Market Comment

News: Market slow, with polished trading sluggish. Round, 0.70 to 1 ct. are weakest sizes. Positive trend in round, 0.30 to 0.69 ct., D-F, IF-VVS2 categories. Prices for fancies more stable than rounds. US trade preparing for Centurion show and AGTA GemFair. China and Hong Kong closed for Lunar New Year. De Beers and Botswana reportedly reach sales agreement. LVMH 2024 watches and jewelry revenue -3% to $11B, profit -28% to $1.6B. Chow Tai Fook Oct.-Dec. sales -14% YOY. Gem Diamonds 2024 sales +10% to $153M amid rise in production of 100 ct.+ stones.

Fancies: Fancy-shape prices stable. Prices firm for 3 ct. and larger, as nice items are hard to find. Solid US interest in elongated Ovals with good shape and quality in D-I, VS-SI categories. Oval and Pear, 0.30 to 0.49, F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Good orders for elongated Emeralds, Radiants and Pears, with 2.50 to 2.99 ct. trading at significant premiums in those shapes. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.