From the “commodity” diamond to the collector’s item: the Authentic Diamond Report photographs a constantly evolving market
Between price volatility and the rearrangement of large fortunes, the precious stones and fine watchmaking market is experiencing a phase of profound polarisation. He is the first to trace the coordinates Authentic Diamond Reporta four-monthly study born from the collaboration between the European company specialized in consultancy and intermediation of precious goods and Avi Krawitzfounder of The Diamond Press. The observatory is proposed as a strategic compass for families and private collectors, offering an independent reading map to orient themselves in the evaluation and relocation of high-carat diamonds, vintage jewels and collectible timepieces.
«The objective of the quarterly observatory», he explains Dov Alter, CEO and co-founder of Auctenic, who has been in the diamond market for generations “is to offer individuals, families and heritage professionals the tools to understand the complexity of this market and be able to make informed decisions (whether it is to sell today, to wait, or simply to understand what you have in hand)”.
The polarization on diamonds
The main evidence of the report is clear: the diamond market can no longer be read as a single homogeneous asset class. Polarization is structural.
On the one hand, small-carat commercial diamonds, which are under pressure due to competition from synthetics and the decline in volumes in the Indian supply chain (in the first five months of 2026, raw imports decreased by 29% and polished exports by 10% compared to the previous year). THE lab-grown summarize this polarization in one fact: they represent approximately 50% of engagement rings sold in the United States by volume, but just 15-20% of the market by value. In this segment, market share and value retention are two radically different measures. On the other side of this polarization are exceptional diamonds, colored stones, designer jewelery and vintage pieces, which continue to demonstrate significantly superior staying power.
«In the high-end segment, interest in pieces of extraordinary craftsmanship and unique precious stones continues to remain at very high levels, both in traditional channels and on the secondary market», he explains Dov Alterpresenting the analysis. «This is not a temporary trend, but the direct consequence of a solid and aware demand: those who choose these goods look for absolute rarity and certified provenance, key elements for protecting and increasing value over time».
The gold market
The macroeconomic context has transformed the purchasing behavior of jewelry consumers. As of July 1, 2026, the price of gold stood at around $4,060 per ounce (up 18% from the previous year) after hitting an all-time high of $5,289 per ounce in January. The US Consumer Price Index for jewelery reports an increase of 22% from the beginning of 2024, well above general inflation: consumers today spend significantly more on the same jewel compared to twelve months ago. The US Consumer Price Index for jewelry reported a 22% increase in May compared to the beginning of 2024, according to Department of Labor statistics.
Jewelry prices have risen well above the level of general inflation, reflecting the financial pressures consumers are under.
THEat the high end it knows no crisis
The results of the main international auctions in the first half of 2026 are the most reliable thermometer of the health of the premium segment. The “Magnificent Jewels” auction at Christie’s in Geneva recorded a sell-through of 99% per lot, with the Ocean Dream diamond (5.50 carat fancy vivid blue-green) sold for Chf 13.6 million. In New York, Sotheby’s closed its high-end jewelry session with a 98% sell-through, with the 10.02-carat deep blue diamond selling for $8.7 million. Christie’s New York achieved 100% sell-through per lot.
The variable of the euro-dollar exchange rate
Among the factors that the report carefully analyzes is the euro-dollar exchange rate, often underestimated by those who are considering whether and when to sell a precious asset. After the euro strengthened more than 12% against the dollar in 2025, the European currency weakened throughout 2026. The practical result: Goods sold on the European market became comparatively more accessible to American buyers, broadening the pool of potential bidders for each individual asset. The Geneva auctions in the first half of the year are a direct confirmation of this: the high presence of American buyers contributed to the competitiveness of the lots and the sales results recorded.
The exchange rate does not create demand where it does not exist, but amplifies that which is already present: for a European owner who is evaluating the right time to sell, ignoring this variable means reading only part of the picture.
Vintage is back as a protagonist
A transversally growing segment is that of vintage and collectible jewellery. Rarity, authenticity, provenance and vintage craftsmanship attract ever-wider segments of buyers — including younger generations, for whom vintage jewelry represents a distinctive alternative to standardized contemporary production. The recent media interest sparked by the engagement ring worn by Taylor Swift (an Old Mine cushion cut of nineteenth-century inspiration) has contributed to bringing this category back to the attention of the general public, but the phenomenon has deeper roots: intact, unaltered historical pieces, with a verifiable provenance, are today among the most sought-after assets on the international secondary market.
