Prices of Small Diamonds Rebound in April

RAPAPORT PRESS RELEASE, May 6, 2026 — Diamond prices saw mixed trends in April, with small stones recovering even as the 1-carat index continued to decline.

Production cuts reduced inventories and supported prices for 0.30- and 0.50-carat goods. This was partly a correction following heavy price drops throughout 2025. Larger diamonds saw a more negative trend during the month, having fared better than small ones last year. Goods located outside the US performed more positively during April than those in America.

The RapNet Diamond Index (RAPI™) — which tracks round, D-H, IF-VS2 goods — fell 1.4% for 1-carat diamonds, a slight improvement from March’s 1.7% decline. The RAPI for 0.30- and 0.50-carat diamonds rose 2.6% and 1.3%, respectively. The 3-carat index increased 0.3%, continuing its recent stability.

The number of 0.30- and 0.50-carat RAPI-quality diamonds on RapNet slid 16% and 8% respectively in April, reflecting declines in rough and polished output. By contrast, inventory of 1-carat RAPI-level diamonds increased 1.5%.

Prices for SI-clarity diamonds, which are outside the RAPI’s scope, were steady or moderately up. Round, D-H, SI1-SI2 diamonds rose 1% by value for 0.30 carats, and 0.4% for 0.50 carats.

Retail demand remained stable as dealers prepared for the Las Vegas shows. US orders for 2-carat-plus diamonds were steady in round and long fancy shapes ahead of Mother’s Day. Diamonds 7 carats and up were hot, especially in D-flawless.

Middle East tensions impacted sentiment. RapNet data indicated dealers shifting inventory of 1-carat and larger stones from Dubai to Antwerp during the Iran war in March.

India’s manufacturing sector slowed for the May summer recess, reducing already deflated rough demand. India’s first-quarter rough imports fell 23% year on year to $2.14 billion, with volume down 10% at 26.5 million carats. Insiders reported relatively low sales at De Beers’ April sight.

Uncertainty continued regarding Anglo American’s sale of De Beers. Three private bidders are in the running, as Rapaport News reported last month. Anglo expects to provide an update sometime this year.

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.