MARKET COMMENTARY – High end jewellery and gemstones market strong, but diamonds lag, GemGenève co-founders say

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By David Brough

GENEVA – The high end jewellery and gemstones market is buoyant although diamonds are facing a challenging period, while near record gold prices are not having a big impact on the pricing structure of crafted high jewellery pieces, the co-founders of GemGenève said on the eve of the May 9-12 trade event.

“Except diamonds, which are at a weak point, for the rest of the trade, the market is good for the high end,” Ronny Totah told a news conference on the site of GemGenève at Palexpo, near Geneva airport.

“Signed pieces are doing well, and it is hard to find the goods nowadays,” he added.

Thomas Faerber, the other co-founder of GemGenève, said: “Diamonds are going through a difficult period. But, I remember, this has happened many times before. Vintage jewellery has continuously been doing well.”

The GemGenève co-founders were referring to complications in diamonds trading linked to restrictions on imports of Russian origin natural diamonds, as well as competition from lab grown diamonds in some segments of the natural diamonds market.

The recent succession of all-time high gold prices had not had a big impact on the pricing of finely crafted gemstone-set pieces at the top end of the market, Ronny Totah said.

“If you have a very high end piece of jewellery, the impact of the price of gold is not going to be that big,” he said.

Craftsmanship is what makes the value – not (so much) the gold.”

MARKET COMMENTARY – High end jewellery and gemstones market strong, but diamonds lag, GemGenève co-founders say

Press conference on the eve of GemGenève, May 8, 2024