Market Comment

News:

Supreme Court ruling against President Donald Trump’s tariffs is fueling uncertainty. US replaces reciprocal tariffs with flat 10% duty; Belgium loses diamond exemption, with India unsure if it is still on track for 0% rate. Industry seeking exemptions for diamonds and gemstones. Anglo American reduces De Beers’ book value from $4.1B to $2.3B; De Beers 2025 revenue +6% to $3.5B, but loss deepened to $739M due to bulk sales at low margins. De Beers raises prices of 5 ct.+ rough at Feb. sight; small goods slow to sell. Mixed expectations for Hong Kong shows. Five workers reportedly presumed dead after mudslide at Ekapa mine in Kimberley; owners reportedly file for liquidation.

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.