Market Comment

News: US consumer demand stable during holiday season. Prices steady. Traders concluding final sales as peak season ends. Dealers and retailers cautious about restocking as they await seasonal sales data. Rough market weak, with sightholders making “political” purchases at Dec. sight to secure future supply; sight estimated at $200M. Lots of Angolan rough on the market. Christie’s NY sells $49.1M (97% by lot), with cushion brilliant, 5.72 ct., fancy-intense-blue, VVS1 diamond ring selling for $8.8M ($1.5M/ct.). Sotheby’s NY sells $30M (92% by lot) as ring with 10.33 ct. Burmese ruby and diamonds fetches $5.5M.

Fancies: Fancy-shape prices stabilizing, but decline more moderate than for rounds. US demand for elongated ovals, emeralds and radiants but buyers more selective about quality of SIs, rejecting black centers and short ratios. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Square 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.