reflected driving demand at the US market. Even though fewer exhibitors and visitors were able to make it to the JCK shows, due to COVID-19, those present did some good business.
Buyers are struggling to find the right goods at profitable prices as popular items are proving scarce. High rough prices are squeezing profit margins and De Beers kept its prices unchanged. Furthermore, a backlog of goods at the GIA’s India labs remains, where it takes over a month for grading at the moment.
Until jewelers prepare for the holiday season, shortage of supply will remain an issue, according to Rapaport. However, the driving demand at the Vegas shows nurtures the industry's optimism for the holiday season.