Market Comment

News:

Happy New Year! Industry enters 2026 with last year’s concerns and dynamics continuing. Tariffs, synthetics, gold prices, sale of De Beers, and Russia sanctions causing uncertainty. Diamond market set to downsize as demand becomes more focused. Round, 1.20 ct. and larger diamonds steady; long fancy shapes strong. RAPI for 1 ct. -2.3% in Dec., 3 ct. +0.3%, with downturn in smalls intensifying: 0.30 ct. -9.3%, 0.50 ct. -6.4%, mostly reflecting Indian declines. Trading centers quiet during vacation period. US wholesalers waiting for holiday memo results. Titan’s synthetics launch adds to nerves about Indian domestic market ahead of Mumbai IIJS Signature show (Jan. 8-12).

Fancies:

Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Marquises most expensive fancy shapes. 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.