The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
February 13, 2025
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.
Country Comments
United States
Trade reflecting on first-quarter shows, with mixed reviews from Centurion and AGTA GemFair. High end doing better than mid-market segment. Colored-gemstone dealers happier than diamond companies. Steady demand for 1.20, 1.70 and 2.50 ct. rounds and fancies with G-I, VS-SI2 quality. Good market for 2 ct. and larger elongated ovals. January’s 3% inflation figure causing concern.
Belgium
Lack of confidence in the market. February has been slower than January. Traders don’t expect business to recover soon. Good traffic at rough tenders, with focus on upcoming De Beers sight. Well-made fancy shapes in short supply. Gemstones doing better than diamonds.
Israel
Local market slow. Concerns about US import requirements and possibility of Trump tariffs on Canadian goods. Industry watching De Beers’ pricing strategy at next week’s sight.
India
Activity low amid mixed US demand and lack of orders from China. Domestic jewelry demand weaker than before. Manufacturing still below capacity. January net polished exports down 12% year on year at $757.2 million after returns, with net rough imports falling 37% year on year to $697.4 million. Many small traders are not active in the market.
Hong Kong
Market seasonally quiet after Lunar New Year. Not much retail activity at this time of year. Dealers gradually returning. Chinese jewelers focusing on online sales, which show steady demand for low-budget goods such as pearls and gemstones. Competition from synthetics is increasing, as consumers lack confidence in diamonds as an investment. Engagement and wedding jewelry supporting natural segment.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
February 13, 2025
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.
Country Comments
Trade reflecting on first-quarter shows, with mixed reviews from Centurion and AGTA GemFair. High end doing better than mid-market segment. Colored-gemstone dealers happier than diamond companies. Steady demand for 1.20, 1.70 and 2.50 ct. rounds and fancies with G-I, VS-SI2 quality. Good market for 2 ct. and larger elongated ovals. January’s 3% inflation figure causing concern.
Lack of confidence in the market. February has been slower than January. Traders don’t expect business to recover soon. Good traffic at rough tenders, with focus on upcoming De Beers sight. Well-made fancy shapes in short supply. Gemstones doing better than diamonds.
Local market slow. Concerns about US import requirements and possibility of Trump tariffs on Canadian goods. Industry watching De Beers’ pricing strategy at next week’s sight.
Activity low amid mixed US demand and lack of orders from China. Domestic jewelry demand weaker than before. Manufacturing still below capacity. January net polished exports down 12% year on year at $757.2 million after returns, with net rough imports falling 37% year on year to $697.4 million. Many small traders are not active in the market.
Market seasonally quiet after Lunar New Year. Not much retail activity at this time of year. Dealers gradually returning. Chinese jewelers focusing on online sales, which show steady demand for low-budget goods such as pearls and gemstones. Competition from synthetics is increasing, as consumers lack confidence in diamonds as an investment. Engagement and wedding jewelry supporting natural segment.
Previous Market Comments
Market Comment: June 5, 2025
Market Comment: May 29, 2025
Market Comment: May 22, 2025
Market Comment: May 15, 2025
Market Comment: May 8, 2025
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Previous Market Comments
Market Comment: June 5, 2025
Market Comment: May 29, 2025
Market Comment: May 22, 2025
Market Comment: May 15, 2025
Market Comment: May 8, 2025
Market Comment: May 1, 2025