The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
January 22, 2026
News:
De Beers sightholders estimate sharp price cuts at Jan. sight, especially in 0.75 to 2 ct., with increases in 5 ct. and larger. Miner shifts to one-line invoices, limiting price transparency. India trading slow amid soft polished prices. Vicenza show reflects positive market for high-end jewelry. Uncertainty in Europe due to Greenland tensions. India 2025 polished exports after returns -10% to $8.3B due to price declines, with volume +5% to 15M cts. as shipments to UAE and Hong Kong offset US slump. Rough imports -8% to $11.1B. Botswana predicts continued low mining production as country ends 2025 with inventory of 12M cts.
Fancies:
Long fancy shapes such as Ovals, Marquises and Emeralds 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
Growing uncertainty around tariffs and geopolitics. Small dealers suffering from lack of access to supply. Large wholesalers gaining market share and selling to retailers at steady rate. Stable memo demand for 1.50 ct. and larger diamonds in long fancy shapes, with antique cuts popular. Inventory hard to replace. Round diamonds under 1.20 ct. weak.
Belgium
Market split continues, with diamonds under 1 ct. soft and 2 ct. and bigger steady. Good sentiment in large-stone segment. Fancy shapes moving, especially ovals and marquises. Buyers purchasing on demand and not for inventory. US-Greenland situation creating concerns about future tariffs and geopolitical instability.
Israel
Activity low amid ongoing impact of US tariffs and general weak demand. Dealers still hoping for Israeli exemption on import duties for diamonds.
India
Market quiet amid sluggish overseas demand. Traders cautious following De Beers price cuts. Buyers reluctant to acquire inventory without confirmed orders. High gold prices impacting domestic jewelry demand.
Hong Kong
Diamond demand still weak across greater China. Suppliers trying to reduce inventory. Luk Fook reports stabilization of sales of gold and diamond jewelry in October-to-December quarter. Chow Tai Fook sees steady gold demand. Mainland VAT hike pushing locals to shop in Hong Kong.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
January 22, 2026
News:
De Beers sightholders estimate sharp price cuts at Jan. sight, especially in 0.75 to 2 ct., with increases in 5 ct. and larger. Miner shifts to one-line invoices, limiting price transparency. India trading slow amid soft polished prices. Vicenza show reflects positive market for high-end jewelry. Uncertainty in Europe due to Greenland tensions. India 2025 polished exports after returns -10% to $8.3B due to price declines, with volume +5% to 15M cts. as shipments to UAE and Hong Kong offset US slump. Rough imports -8% to $11.1B. Botswana predicts continued low mining production as country ends 2025 with inventory of 12M cts.
Fancies:
Long fancy shapes such as Ovals, Marquises and Emeralds 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
Growing uncertainty around tariffs and geopolitics. Small dealers suffering from lack of access to supply. Large wholesalers gaining market share and selling to retailers at steady rate. Stable memo demand for 1.50 ct. and larger diamonds in long fancy shapes, with antique cuts popular. Inventory hard to replace. Round diamonds under 1.20 ct. weak.
Market split continues, with diamonds under 1 ct. soft and 2 ct. and bigger steady. Good sentiment in large-stone segment. Fancy shapes moving, especially ovals and marquises. Buyers purchasing on demand and not for inventory. US-Greenland situation creating concerns about future tariffs and geopolitical instability.
Activity low amid ongoing impact of US tariffs and general weak demand. Dealers still hoping for Israeli exemption on import duties for diamonds.
Market quiet amid sluggish overseas demand. Traders cautious following De Beers price cuts. Buyers reluctant to acquire inventory without confirmed orders. High gold prices impacting domestic jewelry demand.
Diamond demand still weak across greater China. Suppliers trying to reduce inventory. Luk Fook reports stabilization of sales of gold and diamond jewelry in October-to-December quarter. Chow Tai Fook sees steady gold demand. Mainland VAT hike pushing locals to shop in Hong Kong.
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
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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