Market Comment

News:

Market improving, with round prices firming amid tighter supply and stronger demand. 0.30 to 0.69 ct. rounds leading recovery; 1 to 1.49 ct. stabilizing. 1.50, 2 and 3 ct. solid in US commercial qualities. Fancy price trends weaker than rounds following overproduction. Indian suppliers sending goods to US ahead of holiday season. India retail strong, driven by affluent south. Prices steady at De Beers Aug. sight. Hong Kong’s Chow Sang Sang estimates 1H profit jump. Asian Star fiscal 1Q sales -11% YOY to $68M. India tax exemption for foreign rough sellers to go into effect Oct. 1. Industry mourns passing of former GJEPC chairman Vasant Mehta. Okavango names Yoram Dvash board chairman.

Fancies:

Long fancy shapes such as Ovals, Marquises and Emeralds doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Marquise most expensive fancy shape. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Reports of demand for Princesses after long period of weakness; prices remain low. Antique cuts and styles hot. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.