Market Comment

News:

Daring heist at Paris’s Louvre shocks industry, with thieves stealing crown jewels worth estimated $102M. Polished prices continue to decline in 0.30 to 0.99 ct. rounds, especially D-H, IF-VS2. Steady US demand for round, 2 to 4 ct., F-I, SI, 3X diamonds with no fluorescence. Long fancies strong; marquises hot. India on break for Diwali, is reportedly near deal with US to peg tariffs at 15% to 16%. Consumers lining up to sell gold as price remains above $4,000/oz. Hong Kong’s Chow Tai Fook and Luk Fook see fiscal 2Q improvement in China. China removes diamond trade’s tax benefits. Antwerp seeking to profit from US tariff exemption. Pemberton Asset Management acquires Bonhams.

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.