Market Comment

News:

US retail solid, especially in 2 ct. and larger, F-I, VS-SI diamonds in rounds and long fancies. 7 ct.+, D-IF in hot demand ahead of GemGenève show. Elongated fancies hard to find in larger sizes. Collection goods (D-F, VVS-VS) improving in round dossiers. RAPI for 0.30 ct. +2.6% in Apr., 0.50 ct. +1.3%, 1 ct. -1.4%. Industry preparing for Las Vegas shows. Pear prices soft under 1 ct. Rough slow amid manufacturing cuts and India summer vacation. US Customs launches system for tariff refunds. Brilliant Earth 1Q sales +6% YOY to $100M. Canada mines under pressure; Ekati owner Burgundy files for insolvency protection. Rapaport launches Heard on the Street video series in partnership with Shop LC.

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 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. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.