The Fine polished category, which we regularly publish, consists of goods better than I colour VS2, and is weighted in proportion to world production. Consequently, the prices of the lower end of this range carry more weight as more of them are produced.

So far this year, and especially since mid-March, there has been a much faster rise in the prices at the very top-end.

The graph below shows how the ratio of the Fine one carat index to the very top-end (a straight average of the D-F colours, IF to VVS2) has moved since the start of the year.

The past few weeks has seen the gap between the top three colours / qualities and the rest of the Fine index move to unprecedented levels.

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