Market Comment

News: Market quiet amid seasonal slowdown in US and China. Round prices steady, with RapSpec A3+, 0.30 to 1 ct. SIs improving and IF-VVS qualities slower. Prices of fancies falling. Indian dealers cautious about offering credit. Shipment delays at Antwerp customs due to G7 sanctions, with 146 Belgian companies signing complaint to AWDC. De Beers Feb. rough sales -13% YOY to $430M, year to date -15% to $804M. The Knot says 46% of engagement-ring center stones in 2023 were synthetic diamonds, up from 12% in 2019. Chow Sang Sang 2023 revenue +21% to more than $3.2B as Hong Kong and China end Covid-19 restrictions. Men and women flaunt natural diamonds on Oscars red carpet.

Fancies: High inventories of Ovals and Pears due to slow sales and imbalance between supply and demand after Indian manufacturers shifted from rounds to fancies last year. Cutters now returning to rounds. Sellers are flexible on prices. Downtrend continues. Weakest size is 0.70 ct. category. Sales of Hearts, Princesses and square Cushions low. Longer Ovals, Pears, Radiants and Cushions bringing higher prices. Goods with medium and short ratios harder to sell. Supply shortages supporting prices for Marquises. Well-cut stones hard to find and commanding premiums. Oversizes trading at higher prices than usual. Off-make, poorly cut fancies illiquid.