The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
August 7, 2025
Trade Alert: The Rapaport Price List is based on New York diamond prices. Extreme discounts may be available in foreign markets not subject to tariffs and sanctions.
News:
Diamond markets in turmoil as US President Donald Trump announces 50% tariffs on Indian goods. Manufacturers ship diamonds to US ahead of Aug. 7 increase from 10% to 25%; 50% rate to go into effect Aug. 27. Large retailers seeking goods before duties spiral. Signet share price -4% since Jul. 31. US dealers with sought-after inventory gaining market power. Polished trading outside US frozen. Good sentiment at Mumbai IIJS reflects positive domestic outlook for Diwali (Oct. 20).
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
Tariffs roil market. Indian manufacturers sending goods to US before August 7 deadline but at smaller scale than in April. Industry deeply concerned about effect of import duties on diamond supply and overseas jewelry manufacturing. Independent jewelers seeing steady sales and looking for replacement goods. Melee improving.
Belgium
Market quiet during summer vacation.
Israel
Sector concerned over news of 15% US tariffs on Israeli products. Local market had been expecting 0% rate. Trading slow during summer lull.
India
Diamond trading at standstill as tariffs shake market. Sentiment extremely low, as India industry relies on US as its largest export market. Manufacturers reconsidering production plans. Uncertainty continues; industry expects ongoing negotiations between US and India. Dealers reluctant to take on stock. GJEPC asks India government to introduce refund scheme to ease impact of tariffs. Domestic market becoming increasingly important. Strong IIJS show signals positive expectations for Diwali season and shift to higher-clarity natural stones.
Hong Kong
Lack of Chinese demand dampening Hong Kong diamond trading. Local companies expanding overseas businesses to compensate. Melee slow. Some interest in round, 0.30 to 0.50 ct., E-I, VS-SI, 3X diamonds. Fancy shapes gaining popularity.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
August 7, 2025
Trade Alert: The Rapaport Price List is based on New York diamond prices. Extreme discounts may be available in foreign markets not subject to tariffs and sanctions.
News:
Diamond markets in turmoil as US President Donald Trump announces 50% tariffs on Indian goods. Manufacturers ship diamonds to US ahead of Aug. 7 increase from 10% to 25%; 50% rate to go into effect Aug. 27. Large retailers seeking goods before duties spiral. Signet share price -4% since Jul. 31. US dealers with sought-after inventory gaining market power. Polished trading outside US frozen. Good sentiment at Mumbai IIJS reflects positive domestic outlook for Diwali (Oct. 20).
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
Tariffs roil market. Indian manufacturers sending goods to US before August 7 deadline but at smaller scale than in April. Industry deeply concerned about effect of import duties on diamond supply and overseas jewelry manufacturing. Independent jewelers seeing steady sales and looking for replacement goods. Melee improving.
Market quiet during summer vacation.
Sector concerned over news of 15% US tariffs on Israeli products. Local market had been expecting 0% rate. Trading slow during summer lull.
Diamond trading at standstill as tariffs shake market. Sentiment extremely low, as India industry relies on US as its largest export market. Manufacturers reconsidering production plans. Uncertainty continues; industry expects ongoing negotiations between US and India. Dealers reluctant to take on stock. GJEPC asks India government to introduce refund scheme to ease impact of tariffs. Domestic market becoming increasingly important. Strong IIJS show signals positive expectations for Diwali season and shift to higher-clarity natural stones.
Lack of Chinese demand dampening Hong Kong diamond trading. Local companies expanding overseas businesses to compensate. Melee slow. Some interest in round, 0.30 to 0.50 ct., E-I, VS-SI, 3X diamonds. Fancy shapes gaining popularity.
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