Market Comment

News:

Market split continues, with 2 ct. and larger stable. Middle East war impacting sentiment and exports. Flights in and out of Dubai and Israel remain limited. Signet fiscal 4Q sales flat YOY at $2.34B-$2.35B, average selling price up 4%-5%; CEO JK Symancyk foresees growth in higher-quality natural diamonds, expansion of lab-grown in fashion jewelry. Brilliant Earth 4Q sales +4% to $124M, loss of $1.3M vs. profit of $2.6M in 4Q 2024. South Africa regulator imposes rules to promote local manufacturers’ rough access. Industry awaiting news on tariff refunds after trade court calls on US customs to repay duties it collected under old tariff regime. Tom Moses to step down as GIA lab chief.

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. Marquise is most expensive fancy shape. 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.