Market Comment

News:

Prices of 0.30 to 0.49 ct. rounds recovering following inventory drops. 0.50 to 1.20 ct. mixed. Larger goods steady amid tight supply, especially in long fancy shapes. Slight demand improvements causing severe shortages in specific areas. Jun. RAPI: 0.30 ct. +4.2%, 0.50 ct. +1.3%, 1 ct. -0.7%, 3 ct. +0.4%. De Beers expected to reduce rough prices or expand discount deals at next week’s sight. Global 2025 rough production -8% to 99M cts., value -3% to $9.2B, average price +6% to $93/ct.; Russia remains largest producer. Alrosa pauses Severalmaz mines. Luk Fook FY sales +29% to $2.2B, profit +89% to $257M, boosted by gold demand and prices. Sean Gilbertson resigns as Gemfields CEO.

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. 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.