Prices Stable for Large Diamonds, Down for Small

RAPAPORT PRESS RELEASE, December 3, 2025, Las Vegas… Prices of larger diamonds were steady in November. The market for 1-carat diamonds weakened. Smaller goods showed the sharpest downturn as trends visible in recent months persisted.

Prices in India fell more sharply than in the US, reflecting the challenges that tariffs have created. The industry awaited news on a solution to America’s 50% import duties on Indian goods.

The RapNet Diamond Index (RAPI™) for 1-carat goods — which tracks round, D to H, IF to VS2 diamonds — dropped 2.6% in November. The RAPI slid 6% for 0.30-carat diamonds and 5.1% for 0.50-carat stones, while the 3-carat index went up 0.1%. Prices for round, 1-carat, D to H, SI diamonds fell 1.7%, according to RapNet data.

US demand was steady ahead of the holiday season, especially for 2- to 4-carat, F to J, VS to SI diamonds in rounds and long fancies. This supported prices. Overall online consumer spending reached new records on Thanksgiving and Black Friday. However, major US jewelers continued focusing on synthetics for fashion jewelry.

Indian domestic demand was positive. China’s appetite for diamonds remained low, but overall jewelry sales saw signs of stabilization. The year-on-year revenue decline at Hong Kong-based jeweler Chow Tai Fook eased to 1.1% for the first fiscal half, while Luk Fook estimated a 20% to 30% revenue jump for the period.

Manufacturing in India slowed. India’s rough imports plunged 45% year on year to $385.4 million in October, reflecting the Diwali break and efforts to reduce inventories. De Beers kept prices stable at its November sight but gave customers full flexibility to refuse allocations. The miner’s rough remained more expensive than on the open market. Namibia reportedly expressed interest in buying a minority stake in De Beers.

The holiday outlook was mixed. Independent jewelers expected solid demand for large sizes in rounds and fancies. Special shapes, like marquise and old mine, are particularly popular.

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 online diamond- and gemstone-trading marketplace, with over $8 billion in daily listings; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at www.rapaport.com.