Market Comment

News:

Indian trade preparing for possible US tariffs on diamonds and jewelry from Apr. 2. GJEPC repeats call for lower Indian import duties to avoid reciprocal measures. Market improvement continuing, with shortages supporting prices of sought-after goods. Positive price trends for round, 0.30 ct., D-F, IF-VVS1 diamonds. Market expecting bigger De Beers sight next week, as sightholders deferred purchases from last two sales. Anglo American reportedly in talks over De Beers IPO. US retail steady, but tariffs and inflation denting overall consumer confidence. Chow Sang Sang 2024 sales -15% to $2.7B, profit -20% to $104M. Concerns rising about irradiated rubies and sapphires with unstable color.

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.