Market Comment

News:

De Beers sightholders estimate sharp price cuts at Jan. sight, especially in 0.75 to 2 ct., with increases in 5 ct. and larger. Miner shifts to one-line invoices, limiting price transparency. India trading slow amid soft polished prices. Vicenza show reflects positive market for high-end jewelry. Uncertainty in Europe due to Greenland tensions. India 2025 polished exports after returns -10% to $8.3B due to price declines, with volume +5% to 15M cts. as shipments to UAE and Hong Kong offset US slump. Rough imports -8% to $11.1B. Botswana predicts continued low mining production as country ends 2025 with inventory of 12M cts.

Fancies:

Long fancy shapes such as Ovals, Marquises and Emeralds 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.