Market Comment

The diamond trade’s trusted bulletin for pricing, trends and news

Weekly since 1980

September 11, 2025

News:

US President Donald Trump puts diamonds on list of possible tariff exemptions. Price gap between US- and India-based stones narrows. Independent American retailers seeing steady demand and taking goods on memo. Large US dealers doing better than small ones. Industry preparing for important Hong Kong show, with success dependent on Chinese retailers’ attendance. Anglo American sticks with De Beers sale plan following merger with Teck Resources. Bain and Deloitte forecast holiday retail growth of 3% to 4%. Belgium Aug. polished exports -21% YOY to $229M, rough imports +6% to $295M. Dutch discount retailer Zeeman launches $35 pendants with 0.10 to 0.12 ct., D-F, VS2, synthetic diamonds.

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
United States

Market stable. Good demand for 2 ct. and larger elongated fancy shapes, with boost from Taylor Swift effect. Independent jewelers taking diamonds on memo and seeing steady conversion rates. Oversizes selling. Industry worries there may be sourcing problems once existing tariff-free inventory runs out.

Belgium
Belgium

Business slow. Prospect of tariff exemption is buoying sentiment, but concerns remain. Many dealers in Vicenza for show. Industry preparing for Hong Kong fair.

Israel
Israel

Tariffs continue to affect market, as US is most important source of revenue. Traders cautiously optimistic that satisfactory solution will emerge. Some Israelis planning to attend Hong Kong show.

India
India

Trading sluggish amid tariff uncertainty. Dealers reluctant to hold inventory. Cautious optimism for US-India trade deal as negotiations continue. Sales volume low in small-goods market. Competition from synthetics is impacting business.

Hong Kong
Hong Kong

Market preparing for Jewellery & Gem World show (September 15 to 21). Local dealer market quiet amid slow demand from mainland China. Low expectations for Golden Week (October 1 to 7). Round, 0.30 to 0.50 ct., D-H, VS-SI diamonds selling better than other goods. 2 ct. and larger, D-F diamonds stable. Fancy shapes gaining popularity.

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