Market Comment

News:

Positive mood at India’s IIJS as domestic market picks up and general sentiment improves. Dossiers continuing to recover, with July RAPI +1.6% for 0.30 ct., +1.8% for 0.50 ct.; 1 ct. RAPI ends 13-month downward streak. Inventory cuts boosting prices for categories that fell the most last year. Rounds seeing better price trends than fancies. US majors buying early for the season. Princess cut coming back. Buyers accepting lower colors and clarities, but insisting on eye-clean appearance and good proportions. Proposed Indian tax exemption for rough sales could boost local trade. More than one bidder in De Beers race, Anglo American says. Reports of Vietnam grading scam dent local demand.

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 most expensive fancy shape. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Reports of demand for Princesses after long period of weakness; prices remain low. Antique cuts and styles hot. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.