Market Comment

News:

Polished trading slow as industry awaits US decision on tariffs. New York wholesale in seasonal summer lull. American retailers making steady sales and seeking memo goods. Diamond market split, with prices of 0.30 to 1.19 ct. rounds softening while 1.50 ct. and larger are mixed. Oversizes moving. Long fancy shapes strong in 2 ct. and larger. RAPI for 1 ct. -0.3% in June, 0.50 ct. -2.3%. India’s Tanishq plans 15 new US stores, rules out synthetics. Hong Kong jewelers struggling amid weak Chinese diamond demand and high gold prices: Luk Fook FY ’25 sales -13% to $1.7B, profit -39% to $136M; TSL FY ’25 sales -35% to $218M, with $25M loss. Gem Legacy names Bernadette Mack executive director.

Fancies:

Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. 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. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions are illiquid.