Market Comment

News:

Hong Kong show okay for diamonds, better for jewelry and pearls. Demand mostly in 0.30 to 0.50 ct. and in 3 ct.+ rounds and long fancies, reflecting market situation. Not many Chinese buyers so far; some attending just to observe trends. Trading hubs seasonally quiet over Indian and Jewish religious holidays, impacting Hong Kong fair. Overall sentiment improving. Small diamonds continuing rebound. Prices firming in 0.30 to 0.69 ct. rounds; larger diamonds and fancies mixed. India govt. minister calls on country to dominate synthetics supply chain. Macy’s reports strong jewelry sales in fiscal 2Q.Rapaport offices will be closed on Monday, Sep. 21, for Yom Kippur.

Fancies:

Long fancy shapes such as Ovals, Marquises and Emeralds moving well 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. Reports of demand for Princesses after long period of weakness; prices remain low. Antique cuts and styles hot. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.