Market Comment

News:

Market steady. US retailers report positive Valentine’s Day sales. Indian sentiment improving following US trade deal and expectations of better supply-demand balance in 2026. Prices under 1 ct. have weakened sharply in US, moderately in India. India exports to US slow as suppliers wait for abolition of tariffs. India Jan. polished exports -2% YOY to $775M after returns; rough imports -15% YOY to $625M. US specialty jewelers’ natural-diamond jewelry sales +2.1% in 2025, NDC reports, with average price +10% as consumers opt for larger, higher-quality stones. 61% of US engagement-ring center stones now synthetic, The Knot reports. China quiet during Lunar New Year.

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 is most expensive fancy shape. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. Indian prices for 0.30 to 0.79 ct. Ovals and Pears softening, except for ideal long models. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.