The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 18, 2025
News:
US consumer demand steady as retailers make final festive push. NRF predicts record 158.9M shoppers on Super Saturday (Dec. 20). US suppliers fulfilling last-minute orders and satisfied with sales, but weakness in 0.30 to 0.50 ct. prompting them to reduce prices of local goods. 2 ct. stable. Prices of 3 to 4 ct. fancies firm amid strong demand, with rounds in that size seeing stable prices. 7 ct. and larger doing well. Rough slow following De Beers sight; market predicts possible Jan. price cut. India Nov. polished exports +38% YOY to $920M, rough imports +59% YOY to $926M. Mexico approves tariffs on Indian goods; diamonds likely spared for now. Rapaport wishes everyone happy holidays.
Fancies:
Long fancy shapes such as Oval, Marquise and Emerald 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
Retail market in crunch time ahead of Christmas. Suppliers reasonably happy with holiday season to date. High-end jewelers doing well. 7 ct. and larger stones hot. Lab-grown taking larger share of fashion segment, with strong demand for tennis bracelets and necklaces featuring synthetics.
Belgium
High-end jewelry outperforming rest of market. Good demand for 2 ct. and larger fancy shapes in H-I color and VS-SI2 clarity. Ovals and marquises doing well. Rough quiet amid oversupply, especially in smalls.
Israel
Most dealers have completed their holiday orders, with many now taking Hanukkah vacation. Last-minute calls coming in for larger, sought-after diamonds. Market split continues: 3 ct. and up robust, while goods under 1 ct. slow.
India
Market sluggish and sentiment low. Tariffs continuing to impact US exports despite November improvement in overall export figures. Indians unable to sell in large volumes. Many companies have set up US offices, removing need for buyers to visit India. Manufacturers moving into synthetics.
Hong Kong
Long fancies of 1.70 ct. and up selling well in local market. 2 ct. rounds in demand for bridal and gifting. Under 1 ct. weak. Chinese orders slow; businesses struggling to profit from classic mainland items (round, 0.30 to 0.50 ct., D-H, VS-SI, 3X goods). Dealers shifting to gold and synthetic diamonds.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
December 18, 2025
News:
US consumer demand steady as retailers make final festive push. NRF predicts record 158.9M shoppers on Super Saturday (Dec. 20). US suppliers fulfilling last-minute orders and satisfied with sales, but weakness in 0.30 to 0.50 ct. prompting them to reduce prices of local goods. 2 ct. stable. Prices of 3 to 4 ct. fancies firm amid strong demand, with rounds in that size seeing stable prices. 7 ct. and larger doing well. Rough slow following De Beers sight; market predicts possible Jan. price cut. India Nov. polished exports +38% YOY to $920M, rough imports +59% YOY to $926M. Mexico approves tariffs on Indian goods; diamonds likely spared for now. Rapaport wishes everyone happy holidays.
Fancies:
Long fancy shapes such as Oval, Marquise and Emerald 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
Retail market in crunch time ahead of Christmas. Suppliers reasonably happy with holiday season to date. High-end jewelers doing well. 7 ct. and larger stones hot. Lab-grown taking larger share of fashion segment, with strong demand for tennis bracelets and necklaces featuring synthetics.
High-end jewelry outperforming rest of market. Good demand for 2 ct. and larger fancy shapes in H-I color and VS-SI2 clarity. Ovals and marquises doing well. Rough quiet amid oversupply, especially in smalls.
Most dealers have completed their holiday orders, with many now taking Hanukkah vacation. Last-minute calls coming in for larger, sought-after diamonds. Market split continues: 3 ct. and up robust, while goods under 1 ct. slow.
Market sluggish and sentiment low. Tariffs continuing to impact US exports despite November improvement in overall export figures. Indians unable to sell in large volumes. Many companies have set up US offices, removing need for buyers to visit India. Manufacturers moving into synthetics.
Long fancies of 1.70 ct. and up selling well in local market. 2 ct. rounds in demand for bridal and gifting. Under 1 ct. weak. Chinese orders slow; businesses struggling to profit from classic mainland items (round, 0.30 to 0.50 ct., D-H, VS-SI, 3X goods). Dealers shifting to gold and synthetic diamonds.
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