Market Comment

News: Polished trading quiet. Jeweler inventory replacement down amid economic caution. Dealers hope Las Vegas shows will raise sentiment. GemGenève demonstrates strong demand for branded luxury. Richemont FY2023 jewelry sales +21% to $14.6B. Brilliant Earth 1Q revenue -2% to $98M. Sotheby’s Geneva raises $85M; pear, 11.16 ct., fancy-vivid-blue, VS1 sells for $25M ($2.3M/ct.). Rough market slow as cutters keep production low. De Beers May sale -21% to $480M. Feriel Zerouki becomes president of World Diamond Council. Industry mourns passing of former London Diamond Bourse president Harry Levy. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON MAY 26 DUE TO THE JEWISH HOLIDAY OF SHAVUOT.

Fancies: Fancy-shape market slower than before but better than rounds. Elongated Ovals, Emeralds and Radiants are strongest items. Goods with medium and short ratios weak. Demand for cushions declining. 0.30 ct. doing well. Orders low for 0.70 to 1.20 ct. diamonds. VS-SI losing strength, except in 1.20 to 1.49 ct. Well-cut stones seeing supply shortages. Excellent shapes commanding premiums. Retailers offering broader product ranges as consumers seek alternative cuts. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid and difficult to sell.