The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 31, 2025
News:
Diamond market in shock after US President Donald Trump announces 25% tariffs on Indian goods from Aug. 1 and unspecified additional penalties. US prices rebound following tariff news and recent softening of global prices for 0.30 ct. to 1.19 ct. rounds. Uncertainty continues, with industry expecting ongoing negotiations. US inventory rising as dealers restock following steady sales to independent jewelers. Majors hold off holiday buying. Indian market slow amid weak overseas sales. De Beers 1H revenue -13% YOY to $2B, underlying loss of $245M vs. profit of $73M in 1H 2024. LVMH 1H jewelry and watch sales -1% YOY to $6B, profit -13% to $895M. Rio Tinto 1H sales +9% YOY to $162M.
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
Major retailers are not buying in large quantities, preferring to keep lean inventories. Dealers expecting late holiday season. Steady demand from independent jewelers. Nice 2 ct. and larger, F-H, VS-SI elongated fancies in short supply, with dealers struggling to replenish stock. Cautious optimism for rebound once tariff uncertainty ends.
Belgium
Market gearing up for August vacation, with businesses starting to close. Dealers waiting to see what happens with tariffs.
Israel
Trading quiet amid slow demand from buyers in US and Europe. Little desire to stock inventory until tariff situation is clearer.
India
US tariff hike casts cloud over export trade as IIJS show begins in Mumbai (July 30 to August 4). Sentiment muted amid slow demand from key retail markets. Ongoing uncertainty has traders reluctant to buy inventory.
Hong Kong
Market seasonally quiet. Chinese orders slow for diamonds over 1 ct., with some demand for round, 0.30 to 0.50 ct., VS-SI, E-H, 3X goods. Hong Kong trade sluggish. Sales significantly down from three years ago.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 31, 2025
News:
Diamond market in shock after US President Donald Trump announces 25% tariffs on Indian goods from Aug. 1 and unspecified additional penalties. US prices rebound following tariff news and recent softening of global prices for 0.30 ct. to 1.19 ct. rounds. Uncertainty continues, with industry expecting ongoing negotiations. US inventory rising as dealers restock following steady sales to independent jewelers. Majors hold off holiday buying. Indian market slow amid weak overseas sales. De Beers 1H revenue -13% YOY to $2B, underlying loss of $245M vs. profit of $73M in 1H 2024. LVMH 1H jewelry and watch sales -1% YOY to $6B, profit -13% to $895M. Rio Tinto 1H sales +9% YOY to $162M.
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
Major retailers are not buying in large quantities, preferring to keep lean inventories. Dealers expecting late holiday season. Steady demand from independent jewelers. Nice 2 ct. and larger, F-H, VS-SI elongated fancies in short supply, with dealers struggling to replenish stock. Cautious optimism for rebound once tariff uncertainty ends.
Market gearing up for August vacation, with businesses starting to close. Dealers waiting to see what happens with tariffs.
Trading quiet amid slow demand from buyers in US and Europe. Little desire to stock inventory until tariff situation is clearer.
US tariff hike casts cloud over export trade as IIJS show begins in Mumbai (July 30 to August 4). Sentiment muted amid slow demand from key retail markets. Ongoing uncertainty has traders reluctant to buy inventory.
Market seasonally quiet. Chinese orders slow for diamonds over 1 ct., with some demand for round, 0.30 to 0.50 ct., VS-SI, E-H, 3X goods. Hong Kong trade sluggish. Sales significantly down from three years ago.
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