Market Comment

News:

Las Vegas shows open amid deep uncertainty about tariffs. Overseas exhibitors have muted expectations for JCK, with fewer attending than normal. GIA shifts to descriptive terms for grading synthetics. Long legal battle over tariffs likely after appeals court reinstates them temporarily. 1 ct. RAPI flat in May. US consumer demand steady. Signet fiscal 1Q sales +2% YOY to $1.5B, profit -36% to $33.5M. Macy’s notes improvement in fine-jewelry sales. Antwerp and Israel markets quiet due to Shavuot holiday and Las Vegas shows. Register for Rapaport JCK events at rapaport.com/jck25-breakfast.

Fancies:

Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in large sizes. High-quality stones hard to find. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Elongated Ovals, Pears and Emeralds of 2.50 to 2.99 ct. 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. Fancies with bad proportions are illiquid.