Market Comment

News: All eyes on Las Vegas, with hopes the shows will raise sentiment for 2H. Deep concerns about the market amid sluggish demand and continued polished price slide. 1 ct. RAPI -1.2% in May, with sharper declines in lower qualities. Trade below previous years as jewelers tighten inventory purchases during economic uncertainty. US 1Q polished imports -21% to $5B. Responsible sourcing, sustainability and lab-grown the main themes shaping the market. Christie’s Hong Kong totals $60M, with pear, 4.83 ct., fancy-vivid-blue, IF, type IIb selling for $8.8M ($1.8M/ct.). Industry mourns passing of legendary diamond cutter Gabi Tolkowsky. Rapaport Group launches market for certified natural pearls. Rapaport to host annual Las Vegas breakfast and Social Responsibility Conference on Sunday, June 4. Register at info.rapaport.com/jck23.

Fancies: Fancy-shape market slower than before but better than rounds. Elongated Ovals, Emeralds and Radiants are strongest items. Goods with medium and short ratios weak. Demand for Cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.