Market Comment

News: Slow sales impacting prices. IF-VS weakening. 1 ct. RAPI -3.5% in Apr.; prices of round, 1 ct., D-H, SI +1%. Finest-cut fancy shapes strong in larger sizes. Marquises moving well. India manufacturing fewer goods ahead of summer vacation. De Beers reduces prices at May sight: 3-grainer and smaller rough by 4%-6%, caraters by 4%. Sightholders still struggling to profit. EU proposes exempting pre-Jan. 2024 rough and pre-Mar. polished from Russian sanctions. Trade preparing for Las Vegas shows amid uncertain US consumer demand. Richemont acquires Italian jeweler Vhernier.

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. 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.