The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 17, 2025
News:
Market trends unchanged: Fancies selling better than rounds, especially in 2 ct. and larger, with rounds moving in 2 ct. and larger. Rounds and fancies in 2.50 to 2.99 ct. are most sought-after oversizes. US trade seasonally slow, though retail demand is steady. De Beers July sight sees good demand for 2.50 ct. and larger rough; smaller sizes weak. India market sentiment low. India June polished exports -23% YOY to $779M, rough imports -4% to $961M. Tariff uncertainty continues after President Donald Trump’s ambiguous comments on India trade deal. Major US retailers delaying holiday orders. Richemont brands’ fiscal 1Q sales +7% YOY to $4.6B, reflecting strong high end.
Fancies:
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. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
United States
Retail sales steady. Wholesale relatively quiet over summer break but more business than usual for the time of year. Market doing better than India, with tariff-induced shortages supporting prices. Dealers struggling to replace inventory at the prices they want. Retailers inquiring about merchandise for outright purchase and memo deals. Majors still not made holiday orders amid tariff uncertainty. Round and fancy-shape diamonds moving in 3 ct. and larger. Melee has slowed.
Belgium
Dealers have returned to bourse but goods are moving slowly. Elongated fancy shapes are selling. US tariffs still creating concerns. Desirable goods hard to find. Dealers reporting wide price gap between nice and weak SIs.
Israel
Activity slower due to summer vacations and overall market uncertainty. Dealers waiting for US decision on tariffs before investing in inventory.
India
Trading slow amid weak overseas demand and US tariff debacle. US President Donald Trump says he is working on deal similar to Indonesia arrangement, implying India could face 19% tariffs. Sentiment low. Dealers watching for impact of large companies’ auctions on prices. Secondary rough market rebounding in 2.5 ct. and larger, with manufacturers seeking rough from sightholders amid shortages.
Hong Kong
Activity muted during summer and due to tariffs. Steady demand for fancy shapes over 2 ct. Melee slow. Chinese buyers absent from Hong Kong market amid sluggish mainland retail demand, which focuses on diamonds under 1 ct.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 17, 2025
News:
Market trends unchanged: Fancies selling better than rounds, especially in 2 ct. and larger, with rounds moving in 2 ct. and larger. Rounds and fancies in 2.50 to 2.99 ct. are most sought-after oversizes. US trade seasonally slow, though retail demand is steady. De Beers July sight sees good demand for 2.50 ct. and larger rough; smaller sizes weak. India market sentiment low. India June polished exports -23% YOY to $779M, rough imports -4% to $961M. Tariff uncertainty continues after President Donald Trump’s ambiguous comments on India trade deal. Major US retailers delaying holiday orders. Richemont brands’ fiscal 1Q sales +7% YOY to $4.6B, reflecting strong high end.
Fancies:
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. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
Retail sales steady. Wholesale relatively quiet over summer break but more business than usual for the time of year. Market doing better than India, with tariff-induced shortages supporting prices. Dealers struggling to replace inventory at the prices they want. Retailers inquiring about merchandise for outright purchase and memo deals. Majors still not made holiday orders amid tariff uncertainty. Round and fancy-shape diamonds moving in 3 ct. and larger. Melee has slowed.
Dealers have returned to bourse but goods are moving slowly. Elongated fancy shapes are selling. US tariffs still creating concerns. Desirable goods hard to find. Dealers reporting wide price gap between nice and weak SIs.
Activity slower due to summer vacations and overall market uncertainty. Dealers waiting for US decision on tariffs before investing in inventory.
Trading slow amid weak overseas demand and US tariff debacle. US President Donald Trump says he is working on deal similar to Indonesia arrangement, implying India could face 19% tariffs. Sentiment low. Dealers watching for impact of large companies’ auctions on prices. Secondary rough market rebounding in 2.5 ct. and larger, with manufacturers seeking rough from sightholders amid shortages.
Activity muted during summer and due to tariffs. Steady demand for fancy shapes over 2 ct. Melee slow. Chinese buyers absent from Hong Kong market amid sluggish mainland retail demand, which focuses on diamonds under 1 ct.
Previous Market Comments
Market Comment: June 11, 2026
Market Comment: June 4, 2026
Market Comment: May 28, 2026
Market Comment: May 20, 2026
Market Comment: May 14, 2026
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Previous Market Comments
Market Comment: June 11, 2026
Market Comment: June 4, 2026
Market Comment: May 28, 2026
Market Comment: May 20, 2026
Market Comment: May 14, 2026
Market Comment: May 7, 2026