The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
September 18, 2025
News:
Hong Kong show meets low expectations, with Chinese buyers not purchasing much. Large and high-value stones in demand. US prices decline for round, 0.50 ct., 0.70 ct. and 1 ct., D-J, SI diamonds. Prices of India-based 2 ct. rounds and fancies increase. US delegation visits India for tariff negotiations. India Aug. gross polished exports -6% YOY to $972M, rough imports +14% to $769M. S&P lowers Botswana credit rating amid decline in diamond revenues. US dealers scramble for old-mine cushion cuts following Taylor Swift engagement. CIBJO proposes removing “laboratory-grown” as synonym for “synthetic” in Blue Book. The Rapaport Group wishes everyone a happy, healthy and peaceful Jewish New Year.
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 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
Dealers satisfied with sales, but tariffs causing uncertainty. Local prices declining. Oversizes outperforming the market. Steady appetite for 2 ct. and larger, F-H, VS-SI diamonds in rounds and fancies, with marquises hot. Inventory replacement expensive. Taylor Swift effect boosting demand for old-mine cushion cuts.
Belgium
Market quiet, with dealers mostly buying on demand and not for stock. Large diamonds steady amid rough shortages. Concerns about rough oversupply in regular goods. Synthetics competition continues. Traders waiting for news from Hong Kong show.
Israel
Dealer trade slow. Israeli companies trying to get delivery of goods in US. Diamond-exchange management optimistic for decline in US tariff as Finance Minister Bezalel Smotrich visits bourse and promises free-trade zone.
India
Trading weak. Domestic demand supporting market. US still quiet due to tariffs. US-India trade talks continue, providing optimism for the industry. Mixed reports from Hong Kong show.
Hong Kong
Low activity at this week’s Jewellery & Gem World (JGW) show, with buyers cautious and selective. Lots of goods on the market. Larger, better-quality diamonds selling. Chinese customers seeking fancy shapes but resisting exhibitors’ high prices. Mainland retail market favoring 0.30 to 1 ct. diamonds.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
September 18, 2025
News:
Hong Kong show meets low expectations, with Chinese buyers not purchasing much. Large and high-value stones in demand. US prices decline for round, 0.50 ct., 0.70 ct. and 1 ct., D-J, SI diamonds. Prices of India-based 2 ct. rounds and fancies increase. US delegation visits India for tariff negotiations. India Aug. gross polished exports -6% YOY to $972M, rough imports +14% to $769M. S&P lowers Botswana credit rating amid decline in diamond revenues. US dealers scramble for old-mine cushion cuts following Taylor Swift engagement. CIBJO proposes removing “laboratory-grown” as synonym for “synthetic” in Blue Book. The Rapaport Group wishes everyone a happy, healthy and peaceful Jewish New Year.
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 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
Dealers satisfied with sales, but tariffs causing uncertainty. Local prices declining. Oversizes outperforming the market. Steady appetite for 2 ct. and larger, F-H, VS-SI diamonds in rounds and fancies, with marquises hot. Inventory replacement expensive. Taylor Swift effect boosting demand for old-mine cushion cuts.
Market quiet, with dealers mostly buying on demand and not for stock. Large diamonds steady amid rough shortages. Concerns about rough oversupply in regular goods. Synthetics competition continues. Traders waiting for news from Hong Kong show.
Dealer trade slow. Israeli companies trying to get delivery of goods in US. Diamond-exchange management optimistic for decline in US tariff as Finance Minister Bezalel Smotrich visits bourse and promises free-trade zone.
Trading weak. Domestic demand supporting market. US still quiet due to tariffs. US-India trade talks continue, providing optimism for the industry. Mixed reports from Hong Kong show.
Low activity at this week’s Jewellery & Gem World (JGW) show, with buyers cautious and selective. Lots of goods on the market. Larger, better-quality diamonds selling. Chinese customers seeking fancy shapes but resisting exhibitors’ high prices. Mainland retail market favoring 0.30 to 1 ct. diamonds.
Previous Market Comments
Market Comment: June 18, 2026
Market Comment: June 11, 2026
Market Comment: June 4, 2026
Market Comment: May 28, 2026
Market Comment: May 20, 2026
Stay Up-to-Date with Rapaport Industry News and Analysis
Sign up for Rapaport Newsletters
Get the trade’s most trusted news, analysis and data delivered to your inbox daily.
Previous Market Comments
Market Comment: June 18, 2026
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