Market Comment

News: Diamond market quiet. Deep concerns about trading slowdown and prospects for 2H. US retail steady; jewelers cautious about buying large amounts of inventory. China sluggish amid rising geopolitical tensions and economic uncertainty. Mumbai IIJS show opens with spotlight on domestic jewelry market, exchange rate volatility, and rough supply. Rough trading stable as Alrosa’s isolation spurs demand for non-Russian production. Miners and service providers accelerating source-verification programs. Lucapa 2Q revenue -36% to $22M, recovers 170 ct., type IIa pink at Lulo mine. Asian Star 1Q sales +45% to $159M, profit +4% to $2.7M. GIA to open Dubai lab. AGTA appoints John Ford as CEO.

Fancies: Market has cooled for 0.30 to 1.20 ct. diamonds. Supply shortages of well-cut fancies supporting prices. 1.20 to 3.99 ct., F-J, VS-SI goods stable. Oval is leading shape, followed by Radiant, Emerald, Pear, Cushion and Marquise. Retailers offering broader product ranges as consumers seek alternative cuts. Growing interest in fancy-shape engagement rings. Oversizes trading at higher prices than usual. Excellent shapes commanding premiums. Off-make, poorly cut fancies illiquid and difficult to sell.