Market Comment

News: US requiring self-declaration for diamond imports as ban on Russian goods expands to those manufactured in third countries. Rapaport requesting clarification from OFAC on several points as Rapaport US Diamond Protocol receives support from more than 1,500 trade members. Hong Kong 2023 polished imports -1% to $14.6B. Hong Kong shows disappointing, with slow sales and weak Chinese presence. Good overall market for round, 1 ct., D-H, SI diamonds; weaker market for VVS. 1 ct. RAPI -0.7% in Feb. Okavango March sales -79% YOY to $22.5M after company increased some reserve prices and did not offer large specials. RJC names Dave Meleski as chairman.

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.