Market Comment

News:

Steady US retail demand lifts sentiment. Mother’s Day season okay. Indian suppliers with US offices benefiting. Good trading in 5 ct. and larger diamonds at GemGenève. Reports of De Beers special deals stoke tensions in rough market. De Beers to close Lightbox. Lucara flags viability concerns. Indian rough demand declines amid summer slowdown in production and high rough inventory. Tariffs have cut off large proportion of polished exports, forcing dealers to find alternative markets. Indian retail slower than before. Geneva auctions: Sotheby’s sells cushion modified brilliant, 10.03 ct., fancy-vivid-blue, VS2 diamond for $21.5M ($2.1M/ct.); Christie’s garners $72M at white-glove sale.

Fancies:

Large fancy shapes doing better than rounds. Prices stable or increasing for 2 ct. and larger diamonds. High-quality stones hard to find. Solid US interest in elongated Ovals of 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.