Market Comment

News: Polished prices down amid slow retail demand in US and China. Conference Board reports 7% drop in US consumer confidence for Aug. Prices on Pears Price List now same as rounds in seven categories. Fluorescent diamonds seeing deep discounts. De Beers Aug. sales -42% to $370M at smallest sight since Dec. 2021. Melee moving better than larger goods. Petra prices up 1% to 2% for under-2 ct. rough at Aug. tender; prices of 2 to 10.8 ct. goods fall 14%. Okavango Aug. sales -55% month on month to $49M. Signet 2Q sales -8% to $1.6B, profit -48% to $75M. G7 and industry discussing tighter restrictions on Russian diamonds. Rolex dealers concerned about business as brand buys retailer Bucherer.

Fancies: Fancy-shape market slower than before. Prices dropping, but less sharply than for rounds. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Goods with medium and short ratios weak. Prices of square Cushions falling amid low demand and high inventories. Marquise prices holding up following drop in supply. 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 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 hard to sell.