The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 11, 2025
News:
US seeing steady holiday trading in 1.20 ct. and larger rounds and long fancies. Vendors filling last-minute orders. High-end retail solid. Rounds under 1.19 ct. slow. American wholesale market more positive than Indian. Manufacturers shifting from short ovals back to round brilliants amid glut of less desirable ovals, raising possibility of oversupply in rounds. Long ovals still strong, especially above 1.70 ct. IMF warns Botswana against increasing De Beers stake. Sightholders refuse rough at De Beers Dec. sight; miner changes assortments for 2026, moving 8-grainers (2 ct.) out of beneficiation boxes. Watches of Switzerland fiscal 1H sales +8% YOY to $1.1B, profit +53% to $59M.
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
Larger dealers seeing steady demand, with retailers taking memo goods and buying sought-after items for inventory. Long ovals and marquises hot. Retro cuts (old mine, old European) popular. Melee sluggish. Undesirable goods piling up for suppliers, as buyers are being selective.
Belgium
Sentiment more positive than before. Good market for long fancies, especially in G, SI1-SI2. Buyers picky about cut quality in 1 ct. and larger goods. Suppliers have completed most holiday sales. Gold appreciation enticing consumers to buy jewelry before prices rise again. Retailers focusing on selling existing diamond inventory and considering purchases for 2026. November polished exports down 23% year on year to $524.1 million.
Israel
Activity slowing ahead of holiday. Retailers mainly selling memo goods and waiting to replenish inventory until after season. Israel November polished exports up 34% year on year to $168.6 million on net basis following drop in returns.
India
Business slow for this time of year. Both overseas and domestic trading sluggish. Synthetics impacting natural market. Buyers reluctant to take on inventory. Industry awaiting news on US-India trade deal. Cut-price rough coming from Russia is causing concern.
Hong Kong
Steady interest in 1.70 to 3 ct., F-I, VS-SI diamonds in oval, emerald and marquise shapes. Local market picking up ahead of holiday and amid influx of overseas visitors. Goods under 1 ct. weak. Chinese appetite for 1.50 ct. and larger improving. Mainland retailers discounting ahead of festive season. Stores seeing low sales volumes.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 11, 2025
News:
US seeing steady holiday trading in 1.20 ct. and larger rounds and long fancies. Vendors filling last-minute orders. High-end retail solid. Rounds under 1.19 ct. slow. American wholesale market more positive than Indian. Manufacturers shifting from short ovals back to round brilliants amid glut of less desirable ovals, raising possibility of oversupply in rounds. Long ovals still strong, especially above 1.70 ct. IMF warns Botswana against increasing De Beers stake. Sightholders refuse rough at De Beers Dec. sight; miner changes assortments for 2026, moving 8-grainers (2 ct.) out of beneficiation boxes. Watches of Switzerland fiscal 1H sales +8% YOY to $1.1B, profit +53% to $59M.
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
Larger dealers seeing steady demand, with retailers taking memo goods and buying sought-after items for inventory. Long ovals and marquises hot. Retro cuts (old mine, old European) popular. Melee sluggish. Undesirable goods piling up for suppliers, as buyers are being selective.
Sentiment more positive than before. Good market for long fancies, especially in G, SI1-SI2. Buyers picky about cut quality in 1 ct. and larger goods. Suppliers have completed most holiday sales. Gold appreciation enticing consumers to buy jewelry before prices rise again. Retailers focusing on selling existing diamond inventory and considering purchases for 2026. November polished exports down 23% year on year to $524.1 million.
Activity slowing ahead of holiday. Retailers mainly selling memo goods and waiting to replenish inventory until after season. Israel November polished exports up 34% year on year to $168.6 million on net basis following drop in returns.
Business slow for this time of year. Both overseas and domestic trading sluggish. Synthetics impacting natural market. Buyers reluctant to take on inventory. Industry awaiting news on US-India trade deal. Cut-price rough coming from Russia is causing concern.
Steady interest in 1.70 to 3 ct., F-I, VS-SI diamonds in oval, emerald and marquise shapes. Local market picking up ahead of holiday and amid influx of overseas visitors. Goods under 1 ct. weak. Chinese appetite for 1.50 ct. and larger improving. Mainland retailers discounting ahead of festive season. Stores seeing low sales volumes.
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