The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 4, 2025
News:
Market split continues. US prices stable, India prices down. 2 ct.+ rounds and long fancies steady. Rounds under 1.20 ct. weak. Nov. RAPI for 0.30 ct. -6%, 0.50 ct. -5.1%, 1 ct. -2.6%, 3 ct. +0.1%. US seeing demand for 2- to 4-carat, F-J, VS-SI goods. Thanksgiving, Black Friday and Cyber Monday break spending records. Signet fiscal 3Q sales +3.1% YOY to $1.4B, profit +186% to $20M; synthetics now 40% of bridal business, 15% of fashion. Luk Fook fiscal 1H sales +26% YOY to $879M, profit +44% to $77M amid gold-price jump. Antwerp companies get permission to employ foreign workers as polishers and sorters. US and Israel reportedly in advanced talks to ease tariffs.
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. Indian prices for 0.30 to 0.79 ct. Ovals and Pears softening, except for ideal long models. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
United States
Market mixed as holiday season gets underway. High-end jewelry looking strong. Fancies doing better than rounds. Strong demand for 2-carat and larger, VS-SI diamonds in marquise, oval and long cushion shapes amid supply shortage. Oversizes selling. Old mine diamonds popular.
Belgium
Manufacturers expanding local production following US tariff exemption. Flanders government permits diamond companies to hire foreign workers as polishers and sorters, aiding expansion efforts.
Israel
Industry lobbies for US tariff reduction, free-trade zone, and aid to solve sector crisis. Negotiations with US reportedly progressing well, but unclear which industries will receive tariff relief. Dealers who specialize in sought-after items such as large, long fancy shapes are benefiting from that focused inventory.
India
Trading slow. Companies reluctant to invest in inventory. High gold prices and 1.5% rupee depreciation since Nov. 1 to just over INR 90 per $1 likely to affect business. Synthetics taking larger market share and penetrating into small sizes.
Hong Kong
Tourist spending increasing. Domestic Chinese demand sluggish. Retailers reporting stabilization in sales. Best sellers are 1.70 to 3 ct., F-I, VS-SI diamonds in oval, emerald and marquise shapes for bridal and gifting. Goods under 1 ct. harder to sell.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 4, 2025
News:
Market split continues. US prices stable, India prices down. 2 ct.+ rounds and long fancies steady. Rounds under 1.20 ct. weak. Nov. RAPI for 0.30 ct. -6%, 0.50 ct. -5.1%, 1 ct. -2.6%, 3 ct. +0.1%. US seeing demand for 2- to 4-carat, F-J, VS-SI goods. Thanksgiving, Black Friday and Cyber Monday break spending records. Signet fiscal 3Q sales +3.1% YOY to $1.4B, profit +186% to $20M; synthetics now 40% of bridal business, 15% of fashion. Luk Fook fiscal 1H sales +26% YOY to $879M, profit +44% to $77M amid gold-price jump. Antwerp companies get permission to employ foreign workers as polishers and sorters. US and Israel reportedly in advanced talks to ease tariffs.
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. Indian prices for 0.30 to 0.79 ct. Ovals and Pears softening, except for ideal long models. Princess cuts weak. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
Market mixed as holiday season gets underway. High-end jewelry looking strong. Fancies doing better than rounds. Strong demand for 2-carat and larger, VS-SI diamonds in marquise, oval and long cushion shapes amid supply shortage. Oversizes selling. Old mine diamonds popular.
Manufacturers expanding local production following US tariff exemption. Flanders government permits diamond companies to hire foreign workers as polishers and sorters, aiding expansion efforts.
Industry lobbies for US tariff reduction, free-trade zone, and aid to solve sector crisis. Negotiations with US reportedly progressing well, but unclear which industries will receive tariff relief. Dealers who specialize in sought-after items such as large, long fancy shapes are benefiting from that focused inventory.
Trading slow. Companies reluctant to invest in inventory. High gold prices and 1.5% rupee depreciation since Nov. 1 to just over INR 90 per $1 likely to affect business. Synthetics taking larger market share and penetrating into small sizes.
Tourist spending increasing. Domestic Chinese demand sluggish. Retailers reporting stabilization in sales. Best sellers are 1.70 to 3 ct., F-I, VS-SI diamonds in oval, emerald and marquise shapes for bridal and gifting. Goods under 1 ct. harder to sell.
Previous Market Comments
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
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 4, 2026
Market Comment: May 28, 2026
Market Comment: May 20, 2026
Market Comment: May 14, 2026
Market Comment: May 7, 2026
Market Comment: April 30, 2026