Diamond-Market Weakness Persists in October

RAPAPORT PRESS RELEASE, November 5, 2025, Las Vegas…  Diamond prices continued to decline in most areas last month, with the market split along category and geographical lines.

Goods under 1.20 carats were slow, while 2 carats and larger were steady. Fancy shapes outperformed rounds. Trading In India was quiet due to low overseas demand and the Diwali festival, in contrast to the US market’s steady activity.

The RapNet Diamond Index (RAPI™) for 1-carat goods — which tracks round, D to H, IF to VS2 diamonds — dropped 1.7% in October. RAPI for 0.30 and 0.50 carats fell 4.4% and 2.8% respectively. The 3-carat index increased 0.3%.

SI diamonds were also weak. Prices for round, 1-carat, D to H diamonds in that clarity slid 3.2%, according to RapNet data. 

While there was a slowdown in some fancy shapes after their recent strength, it was mostly in stones under 1 carat. Fancies over 1.70 carats remained robust, especially long shapes; marquises were particularly hot.

India’s manufacturing sector closed for Diwali, though production was already down because of slow demand. Factories reopened in early November to low sentiment as American tariffs continued to breed uncertainty. There was still no conclusion to trade talks between the US and India. The two were reportedly close to a deal pegging the duties at 15% to 16%.

Luxury was solid. LVMH reported strength at Tiffany & Co. in the third quarter. Kering noted sales growth at its jewelry brands, which include Boucheron and Qeelin.

The rough market was quiet amid the drop in manufacturing. De Beers kept prices steady at its October and November sights and allowed sightholders to refuse more goods than usual.

Anglo American’s efforts to sell De Beers heightened the uncertainty. Angola reportedly expressed interest in acquiring a majority stake, a change from its earlier plans to seek a minority holding. This pitted it against Botswana and other potential buyers, including former De Beers CEO Bruce Cleaver.

The combination of all these factors created a mixed outlook ahead of the holidays.

Media Contact: media@rapaport.com
Sherri Hendricks +1-702-893-9400

About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price, in hundred dollars per carat, of the 10% lowest-priced round diamonds in each of the top 25 quality categories (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). Additional information is available at www.rapaport.com. 

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the group has more than 20,000 clients in over 120 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network, with daily listings of 1.5 million diamonds valued at more than $7.2 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at www.rapaport.com.