Market Comment

News: US customs issues notice requiring “country of mining” for diamond imports, effective April, based on Russian sanctions for 0.50 ct. and larger sizes. We expect this regulation to change. President Trump imposes additional 10% tariffs on Chinese goods. Polished quiet after slow 2025 start, with 1 ct. RAPI -2.3% in Jan. Lower restocking than usual for this time of year. Good traffic at Centurion and AGTA shows. De Beers slashes 2025 production plan by 10M cts. to 20M-23M cts. and confirms Botswana deal. Shift to larger goods at Okavango Jan. sale pushes average price up to $218/ct. from $122/ct. in Oct. New RapNet gemstone service launches at Tucson AGTA show. Watch Martin Rapaport webinar here.

Fancies: Large fancy shapes doing better than rounds. Prices stable overall and firm for 3 ct. and larger diamonds. Better stones are hard to find. Solid US interest in elongated Ovals with good shape and quality in D-I, VS-SI categories. Elongated Emeralds, Radiants and Pears in 2.50 to 2.99 ct. sizes trading at significant premiums. Oval and Pear, 0.30 to 0.49, F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.