Editor’s Note
This week’s market digest highlights a resilient US retail sector as the holiday season approaches, with sustained demand for specific diamond sizes and shapes. Key developments include a significant year-on-year drop in India’s rough imports, shifting manufacturing trends, and notable corporate news from Namibia to Chapter 11 filings.
US retail steady ahead of Thanksgiving and holiday season. US demand focused on 1.70 to 5 ct. rounds and fancies. Manufacturers shifting to long fancies. Indian trade cautious, with negative price trends in round dossiers, especially 0.50 ct. Rough prices strong in 5 ct.+ at Okavango sale. India Oct. rough imports -45% YOY to $385M. Namibia reportedly considering bid for De Beers minority stake. US agrees to cap tariffs on Swiss goods at 15% from unspecified date. Lugano Diamonds & Jewelry files Chap. 11. Geneva auctions disappoint: Sotheby’s withdraws cushion brilliant, 10.08 ct., fancy-vivid-pink diamond, with top emerald jewels unsold at Phillips. RJC names Purvi Shah executive director.
Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Marquises most expensive fancy shapes. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Steady demand at retail and wholesale, with jewelers buying for stock ahead of holiday. Rounds and fancies selling in 1.50 to 3 ct., F-I, VS-SI range. Inventory hard to replace. Dossiers slow.
Market stable ahead of holiday season. Long fancy shapes, especially marquise, doing better than others. More companies starting to polish in Antwerp.
Israel October polished exports down 50% year on year to $83.4 million after returns. Dealers seeing stable US orders of larger goods ahead of holiday. Israeli buyers visiting India report price weakness in diamonds under 1 ct.
Activity sluggish. Domestic market slower than before. Overseas demand still patchy, with industry waiting for news on tariffs. Secondary rough market soft. Synthetics competition continues.
Chinese consumer spending low despite upcoming Christmas season. Retailers discounting following Singles’ Day (11/11) shopping holiday. Cautious optimism for festive sales of VS-VVS, D-H, 3X goods. Long fancies of 2 to 3 ct. popular in Hong Kong, with items under 1 ct. slow.