Market Comment

News:

Market quiet amid soft prices in India. High gold prices (+6% to $4,608/oz. since Jan. 1) impact trading at Mumbai’s IIJS show, with consumers shifting to lighter jewelry. Dealers expect limited impact from synthetics in India. Manufacturers cautious following tough 2025 and amid tariff uncertainty. US Jan.-Oct. polished imports -48% YOY to $6.6B, Hong Kong Jan.-Sep. 2025 polished imports -1% to $8.5B. Angola 2025 rough sales +70% to 18M cts., value +21% to $1.8B, reflecting exports of low-value goods. Rough market watching for price changes at Jan. 19-23 De Beers sight. Petra finds 42 ct. blue diamond. Industry mourns passing of Louis Glick.

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.