Market Comment

News:

Retail steady. US 50% duty on Indian goods impacting global trade. Full effect not yet visible in prices: US-located 1 ct. diamonds in commercial qualities ~16% more expensive than India. Suppliers seeking tariff loopholes via Mexico. US market solid, with steady memo orders from large independent jewelers. 1 ct. weakening, except in oversizes. Low sentiment at De Beers sight, with refusals of smaller goods due to high prices relative to open market. Large rough in demand. India business slow due to tariffs, Jain festival. Manufacturers reducing production. US extends Russian-diamond “grandfather” deadline. Taylor Swift shows off vintage-style engagement ring with long cushion-cut 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. Marquises are most expensive fancy shapes. 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. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.