New York, NY – October 6, 2026 – Diamond prices continued their recovery in September, with small stones in higher qualities posting the strongest gains despite a seasonally slow month.
The factors behind the rebound remained the same: Lower supply magnified the impact that rising demand had on prices. Round diamonds again outperformed fancy shapes, as the former’s production had dropped more sharply than the latter’s in earlier months.
The Rapaport Trade Diamond Index (RAPI™), which tracks asking prices for round, D-H, IF-VS2 goods, rose 3.2% for 0.30-carat diamonds and 2.5% for 0.50-carat goods. The 1-carat index saw a second consecutive increase, rising 0.3%. The 3-carat index advanced 1.5%, mostly thanks to growth during the month’s second half.
The 0.30- and 0.50-carat indices are up 15.1% and 5.8% respectively for the year to date. On September 11, the Rapaport Price List increased for certain round, 0.30- to 0.69-carat, D-G, VVS1-SI1 diamonds, reflecting gains over recent months.
Market sentiment improved in September. US retailers actively bought rounds, with demand for 1- to 2-carat, F-I, VS2-SI2 diamonds continuing to recover. Low supply in some categories kept prices firm. Goods 2 carats and up performed well. Smaller, lower-quality diamonds stayed under pressure from lab-grown competition.
Polished manufacturing remained low overall. The Jewish holidays slowed trading in the US, Belgium and Israel, and India was quiet during religious festivals.
The Jewellery & Gem World Hong Kong show reflected a mixed market: Demand for 2-carat-plus diamonds was solid, but few Chinese buyers attended, and smaller, lower-quality stones were hard to move. Finished jewelry was strong.
Anglo American’s process of selling De Beers continued to create uncertainty. Separately, the latest De Beers sight pointed to a steady but cautious rough market.
The industry continues to downsize. Mountain Province agreed to hand its 49% stake in the Gahcho Kué mine to De Beers – which already owned the remaining 51% – in a restructuring that clears Mountain Province’s outstanding debt to the miner. Petra Diamonds is reviewing options that include a possible asset sale.
Media contact: media@rapaport.com
About the Rapaport Trade Diamond Index (RAPI™): The RAPI is the average asking price 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 Rapaport Trade® (formerly RapNet) at rapaport.com/trade. Additional information is available at rapaport.com.
About the Rapaport Group: The Rapaport Group includes Rapaport News, which delivers industry-leading content across digital platforms, including news coverage, interviews, editorial features, original storytelling, and branded content initiatives; Rapaport Intelligence, which provides in-depth research on the global diamond and colored-gemstone markets, including demand and pricing trends and the benchmark diamond Price List; Rapaport Trade (formerly RapNet), the world’s largest online diamond- and gemstone-trading marketplace, with over $8 billion in daily diamond, gem and jewelry listings; and Rapaport Auctions, the world’s largest recycler of diamonds.
