Market Comment

News: Prices stabilizing in many categories, as inventories have fallen. Ongoing price increases in round, 0.30 to 0.89 ct., D, IF diamonds. Melee doing well in -2 and -11. Prices for small rough firm. Unclear if rebound will last. India production low, with Feb. net rough imports -43% YTD to $1.4B, net polished exports -16% YTD to $1.7B. US retail steady. Signet share price jumps 17% in one day following positive fiscal 1Q outlook; company to close stores, centralize diamond sourcing. EU considers retaliatory tariffs on diamonds, gemstones and metals from US. Alrosa puts small mines on pause.

Fancies: Large fancy shapes doing better than rounds. Prices stable or increasing for 2 ct. and larger diamonds. Better stones hard to find. Solid US interest in elongated Ovals with good shape and quality in D-I, VS-SI categories. Elongated Emeralds, Radiants and Pears in 2.50 to 2.99 ct. sizes trading at significant premiums. 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. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.