Market Comment

News: Jewelers optimistic ahead of Thanksgiving weekend. Top retailers combining e-commerce and improved in-store experience. US online sales flat at $64.6B for Nov. 1 to 21, Adobe says. Mall-based stores discounting to compete with Black Friday online promotions. Strong memo demand stimulating dealer market. Manufacturers cautious amid high polished inventory. Synthetics growing, but prices continue to slide. China weak as pandemic lockdowns continue. Chow Tai Fook FY1H sales +5% to $5.9B, profit -8% to $434M. US Sep. polished imports +18% to $1.7B, exports +24% to $1.4B. The Rapaport Group wishes all our friends a happy Thanksgiving and a successful holiday season.

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.