Market Comment

News: Prices of rounds stable; mixed trend in fancies. Market steady, but future uncertain as Indian production resumes. Polished inventories down due to lower production, but oversupply is a concern if manufacturers buy too much rough. US holiday sales supporting B2B demand for round, 1 to 3 ct., F-I, VS-SI, 3X diamonds. Indian sellers asking for higher prices, but clients only willing to buy when purchasing for specific orders. Alrosa 3Q revenue +55% YOY to $874M, Interfax estimates. Rough prices recovering at auctions and tenders, with Petra Dec. prices +19% from Sep.-Oct. Some sightholders expect price drops at De Beers Jan. sight, as miner needs revenue following 2H losses. US Oct. polished imports -21% to $1.5B.

Fancies: Fancy market slowing. Weak demand for Hearts and Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices than shorter stones. Elongated fancy shapes selling well. Goods with medium and short ratios harder to sell. Marquise prices holding up following drop in availability. 0.30 ct. seeing good sales. Orders down for 0.70 to 1.20 ct. diamonds. Well-cut stones in short supply. 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.