Market Comment

News:

Market slow. Demand split, with 2 ct. and larger steady. Demand exceeding supply for cream goods in rounds and long fancies, such as 2 ct. oversizes (2.50 to 2.99 ct.), D-J, VS2-SI2 diamonds with no dominant black spots or large inclusions. Indian sentiment low amid tariffs, Middle East war. India Feb. polished exports -1% YOY to $1.1B after returns; rough imports +8% to $799M. Dubai, Israel at standstill. De Beers customers awaiting updates on sightholder status. WFDB approves marketing budget for natural diamonds. Signet FY 2026 sales +2% to $6.8B, profit +381% to $294M; James Allen site to shut. Gem Diamonds wipes $77.5M off Letšeng mine’s value. Lucara finds 37 ct. blue diamond.

Fancies:

Long fancy shapes such as Ovals, Marquises and Emeralds doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Marquise is most expensive fancy shape. 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. Indian prices for 0.30 to 0.79 ct. Ovals and Pears softening, except for ideal long models. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.