Rapaport Weekly Market Comment

News: Diamond market quiet over Passover and Easter holidays. Steady US demand for 1 to 1.50 ct. sizes supporting the trade, but dealer prices continue to soften. US retail solid; jewelers expecting strong summer wedding season. Dealers cautious due to Russia crisis and China Covid-19 lockdown. Rough trading slow. Uncertainty surrounds upcoming Alrosa sale (April 26 to 29). Long gap until next De Beers sight (May 3 to 6). Manufacturers preparing to separate Alrosa goods from others to serve different markets. GIA to launch consumer service to verify country of origin for natural and lab-grown diamonds. Luk Fook FY4Q same-store sales -8%. Petra Diamonds FY3Q revenue +33% to $141M. India March polished exports +2% to $2.2B, rough imports +46% to $2.1B. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED THIS WEEK DUE TO THE PASSOVER HOLIDAY.

Fancies: Market slowing. Supply shortages supporting prices. 1.20 to 3.99 ct., F-J, VS-SI is hottest category. Oval is leading shape, followed by Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Growing interest in fancy-shape engagement rings. Oversizes trading at higher prices than usual. Excellent shapes commanding premiums. Chinese demand helping the market. Off-make, poorly cut fancies illiquid and difficult to sell.

The country market comments will return next week.