Market Comment

News: Markets weak, with inventories rising and prices falling. June RAPI: 0.30 ct. -6%, 1 ct. -3.6%. Sales declines have outpaced Indian production cuts. GJEPC rules out import freeze; will focus on stimulating demand. US dealers only buying for specific needs, even at lower prices. Summer lull in trading centers. Synthetics gaining market share. Rapaport believes synthetics will account for over 50% of US engagement-ring purchases in 2024 but will collapse in 2025 as prices slide. China demand slow, with retailers selling goods back to the market. Rough sector sluggish. Alrosa buys Degdekan gold mine. Richemont names Louis Ferla CEO of Cartier, Catherine Rénier CEO of Van Cleef & Arpels.

Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. US buyers more selective about quality of SIs, rejecting black centers and short ratios. Elongated shapes still preferred. Fancies with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. 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.