Market Comment

News:

US-Israel-Iran war shakes sentiment. Iranian attacks on Dubai disrupt global rough and polished trade. Impact on Indian manufacturers uncertain. Dubai and Israeli diamond exchanges essentially closed; imports and exports frozen. Rough tenders move to Antwerp. Lack of Middle East attendees noticeable at Hong Kong shows. Hong Kong diamond section reflects market split, with steady trading in 3 ct.+ goods despite low traffic. Buyers few but serious. Feb. 1 ct. RAPI -1.3%; sharper decline in US prices, as market anticipated tariff abolition. RAPI up for 0.30 ct., 0.50 ct. and 3 ct. diamonds. Prices of 5 ct.+ rough increase at tenders.

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 is most expensive fancy shape. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. Indian prices for 0.30 to 0.79 ct. Ovals and Pears softening, except for ideal long models. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.