Market Comment

News: Indian export market slow. Good demand for round, 0.30 ct., D-G, VS2-SI1 diamonds, with some price increases. US jewelers focusing on Valentine’s Day; NRF predicts record $6.4B jewelry spending. Luxury retailers report strong 2023 jewelry and watch sales: Swatch Group (Harry Winston, Omega) +6% to $8.7B, LVMH (Tiffany, Bulgari) +3% to $11.8B. De Beers Jan. sales -19% YOY to $370M but higher than Dec.’s $137M as miner reduces rough prices and India resumes imports. Uncertainty over implementation of G7 Russia sanctions. Kiran Gems reopens Mumbai office following move to Surat bourse. Recording of Martin Rapaport webinar available at rapaport.com/webinar.

Fancies: Fancy demand weaker than rounds, with sellers more flexible on prices. Ovals, Emerald and Pear are most popular. Weak sales of Hearts, Princess and square Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices. Goods with medium and short ratios harder to sell. Supply shortages supporting prices of Marquise. Well-cut stones in short supply and 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.