Market Comment

News: US wholesale seasonally quiet. Indian market weak amid drop in overseas demand and rising inventories. Rough prices falling on secondary market. Trade awaiting De Beers and Alrosa decisions on pricing and flexibility. Kimberley Process reports 2023 global rough production -20% to $12.7B, volume -8% to 111.5M cts., average price -14% to $114/ct. Russia production +1% to $3.6B; overtakes Botswana as top producer by value. US Jan.-May. 0.50 ct.+ net polished imports -9% YOY to $2.3B. Titan fiscal 1Q jewelry sales +9% YOY, but high gold prices limited demand. IGI appoints Tiffany Stevens to head North America business. AWDC reelects Isidore Mörsel board president.

Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. US buyers more selective about quality of SIs, rejecting black centers and short ratios. Elongated shapes still preferred. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.