Market Comment

News:

Trading cautious, with buyers purchasing for specific orders. Iran tensions weighing on industry despite ceasefire. Split between large and small goods here to stay, but prices of 0.30 to 0.89 ct. rounds stabilized since Apr. 1. Mar. RAPI for 0.30 ct. -1.1%, 0.50 ct. -3.5%, 1 ct. -1.7%, 3 ct. -0.5%. Three bidders circling De Beers ahead of Apr. 16 offer deadline: Gareth Penny, backed by Antwerp sightholders; Diacore’s Nir Livnat; and mining investor Michael O’Keeffe. Belgium Mar. polished exports -17% to $357M, with rough imports +2.5% to $312M. LVMH 1Q watch and jewelry sales -2% YOY to $2.9B due to currency impact. Kering 1Q jewelry revenue +14% YOY to $317M amid strength at Boucheron.

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 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. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.