Diamond Market Cautious at Start of Year

RAPAPORT PRESS RELEASE, January 6, 2026 — Diamond market trends intensified in December. Polished prices above 1 carat held up; diamonds under that fell sharply. The industry entered 2026 with the same dynamics and concerns that were present for most of last year.

US dealers were mainly positive about the season and were waiting for the results of memo conversions. Retailers managed inventory carefully, resulting in last-minute orders. Demand focused on 1.20-carat and larger diamonds, especially long fancies. Synthetics continued to gain market share in fashion jewelry.

India’s export business was slow because of US tariffs. Indian domestic demand also weakened in the past month, having been one of last year’s strongest markets. Nervousness about synthetics grew as Titan Company launched lab-grown brand beYon. China’s appetite for diamonds remained low.

The RapNet Diamond Index (RAPI™) for 1-carat goods — which tracks round, D to H, IF to VS2 diamonds — dropped 2.3% in December. The RAPI slid 9.3% for 0.30-carat diamonds and 6.4% for 0.50-carat goods, mostly reflecting declines in India. The 3-carat index increased 0.3%.

This split between large and small diamonds characterized 2025. While the 1-carat RAPI fell 9.9% for the year, the index for 0.30 carats slumped 20.3%, and 0.50-carat prices tumbled 26%. RAPI for 3-carat goods crept up 0.3%. Diamonds of 7 to 15 carats ended the year with strong demand.

SI-clarity goods, which the RAPI excludes, saw a weaker trend amid competition from synthetics. Prices for round, 1-carat, D to H, SI diamonds slid 24.1% in 2025. Smaller goods fell more sharply — mainly in the second half of the year, due to tariffs and to major retailers shifting away from natural.

The industry awaited a US-India trade deal and remained cautious about synthetics, the sale of De Beers, high gold prices, and sanctions on Russia. Current trends look set to continue, with long fancies outpacing rounds, and 1.20-carat and larger goods gaining popularity.

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.