Polished market stable and showing rise in demand for 0.30 to 0.50 ct. Reduced manufacturing has led to shortages of top-quality RapSpec A3+ goods. Rough trading steady after price cuts at $390M Nov. De Beers sight. Alrosa 3Q profit -44% to $212M with concern over built-up 21.7M ct. inventory. Retail outlook optimistic as Dow hits record (+19% YTD to 27,783). Ongoing unrest dampens Hong Kong luxury. Richemont 1H jewelry sales +8% to $4.1B. Christie’s Geneva sells $55M (93% by lot) including rectangle, 7.03 ct., fancy deep purple blue, VVS2 for $11.6M ($1.7M/ct.). Sotheby’s garners $54M (80% by lot) including pear, 6.03 ct., fancy intense purple pink, VVS2 for $3.4M ($556K/ct.).