Market Comment

News:

Dealers returning from vacation. US wholesalers with sought-after inventory (1.50 ct.+ or long fancies) had good season. Independents shifting to natural. Market awaiting holiday results and analyzing 2025 performance to prepare for new year. 1 ct. RAPI -9.9% in 2025. US Nov.-Dec. online retail sales +6.8% YOY to $258B, Adobe reports. Low expectations for Mumbai IIJS Signature show amid lull in domestic jewelry demand. Chinese New Year season likely to be quiet. Hong Kong Nov. retail sales of jewelry, watches, clocks and valuable gifts +3.6% YOY to $596M. Botswana willing to cooperate with Russia on diamonds. Gold at record price amid geopolitical uncertainty.

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.