Diamond markets under pressure. US luxury jewelers doing well, but middle markets over-inventoried and seeing slow sales. Signet share price down 17% over past week after advisory reflecting market slowdown. US inflation drops to 4% in May and Federal Reserve freezes interest rates, easing economic concerns. Major HK brands recovering, but overall Chinese demand slow. Chow Tai Fook sales +38% in April and May as tourists return. Okavango sells $101M of rough in June at lower prices after withdrawing goods in May. Cushion, 10.57 ct., fancy-vivid-purplish-pink, IF diamond fetches $34.8M ($3.3M/ct.) at Sotheby’s NY.

At the JCK Las Vegas show, Martin Rapaport called on the industry to support small and medium-sized retailers, which are facing increased competition from the majors and digital platforms.

Botswana dreaming: After a recent visit to the African country, the award-winning designer is drawing inspiration from the breathtaking landscapes and the community’s enthusiasm.

Prime vintage: Which looks from the past are trending today? Four US dealers weigh in.