The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
February 12, 2026
News:
Mood improving following US-India trade deal. US lowers reciprocal tariffs on India diamonds and jewelry to 25%, will abolish duty on diamonds and gemstones once agreement is final. De Beers sale and geopolitical tensions causing ongoing uncertainty in rough and polished. Anglo American reportedly expects to sell De Beers to public-private consortium, with Botswana likely to increase stake. NRF predicts $7B US jewelry sales for Valentine’s Day (Feb. 14). China slow ahead of Lunar New Year (Feb. 17). High gold price reducing jewelry demand. Singer Bad Bunny wears natural “Desert Diamonds” ear stud at Super Bowl. Wishing all our friends a happy and successful Year of the Horse.
Fancies:
Long fancy shapes such as Ovals, Marquises and Emeralds 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
Sentiment good. Retail doing well ahead of Valentine’s Day. Dealers reflecting on positive Tucson fairs and Centurion show in Phoenix, Arizona, with jewelers placing orders for coming months. Steady memo demand for 1.50 ct. and larger, F-H, VS-SI, 3X diamonds in rounds and long fancies; antique shapes popular.
Belgium
Market cautious, especially regarding small goods. Some movement in fancy shapes. Belgium polished exports up 15% at $420.6 million in January, with rough imports down 11% at $205.1 million. Synthetics creating concerns.
Israel
Diamond exchange quiet. Dealers focusing on overseas business. Buyers limiting business trips due to security situation. US-India deal set to remove tariffs on most diamonds traded in Israel, but sector’s problems go deeper. Israel January polished exports up 12% from last year on net basis at $174.5 million; rough imports up 11% at $75.5 million.
India
Sentiment better than before trade deal with US, but uncertainty remains. Large Indian retailers report strong sales, with Titan Company fiscal third-quarter jewelry revenue rising 46% year on year to $2.59 billion. Low expectations for Hong Kong shows (March 2-8). Slow market for low-quality melee.
Hong Kong
Diamond sales remain sluggish; gold is main focus for Chinese New Year gifting. Long fancies in 1.20 to 2.99 ct., F-I, VS-SI ranges selling well in local market. Goods under 1 ct. weak. Mainland trading volumes low as dealers slow down for festival.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
February 12, 2026
News:
Mood improving following US-India trade deal. US lowers reciprocal tariffs on India diamonds and jewelry to 25%, will abolish duty on diamonds and gemstones once agreement is final. De Beers sale and geopolitical tensions causing ongoing uncertainty in rough and polished. Anglo American reportedly expects to sell De Beers to public-private consortium, with Botswana likely to increase stake. NRF predicts $7B US jewelry sales for Valentine’s Day (Feb. 14). China slow ahead of Lunar New Year (Feb. 17). High gold price reducing jewelry demand. Singer Bad Bunny wears natural “Desert Diamonds” ear stud at Super Bowl. Wishing all our friends a happy and successful Year of the Horse.
Fancies:
Long fancy shapes such as Ovals, Marquises and Emeralds 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
Sentiment good. Retail doing well ahead of Valentine’s Day. Dealers reflecting on positive Tucson fairs and Centurion show in Phoenix, Arizona, with jewelers placing orders for coming months. Steady memo demand for 1.50 ct. and larger, F-H, VS-SI, 3X diamonds in rounds and long fancies; antique shapes popular.
Market cautious, especially regarding small goods. Some movement in fancy shapes. Belgium polished exports up 15% at $420.6 million in January, with rough imports down 11% at $205.1 million. Synthetics creating concerns.
Diamond exchange quiet. Dealers focusing on overseas business. Buyers limiting business trips due to security situation. US-India deal set to remove tariffs on most diamonds traded in Israel, but sector’s problems go deeper. Israel January polished exports up 12% from last year on net basis at $174.5 million; rough imports up 11% at $75.5 million.
Sentiment better than before trade deal with US, but uncertainty remains. Large Indian retailers report strong sales, with Titan Company fiscal third-quarter jewelry revenue rising 46% year on year to $2.59 billion. Low expectations for Hong Kong shows (March 2-8). Slow market for low-quality melee.
Diamond sales remain sluggish; gold is main focus for Chinese New Year gifting. Long fancies in 1.20 to 2.99 ct., F-I, VS-SI ranges selling well in local market. Goods under 1 ct. weak. Mainland trading volumes low as dealers slow down for festival.
Previous Market Comments
Market Comment: June 11, 2026
Market Comment: June 4, 2026
Market Comment: May 28, 2026
Market Comment: May 20, 2026
Market Comment: May 14, 2026
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Previous Market Comments
Market Comment: June 11, 2026
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