Caution -- large supplies of Zimbabwean rough and resultant polished being offered at 20% or greater discounts in India. Labs have been over grading these stones due to green hue. Polished prices relatively stable as diminished production reduces supply. Consistent demand for 0.50-2.00ct. engagement rings firming prices for corresponding rough. DTC May sight estimated at $250 mil. Dealers preparing for June, Vegas and Hong Kong, shows but keeping expectations low. Indian market on vacation until June. Sotheby's Geneva brings $35.8 mil., (77% by lot) with 7.03 ct., fancy vivid blue, IF, Cushion selling for $9.5 mil. ($1.4 mil./ct.). Christie’s Geneva brings $19.6 mil. (66% by lot). Richemont FY profits -31% to $1.5 bil., sales +2% to $7.4 bil., jewelry sales +4% to $3.8 bil. Bulgari 1Q sales -23% to $243.3 mil., net loss of $40 mil. U.S. March polished imports -53% to $837.2 mil., polished exports -42% to $727.4 mil. Belgium April polished exports -46% to $599.4 mil., rough imports -58% to $399 mil. Israel April polished exports -28% to $269.1 mil., total diamond imports – 62% to $302.3 mil.