Market Comment

News:

President Donald Trump’s announcement of US-India trade deal lifts sentiment. Agreement could reduce tariffs on jewelry to 18%, with speculation that diamonds and gems might become exempt. Market expects pause in India exports to US as dealers await final terms. Jan. sees more moderate price declines, with 0.30 and 1 ct. RAPI -1.3%, 0.50 ct. -1.2%. Round prices stable in early Feb. US retail and wholesale steady. Positive reports from Centurion show and Tucson gem fairs. De Beers reviews company value again, slashes 2026 production plan to 21M-26M cts. from 26M-29M cts.; miner’s 2025 rough prices -25%, including special deals. Busy rough-trading events lifting mood in Antwerp.

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.