Market Comment

News: Sentiment improving. US retail stable ahead of Thanksgiving and holiday season. With holiday sales better than expected, trade is uncertain if activity will continue beyond 4Q. De Beers and Natural Diamond Council urge industry to invest more in marketing. De Beers focusing on diversity in new “A Diamond Is Forever” campaign. G7 node to open in Botswana. Rough market quiet ahead of Dec. 2 De Beers sight. Alrosa to sell rough to Gokhran, including 390 ct. diamond. Hong Kong’s Luk Fook shuts 175 China stores as fiscal 1H sales -27% YOY to $700M, profit -56% YOY to $54M. The Rapaport Group wishes all our friends a happy Thanksgiving and a successful holiday season.

Fancies: Fancy-shape prices stabilizing, but decline is more moderate than for rounds. US buyers more selective about quality of SIs, rejecting black centers and short ratios. Elongated shapes in demand. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.