Market Comment

News:

US seeing steady holiday trading in 1.20 ct. and larger rounds and long fancies. Vendors filling last-minute orders. High-end retail solid. Rounds under 1.19 ct. slow. American wholesale market more positive than Indian. Manufacturers shifting from short ovals back to round brilliants amid glut of less desirable ovals, raising possibility of oversupply in rounds. Long ovals still strong, especially above 1.70 ct. IMF warns Botswana against increasing De Beers stake. Sightholders refuse rough at De Beers Dec. sight; miner changes assortments for 2026, moving 8-grainers (2 ct.) out of beneficiation boxes. Watches of Switzerland fiscal 1H sales +8% YOY to $1.1B, profit +53% to $59M.

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 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. Indian prices for 0.30 to 0.79 ct. Ovals and Pears softening, except for ideal long models. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.