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RAPAPORT ® TRADEWIRE ®
February 5, 2026
Rapaport Market Comment - February 5, 2026

President Donald Trump’s announcement of US-India trade deal lifts sentiment. Agreement could reduce tariffs on jewelry to 18%, with speculation that diamonds and gems might become exempt. Market expects pause in India exports to US as dealers await final terms. Jan. sees more moderate price declines, with 0.30 and 1 ct. RAPI -1.3%, 0.50 ct. -1.2%. Round prices stable in early Feb. US retail and wholesale steady. Positive reports from Centurion show and Tucson gem fairs. De Beers reviews company value again, slashes 2026 production plan to 21M-26M cts. from 26M-29M cts.; miner’s 2025 rough prices -25%, including special deals. Busy rough-trading events lifting mood in Antwerp.

 

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -0.08% -0.96% -21.28%
0.50 ct -0.67% -1.39% -26.66%
1.00 ct -0.11% -1.21% -8.78%
2.00 ct -0.12% -0.90% -2.32%
3.00 ct -0.14% -1.79% -1.10%
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Market Reports
United States: Arizona shows reflect good market for colored gemstones and higher-end diamond jewelry, with brisk trading at Tucson exhibitions (AGTA GemFair, GJX) and Centurion show in Phoenix…
United States: Arizona shows reflect good market for colored gemstones and higher-end diamond jewelry, with brisk trading at Tucson exhibitions (AGTA GemFair, GJX) and Centurion show in Phoenix…
Belgium: Sentiment improving amid good market for 5 ct. and larger stones, US-India trade deal, and increase in local rough trading…
Belgium: Sentiment improving amid good market for 5 ct. and larger stones, US-India trade deal, and increase in local rough trading…
Israel: Market slow but stable…
Israel: Market slow but stable…
<b data-lazy-src=  India: Industry will need to downsize to balance supply and demand…
Hong Kong: Market expecting decent traffic but unsure if this will translate into sales…
Hong Kong: Market expecting decent traffic but unsure if this will translate into sales…
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US-India Deal Sparks Hopes of 0% Tariffs on Diamonds
By Joshua Freedman

For now, nothing is final; exemption remains a few steps away.

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1-carat RAPI down 1.3% in January.
Decline in Diamond Prices Eases
1-carat RAPI down 1.3% in January.
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Miner slashes production guidance for full year to match demand.
Anglo American Mulls Third Cut to De Beers Value
Miner slashes production guidance for full year to match demand.
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New rate is meaningful reduction, but further easing is necessary to fully revive demand and stabilize exports, industry says.
Trump Slashes India Tariff to 18% After Agreement with Modi
New rate is meaningful reduction, but further easing is necessary to fully revive demand and stabilize exports, industry says.
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Revenue up 12% year on year for eight-week period ending December 27.
Birks Records Increase in Holiday Sales
Revenue up 12% year on year for eight-week period ending December 27.
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Revenue fell 7% in 2025.
China, Hong Kong Slowdown Sees Swatch Sales Slip
Revenue fell 7% in 2025.
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Consumers are likely to shell out $7 billion on the category before February 14.
Valentine’s Day Jewelry Spending to Reach Record Highs – NRF
Consumers are likely to shell out $7 billion on the category before February 14.
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Revenue from jewelry, watches, clocks and valuable gifts up 14% year on year.
Hong Kong Luxury Sales Continue to Climb in December
Revenue from jewelry, watches, clocks and valuable gifts up 14% year on year.
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Watches under pressure, with an estimated drop of 14% to 17%.
Bain: Jewelry Sees Improvement in China for 2025
Watches under pressure, with an estimated drop of 14% to 17%.
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Sales down 36% to $97.7 million in 2025.
Gem Diamonds Full-Year Revenue Dips
Sales down 36% to $97.7 million in 2025.
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Rough sales down 38% year on year in fourth quarter.
Burgundy Revenue Slides Amid Continued Market Challenges
Rough sales down 38% year on year in fourth quarter.
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HRD Antwerp inaugurates facility in Hyderabad, while IGI opens in Sitapura, Jaipur.
Two New Jewelry-Certification Labs Launch in India
HRD Antwerp inaugurates facility in Hyderabad, while IGI opens in Sitapura, Jaipur.
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Headquartered in New York, American Gemological Laboratories carries out analysis and provenance reporting.
IGI Acquires US Colored-Gemstone Lab
Headquartered in New York, American Gemological Laboratories carries out analysis and provenance reporting.
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Move aims to combat rising silver and gold prices.
Pandora Expands Product Line to Include Platinum-Plated Jewelry
Move aims to combat rising silver and gold prices.
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Three stones in submitted necklace and earrings showed signs of the clarity treatment, lab says.
GIA Detects Fracture-Filled Diamonds in Jewelry
Three stones in submitted necklace and earrings showed signs of the clarity treatment, lab says.
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X-ray identifies large cavities containing foreign materials.
GIA Examines Heart-Shaped Pearls with Unusual Internal Structure
X-ray identifies large cavities containing foreign materials.
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