Market Comment

News:

US retail steady ahead of Thanksgiving and holiday season. US demand focused on 1.70 to 5 ct. rounds and fancies. Manufacturers shifting to long fancies. Indian trade cautious, with negative price trends in round dossiers, especially 0.50 ct. Rough prices strong in 5 ct.+ at Okavango sale. India Oct. rough imports -45% YOY to $385M. Namibia reportedly considering bid for De Beers minority stake. US agrees to cap tariffs on Swiss goods at 15% from unspecified date. Lugano Diamonds & Jewelry files Chap. 11. Geneva auctions disappoint: Sotheby’s withdraws cushion brilliant, 10.08 ct., fancy-vivid-pink diamond, with top emerald jewels unsold at Phillips. RJC names Purvi Shah executive director.

Fancies:

Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Marquises most expensive fancy shapes. 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. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.