Market Comment

News:

US domestic sales steady as holiday season approaches. Retail demand for 2 ct. and larger diamonds positive, with long fancies hot. Trading hubs quiet amid Jewish holidays. India slow due to US tariffs and to production increase ahead of Diwali shutdown. India Sep. rough imports +19% YOY to $924M; gross polished exports +6% to $1.4B. LVMH stock price +12% on Wed. as 3Q organic sales of jewelry and watches +2% YOY; reported sales -3% YOY to $2.7B. De Beers executive Feriel Zerouki to leave company. Namibia’s Namdia fires CEO Alisa Amupolo over “gross negligence.” Christie’s names Max Fawcett global head of jewelry. The Rapaport Group wishes all our friends a happy and delightful Diwali.

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 next week after the Jewish holidays.