Tariffs causing ongoing uncertainty ahead of Aug. 27, when duty on Indian goods set to rise from 25% to 50%. US-located diamonds more expensive than those overseas, with price gap widening. Strong premiums for specific oversizes popular in American market: 1.35 to 1.49 ct., 1.80 to 1.99 ct. and 2.50 to 2.99 ct. rounds and long fancies in F-H, VS2-SI2 categories. US inventory consists mainly of VS-SI goods, reflecting typical American preferences. Indian trade quieter due to tariffs, festivals and heavy rains. Rough market slow ahead of next week’s De Beers sight. De Beers makes cuts to its sales team. Dubai police foil theft of 21.25 ct. pink diamond worth $25M.
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 are 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.
John Bassett