Market Comment

News:

Market split, with US stable and Indian sentiment low as industry gears up for 50% tariffs. Uncertainty continues amid ongoing negotiations over trade deal. US dealers raising prices of oversizes in 1 ct., 1.50 ct. and 2 ct. rounds and fancies. Marquises strong. Companies that rely on memo from India are struggling. Large Indian manufacturers maintaining steady polished production. India July polished exports +18% YOY to $1.07B, rough imports +26% to $961M. Belgium July polished exports -21% YOY to $495M, rough imports +60% to $414M as market for large stones strengthens. De Beers discovers new kimberlite field in Angola. Soccer star Cristiano Ronaldo proposes with huge oval diamond.

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 market for 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. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.