Market Comment

News:

Round prices continue to soften under 2 ct., with larger diamonds stable or improving. Large elongated fancies hot. Israel and New York quiet during Jewish holiday period. Indian sellers seeing weak exports to US due to tariffs. De Beers extends sightholder contract through June 2026 amid market uncertainty and efforts by Botswana and Angola to take controlling stakes in company. Okavango rough tender of 1M cts. reportedly attracts no buyers. Burgundy Diamond Mines seeks funding as Ekati prices remain under pressure. Rapaport offices will be closed on Tuesday and Wednesday (Oct. 7-8) for the Jewish festival of Sukkot. The Rapaport Group wishes everyone a joyous holiday.

Fancies:

Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Marquises most expensive fancy shapes. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.

Country comments will return on October 23 after the Jewish holidays.