News: Trading centers quiet during vacation. Holiday season okay, with market awaiting final data. Visa reports overall US retail spending +4.8% YOY for seven weeks since Nov. 1. Indian jewelry demand down during one-month pause in wedding season (kamurta). Low expectations for Chinese New Year (Jan. 29). Indian manufacturers maintaining reduced production as difficult 2024 ends. Petra cuts FY 2025 rough-price estimates after prices -7% at Dec. tender. Choron buys AMC, reflecting need for midstream consolidation. Gemfields suspends mining at Kagem, considers future of Fabergé amid market weakness and oversupply of Zambian emeralds. Rapaport wishes everyone a happy New Year.
Fancies: Fancy-shape prices stable. Prices firm for 3 ct. and larger, as nice items are hard to find. Good US demand and price increases for elongated Ovals in D-I, VS-SI categories with good shape and quality. Elongated Emeralds, Radiants and Pears in demand, with stable prices. 2.50 to 2.99 ct. trading at significant premiums in those shapes. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.
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