Market Comment

News:

Industry preparing for Las Vegas shows amid unprecedented challenges from tariffs. Exhibitors cautiously optimistic but waiting for shows to assess market situation. US retail sales stable, but wholesale slower. US polished prices volatile, as Indian companies have increased their New York inventories and are offering deeper discounts than local sellers. Prices softening for round, 0.50 and 0.70 ct., D-I, SI2 diamonds. India Jan.-Apr. net polished exports -9% YOY to $3.3B, net rough imports -23% to $3.8B. Richemont jewelry brands’ FY 2025 sales +8% to $17.1B. African Diamond Producers Association proposes expanded conflict-diamond definition at Kimberley Process intersessional.

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.