The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
April 10, 2025
News:
Market facing historic uncertainty as US implements 10% tariffs and postpones higher rates by 90 days. China hit with 125% duty. Trading frozen amid concerns about impact on consumer demand and pricing. Companies sent diamonds to US before Apr. 9 in expectation of 26% tariff on Indian goods, which did not go into effect. US inventory gained value. Signet not allowing price changes for confirmed orders. GIA stops accepting goods that need to be shipped to US labs, expands Hong Kong and Dubai services. Petra postpones Cullinan tender. EU omits diamonds from reciprocal tariffs. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON APR. 18 DUE TO THE JEWISH HOLIDAY OF PASSOVER.
Fancies:
Large fancy shapes doing better than rounds. Prices stable or increasing for 2 ct. and larger diamonds. High-quality stones hard to find. Solid US interest in elongated Ovals with good shape and quality in D-I, VS-SI categories. Elongated Emeralds, Radiants and Pears in 2.50 to 2.99 ct. sizes trading at significant premiums. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.
Country Comments
United States
Dealers confused about tariffs as President Donald Trump postpones reciprocal 26% rate on Indian goods by 90 days but hikes China duties to 125%. Baseline rate of 10% remains. Impact on memo unclear. Indian companies shifted goods to US branches ahead of expected tariff deadline (April 5 for 10% rate, April 9 for 26% rate). US inventory gaining value, as it is tariff-free, but industry expects shortages as goods dry up in coming months. Retailers likely to pass extra costs on to consumers. Market worries this will affect sales volume. Huge tariffs on China threaten supply of mid-market jewelry. Focus turning to June Las Vegas shows.
Belgium
Trading quiet ahead of Passover and Easter festivals. US tariff policy causing deep concern and threatening to stall market recovery. EU decides not to impose retaliatory duties on US diamonds. Antwerp World Diamond Centre (AWDC) creates information page. Rough sector uncertain due to questions over polished demand.
Israel
Market at standstill due to tariff situation. New 10% import duties make business hard for dealers who travel frequently to and from US to sell. Companies with US branches having easier time but will run out of goods in coming months as fresh Indian production incurs 10% rate. Israel Diamond Exchange withdraws from World Federation of Diamond Bourses (WFDB).
India
Industry in shock over tariffs, voicing fears that trade war will reverse market improvement. Manufacturers and dealers sent goods to US in anticipation of duties. Companies with US offices have more flexibility. Many confused about memo, trade shows and grading. Indian domestic market gaining importance but seasonally slower due to end of wedding period. Melee demand steady.
Hong Kong
US-China trade war creating concern about Hong Kong’s future as diamond center. Dealers seeking buyers outside America. Chinese jewelry manufacturing likely to suffer. Steady demand for small goods. Mainland slow amid soaring gold prices and low appetite for diamonds.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
April 10, 2025
News:
Market facing historic uncertainty as US implements 10% tariffs and postpones higher rates by 90 days. China hit with 125% duty. Trading frozen amid concerns about impact on consumer demand and pricing. Companies sent diamonds to US before Apr. 9 in expectation of 26% tariff on Indian goods, which did not go into effect. US inventory gained value. Signet not allowing price changes for confirmed orders. GIA stops accepting goods that need to be shipped to US labs, expands Hong Kong and Dubai services. Petra postpones Cullinan tender. EU omits diamonds from reciprocal tariffs. THE RAPAPORT PRICE LIST WILL NOT BE PUBLISHED ON APR. 18 DUE TO THE JEWISH HOLIDAY OF PASSOVER.
Fancies:
Large fancy shapes doing better than rounds. Prices stable or increasing for 2 ct. and larger diamonds. High-quality stones hard to find. Solid US interest in elongated Ovals with good shape and quality in D-I, VS-SI categories. Elongated Emeralds, Radiants and Pears in 2.50 to 2.99 ct. sizes trading at significant premiums. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.
Country Comments
Dealers confused about tariffs as President Donald Trump postpones reciprocal 26% rate on Indian goods by 90 days but hikes China duties to 125%. Baseline rate of 10% remains. Impact on memo unclear. Indian companies shifted goods to US branches ahead of expected tariff deadline (April 5 for 10% rate, April 9 for 26% rate). US inventory gaining value, as it is tariff-free, but industry expects shortages as goods dry up in coming months. Retailers likely to pass extra costs on to consumers. Market worries this will affect sales volume. Huge tariffs on China threaten supply of mid-market jewelry. Focus turning to June Las Vegas shows.
Trading quiet ahead of Passover and Easter festivals. US tariff policy causing deep concern and threatening to stall market recovery. EU decides not to impose retaliatory duties on US diamonds. Antwerp World Diamond Centre (AWDC) creates information page. Rough sector uncertain due to questions over polished demand.
Market at standstill due to tariff situation. New 10% import duties make business hard for dealers who travel frequently to and from US to sell. Companies with US branches having easier time but will run out of goods in coming months as fresh Indian production incurs 10% rate. Israel Diamond Exchange withdraws from World Federation of Diamond Bourses (WFDB).
Industry in shock over tariffs, voicing fears that trade war will reverse market improvement. Manufacturers and dealers sent goods to US in anticipation of duties. Companies with US offices have more flexibility. Many confused about memo, trade shows and grading. Indian domestic market gaining importance but seasonally slower due to end of wedding period. Melee demand steady.
US-China trade war creating concern about Hong Kong’s future as diamond center. Dealers seeking buyers outside America. Chinese jewelry manufacturing likely to suffer. Steady demand for small goods. Mainland slow amid soaring gold prices and low appetite for diamonds.
Previous Market Comments
Market Comment: May 15, 2025
Market Comment: May 8, 2025
Market Comment: May 1, 2025
Market Comment: April 24, 2025
Market Comment: April 17, 2025
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Previous Market Comments
Market Comment: May 15, 2025
Market Comment: May 8, 2025
Market Comment: May 1, 2025
Market Comment: April 24, 2025
Market Comment: April 17, 2025
Market Comment: April 10, 2025