Market Comment

News: Market slow. Polished prices weak, with biggest declines in round, 0.30-0.40 ct., D-H, IF-VS1 goods. US, Israel and Belgium quiet during Shavuot holiday. De Beers sight prices steady, with some refusals. Secondary rough market sluggish. Fed holds interest rates steady and signals one rate cut this year after inflation cooled in May. Signet fiscal 1Q sales -9% YOY to $1.5B, profit -47% to $52M. Sotheby’s NY Magnificent Jewels grosses $30M (90% sold by lot), with Van Cleef & Arpels diamond necklace going for $3.6M. Christie’s NY Magnificent Jewels grosses $44M (90% sold by lot), including ring with round, 10.20 ct., fancy-intense-pink, IF diamond for $13.3M. Country comments will resume next week.

Fancies: Fancy-shape prices weaker following strong demand last year and overproduction by manufacturers. Pears slower than other shapes. Market for Ovals not as hot as it was. Elongated shapes still preferred. Goods with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Well-cut fancy-shape diamonds hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.