News: US customs issues notice requiring “country of mining” for diamond imports, effective April, based on Russian sanctions for 0.50 ct. and larger sizes. We expect this regulation to change. President Trump imposes additional 10% tariffs on Chinese goods. Polished quiet after slow 2025 start, with 1 ct. RAPI -2.3% in Jan. Lower restocking than usual for this time of year. Good traffic at Centurion and AGTA shows. De Beers slashes 2025 production plan by 10M cts. to 20M-23M cts. and confirms Botswana deal. Shift to larger goods at Okavango Jan. sale pushes average price up to $218/ct. from $122/ct. in Oct. New RapNet gemstone service launches at Tucson AGTA show. Watch Martin Rapaport webinar here.
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.
United States:
Market mixed during first-quarter restocking season. Industry members have gathered in Arizona for shows. Good traffic at Centurion show in Phoenix. Steady gemstone trading at AGTA fair in Tucson. Jewelers preparing for Valentine’s Day. Retailers focusing on memo. All eyes on unclear origin rules for US diamond imports, which will go into effect in April. Uncertainty around Trump tariff policy.
Belgium:
Market quiet overall. Dealers hoping for better activity once rough tenders get underway next week. Supply relatively low following small De Beers sight and Alrosa sale. Steady demand for round, 0.30 to 0.50 ct., D-F, IF-VVS goods. Colored diamonds doing okay, especially yellows.
Israel:
Business slow. Dealers making fewer buying trips than in past years, as there is little appetite for inventory. Exporters waiting for news on US import requirements and Trump tariffs. Stable sales of oval, radiant and emerald cuts in elongated shapes.
India:
Sentiment improving as supply shortages boost market for select items. Buyers have very specific demand. US orders mixed. China slow. Indian domestic sales supporting market for small goods. Polished production increasing gradually but unlikely to return to full capacity soon.
Hong Kong:
Trade returning slowly after Chinese New Year. Many dealers still on vacation. Retail quiet. Hong Kong residents’ overseas travel impacting local spending. Jewelry manufacturers likely to remain closed until mid-February.
Market Comment
News: US customs issues notice requiring “country of mining” for diamond imports, effective April, based on Russian sanctions for 0.50 ct. and larger sizes. We expect this regulation to change. President Trump imposes additional 10% tariffs on Chinese goods. Polished quiet after slow 2025 start, with 1 ct. RAPI -2.3% in Jan. Lower restocking than usual for this time of year. Good traffic at Centurion and AGTA shows. De Beers slashes 2025 production plan by 10M cts. to 20M-23M cts. and confirms Botswana deal. Shift to larger goods at Okavango Jan. sale pushes average price up to $218/ct. from $122/ct. in Oct. New RapNet gemstone service launches at Tucson AGTA show. Watch Martin Rapaport webinar here.
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.
Market mixed during first-quarter restocking season. Industry members have gathered in Arizona for shows. Good traffic at Centurion show in Phoenix. Steady gemstone trading at AGTA fair in Tucson. Jewelers preparing for Valentine’s Day. Retailers focusing on memo. All eyes on unclear origin rules for US diamond imports, which will go into effect in April. Uncertainty around Trump tariff policy.
Market quiet overall. Dealers hoping for better activity once rough tenders get underway next week. Supply relatively low following small De Beers sight and Alrosa sale. Steady demand for round, 0.30 to 0.50 ct., D-F, IF-VVS goods. Colored diamonds doing okay, especially yellows.
Business slow. Dealers making fewer buying trips than in past years, as there is little appetite for inventory. Exporters waiting for news on US import requirements and Trump tariffs. Stable sales of oval, radiant and emerald cuts in elongated shapes.
Sentiment improving as supply shortages boost market for select items. Buyers have very specific demand. US orders mixed. China slow. Indian domestic sales supporting market for small goods. Polished production increasing gradually but unlikely to return to full capacity soon.
Trade returning slowly after Chinese New Year. Many dealers still on vacation. Retail quiet. Hong Kong residents’ overseas travel impacting local spending. Jewelry manufacturers likely to remain closed until mid-February.
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