Market Comment

News: Round prices stabilizing but discounts still deep. Fancy-shape prices mixed. Rough market for smaller sizes heating up as India import freeze has caused shortages. Sightholders expect lower prices at next week’s sight, since De Beers rough is expensive. Celebrities show off natural diamonds at Golden Globes. Solid trading at India’s IIJS Signature show amid positive outlook for rest of wedding season. Titan 3Q jewelry sales +23% as consumers bought gold despite high prices; diamond jewelry less strong. GIA launches same-day verification to combat rise in fraud. Debswana board approves $1B investment in Jwaneng underground expansion. Bruce Cleaver steps down as De Beers cochair.

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 moving 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.