Market Comment

News: Industry seeking clarity on new US customs rules requiring mine source and on Donald Trump’s Canada tariff plan. Rough market cautious ahead of Feb. 24 De Beers sight, with dealers unsure about lower prices. Polished market mixed: Diamonds with ideal proportions and no black center are in short supply, but other qualities over-inventoried. Good market for -2 melee; +11 weak. Elongated cushions hard to find. India manufactured more synthetic diamonds than natural by carat volume in Jan. Indian domestic jewelry demand softening as gold price breaks $2,900/oz. and wedding season nears end. Botswana predicts 3.3% GDP growth in 2025 and expects diamond market recovery in “latter part” of year.

Correction, February 16, 2025: The next De Beers sight begins on February 24, not February 17, as incorrectly stated in a previous version of this Rapaport Market Comment.

Fancies: Large fancy shapes doing better than rounds. Prices stable overall, and firm for 3 ct. and larger diamonds. Better stones are 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, 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.