Market Comment

News: Polished prices falling and inventories rising. Fancies weak. Indian market slow due to weak US and Chinese demand and too much supply. US dealers seeing steady market amid stable sales and healthy inventory. Rough market sluggish, with surplus of goods. Industry delegation petitions Washington, DC, lawmakers over Russia sanctions plan. Signet shifts focus of synthetics to fashion jewelry. Low expectations for June Hong Kong show amid weak mainland Chinese demand. Chow Tai Fook FY sales +15% to $13.9B as Hong Kong recovers. Gemfields names Bruce Cleaver chair. Sara Yood to succeed Tiffany Stevens as CEO of JVC.

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.