Market Comment

News: Market stable. India trade seasonally quiet ahead of financial year’s end. Round, ten-per-carat, D-F, VVS goods slowing in Indian market. Diamonds with black center or fluorescence moving at low prices. Gokhran reportedly agrees to buy rough from Alrosa. Sanctions-related Antwerp blockages easing, but dealers still concerned about delays. Belgian police arrest four men in probe of Russian diamond imports. Forevermark to stop supplying loose diamonds and will shift focus to India. Chow Sang Sang 2023 revenue $3.2B (+22%), profit $129M (+124%) amid HK recovery; China diamond sales weak. National Retail Federation predicts 2024 US retail sales +2.5% to +3.5%, down from 3.6% in 2023. Kendra Scott launches synthetic-diamond fashion jewelry priced at $500 to $2,950.

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.