Market Comment

News:

Tariffs impacting sales and sentiment. Prospect of US-India trade deal offering some optimism. 1 ct. RAPI +0.7% in April, with prices rising after tariff announcement and then stabilizing by end of month. Demand muted at ongoing De Beers sight, with sightholders likely to refuse rough as miner keeps prices high. Alrosa 1Q revenue -42% YOY to $709M, profit -29% to $177M. US retail steady ahead of Mother’s Day. Trade preparing for Las Vegas shows, with concerns about overseas attendance. Indian melee demand softening as tariffs affect jewelry production. Solid market for 5 ct. and larger diamonds as GemGenève show begins. Brilliant Earth 1Q sales -3.5% YOY to $94M, loss of $3.3M vs. profit of $1.1M last year.

Fancies:

Large fancy shapes doing better than rounds. Prices stable or increasing for 2 ct. and larger diamonds. High-quality stones hard to find. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Elongated Emeralds, Radiants and Pears in 2.50 to 2.99 ct. sizes trading at significant premiums. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. 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.