Market Comment

News: Round prices stable. Fancies remain slow. US dealers show little appetite for rounds, with Indians firm on prices. Lack of supply supporting market, with shortages in select categories. De Beers rough-price drop has not affected polished prices. China weak ahead of Lunar New Year. Luk Fook 3Q sales +46% YOY amid strong gold demand; mainland diamond sales -25%. Diamantaires moving Hong Kong salespeople back to India. GJEPC seeks decrease in India’s import duty on polished diamonds to 2.5% from 5% to ease flow of goods from Botswana factories. Steady traffic at Vicenzaoro show; demonstrators protest presence of Israeli exhibitors. JVC elects Rebecca Foerster board chairman.

Fancies: Fancy demand weaker than rounds, with sellers more flexible on prices. Ovals, Emerald and Pear are most popular. Weak sales of Hearts, Princess and square Cushions. Longer Ovals, Pears, Radiants and Cushions bringing higher prices. Goods with medium and short ratios harder to sell. Supply shortages supporting prices of Marquise. Well-cut stones in short supply and 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.