Market Comment

News:

Las Vegas fairs reflect split market. Luxury show strong, with retailers and consumers buying high-end jewelry. JCK mixed. Jewelry solid. Steady demand for 2 ct. and larger rounds. Long fancies hot. Round goods under 1.20 ct. sluggish. Large retailers postponing orders until tariffs become clearer. Exhibitors with pre-tariff inventory had advantage. Overseas companies that shipped goods through temporary importation under bond (TIB) unable to sell directly. Retailers shifting back to natural as synthetics margins fall. Good trading at Antique and Couture fairs. Prices and flexibility stable at De Beers sight. Debswana pauses part of Botswana production. Indian market quiet. Martin Rapaport captivates large crowd at JCK breakfast.

Fancies:

Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquise, long Radiants and long Cushions in short supply. Long Cushions easy to sell and trading at 20% to 25% premium over square Cushions. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions are illiquid.