Market Comment

News:

Market stable following Las Vegas shows. US market solid, with good demand for 2 ct. and larger fancies. Major retailers holding off purchases. Indians receive goods they had shipped to US for shows. Trade watching for news on US-India trade deal as tariff deadline approaches. Industry groups and African nations sign landmark agreement in Luanda to fund Natural Diamond Council. Israel trade frozen amid Iran conflict, with lack of flights restricting imports and exports. India May polished exports -35% YOY to $950M, rough imports -11% to $1.1B. Kimberley Process reports 2024 global rough production +6% to 118M cts., value -10% to $11.5B.

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. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. 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.