The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
August 28, 2025
News:
Retail steady. US 50% duty on Indian goods impacting global trade. Full effect not yet visible in prices: US-located 1 ct. diamonds in commercial qualities ~16% more expensive than India. Suppliers seeking tariff loopholes via Mexico. US market solid, with steady memo orders from large independent jewelers. 1 ct. weakening, except in oversizes. Low sentiment at De Beers sight, with refusals of smaller goods due to high prices relative to open market. Large rough in demand. India business slow due to tariffs, Jain festival. Manufacturers reducing production. US extends Russian-diamond “grandfather” deadline. Taylor Swift shows off vintage-style engagement ring with long cushion-cut diamond.
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. Marquises are most expensive fancy shapes. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
United States
New York market quieter during end-of-summer vacation. Dealers seeing stable demand from large independent jewelers. Major retailers slower. Steady memo interest in 2 to 4 ct., F-I, VS-SI diamonds with nice makes and no fluorescence. Elongated fancies popular and hard to replace. Layouts for tennis bracelets and necklaces moving on memo.
Belgium
Little activity throughout summer break. Rough sentiment low during sight week.
Israel
Tariffs impacting local business, as dealers prefer to buy in India and arrange delivery to US via alternate low-tariff routes. Traders want to have as much inventory in US as possible and ship from there if needed elsewhere. Concern that Israeli inventory will drop sharply.
India
Mumbai market quiet due to tariffs, which have compounded ongoing problems. Deep concerns about Surat manufacturing sector. Dealers liquidating merchandise and are reluctant to buy. SEEPZ jewelry manufacturing slow, as US is critical export market. Companies seeking workarounds. Local trading slower with Jain community absent for Paryushan holiday. Domestic retail steady.
Hong Kong
Chinese market sluggish, with demand focusing on round, 0.30 to 0.50 ct. and 1 ct., E-G, VS-SI diamonds. Large stones weak. Low consumer confidence in diamonds. Tariffs have had further effect on export sector. Japanese market more optimistic. Hong Kong seeing appetite for large fancy shapes and colored diamonds.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
August 28, 2025
News:
Retail steady. US 50% duty on Indian goods impacting global trade. Full effect not yet visible in prices: US-located 1 ct. diamonds in commercial qualities ~16% more expensive than India. Suppliers seeking tariff loopholes via Mexico. US market solid, with steady memo orders from large independent jewelers. 1 ct. weakening, except in oversizes. Low sentiment at De Beers sight, with refusals of smaller goods due to high prices relative to open market. Large rough in demand. India business slow due to tariffs, Jain festival. Manufacturers reducing production. US extends Russian-diamond “grandfather” deadline. Taylor Swift shows off vintage-style engagement ring with long cushion-cut diamond.
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. Marquises are most expensive fancy shapes. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
New York market quieter during end-of-summer vacation. Dealers seeing stable demand from large independent jewelers. Major retailers slower. Steady memo interest in 2 to 4 ct., F-I, VS-SI diamonds with nice makes and no fluorescence. Elongated fancies popular and hard to replace. Layouts for tennis bracelets and necklaces moving on memo.
Little activity throughout summer break. Rough sentiment low during sight week.
Tariffs impacting local business, as dealers prefer to buy in India and arrange delivery to US via alternate low-tariff routes. Traders want to have as much inventory in US as possible and ship from there if needed elsewhere. Concern that Israeli inventory will drop sharply.
Mumbai market quiet due to tariffs, which have compounded ongoing problems. Deep concerns about Surat manufacturing sector. Dealers liquidating merchandise and are reluctant to buy. SEEPZ jewelry manufacturing slow, as US is critical export market. Companies seeking workarounds. Local trading slower with Jain community absent for Paryushan holiday. Domestic retail steady.
Chinese market sluggish, with demand focusing on round, 0.30 to 0.50 ct. and 1 ct., E-G, VS-SI diamonds. Large stones weak. Low consumer confidence in diamonds. Tariffs have had further effect on export sector. Japanese market more optimistic. Hong Kong seeing appetite for large fancy shapes and colored diamonds.
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