News: Diamond trade uncertain amid slow demand. Polished production low as cutters seek to reduce inventory of less-popular goods. All eyes on next week’s De Beers sight as rough prices decline at auctions. Macy’s warns that US consumers will be under pressure in 2023 after disappointing holiday sales. Independents say season salvaged by last-minute rush. China reawakening after government scraps quarantine for travelers ahead of lunar festival. Busy Diwali pushes Titan’s FY3Q jewelry sales +11%. Sarine agrees to buy majority stake in GCAL. Charles Stanley retires as president of De Beers brands in North America. Signet promotes Jamie Singleton to president and chief consumer officer.
Fancies: Fashion driving demand for elongated Ovals, Emeralds and Radiants. Goods with medium and short ratios are weak and declining in value. Slow market for 0.30 to 1.20 ct. diamonds. 1.25 ct. and larger, F-J, VS-SI categories stable. Supply shortages of well-cut fancies supporting prices. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Excellent shapes commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.