Market Comment

News: US suppliers cautiously optimistic for Las Vegas shows, as jewelers have reduced inventories. Indian market slow as dealers reduce buying. Prices of round, 1 ct., D-J, IF-VS1 diamonds continue to drop. SI2 improving. Fancy shapes weak. Reuters reports US govt. “has cooled on enforcing traceability” regarding Russian sanctions, with Signet lobbying against G7 Belgium solution. Plans for sale of De Beers creating uncertainty. Okavango May rough sales +84% YOY to $104M amid price drop in 3 gr. and larger sizes. FY 2024 sales at Richemont jewelry maisons +6% to $15.5B. De Beers and Signet to collaborate on natural-diamond marketing. Israel bourse elects Nissim Zuaretz as president.

Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. Pears slower than other shapes. Market for Ovals not as hot as it was. Elongated shapes still preferred. Goods with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Well-cut fancy-shape diamonds hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.