The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
February 26, 2026
News:
Supreme Court ruling against President Donald Trump’s tariffs is fueling uncertainty. US replaces reciprocal tariffs with flat 10% duty; Belgium loses diamond exemption, with India unsure if it is still on track for 0% rate. Industry seeking exemptions for diamonds and gemstones. Anglo American reduces De Beers’ book value from $4.1B to $2.3B; De Beers 2025 revenue +6% to $3.5B, but loss deepened to $739M due to bulk sales at low margins. De Beers raises prices of 5 ct.+ rough at Feb. sight; small goods slow to sell. Mixed expectations for Hong Kong shows. Five workers reportedly presumed dead after mudslide at Ekapa mine in Kimberley; owners reportedly file for liquidation.
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. Marquise is most expensive fancy shape. 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
Prices for 0.30 to 0.90 ct. diamonds in US have declined since February 2 India trade deal, reflecting expectations that category will be exempt from tariffs. Some demand for 1 ct., G-H, VS-SI stones. Sentiment steady, with good sales of 2 ct. and larger, F-G, VS-SI diamonds in rounds and long fancies, especially cushions and ovals. Retailers making outright inventory purchases. Rough prices firming, especially for material yielding 2 ct. and larger polished. Snowstorm limiting activity in New York market.
Belgium
Activity improving in both rough and polished. Larger diamonds moving well. Goods in short supply. Democratic Republic of Congo’s SACIM sells 288,000 cts. of rough at Antwerp tender.
Israel
Dealers report steady prices for nice 3 ct. and larger fancy shapes, especially ovals. Demand has been strong for several months but has cooled in past two weeks, with no impact on prices. F-I, VS2-SI2 diamonds moving well. No difficulties selling diamonds with faint fluorescence. 6 ct. goods gaining in popularity because of rising 7 ct. prices.
India
Overall sentiment mixed. Market in state of confusion over US tariffs. Moderate expectations for next week’s Hong Kong show. -2 melee (under 0.01 ct.) in demand and short supply. European and Middle East orders improving.
Hong Kong
Market quiet through end of month, but Hong Kong dealers have returned to prepare for upcoming shows (March 2 to 8). Mixed expectations for fair. Steady demand for 1.50 to 3 ct., D-F, VVS diamonds in rounds and long fancies with GIA reports. Synthetics taking share of fashion segment. 0.50 to 1.50 ct. ovals, pears and rounds moving for bridal pieces, but buyers requiring eye-clean appearance.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
February 26, 2026
News:
Supreme Court ruling against President Donald Trump’s tariffs is fueling uncertainty. US replaces reciprocal tariffs with flat 10% duty; Belgium loses diamond exemption, with India unsure if it is still on track for 0% rate. Industry seeking exemptions for diamonds and gemstones. Anglo American reduces De Beers’ book value from $4.1B to $2.3B; De Beers 2025 revenue +6% to $3.5B, but loss deepened to $739M due to bulk sales at low margins. De Beers raises prices of 5 ct.+ rough at Feb. sight; small goods slow to sell. Mixed expectations for Hong Kong shows. Five workers reportedly presumed dead after mudslide at Ekapa mine in Kimberley; owners reportedly file for liquidation.
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. Marquise is most expensive fancy shape. 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
Prices for 0.30 to 0.90 ct. diamonds in US have declined since February 2 India trade deal, reflecting expectations that category will be exempt from tariffs. Some demand for 1 ct., G-H, VS-SI stones. Sentiment steady, with good sales of 2 ct. and larger, F-G, VS-SI diamonds in rounds and long fancies, especially cushions and ovals. Retailers making outright inventory purchases. Rough prices firming, especially for material yielding 2 ct. and larger polished. Snowstorm limiting activity in New York market.
Activity improving in both rough and polished. Larger diamonds moving well. Goods in short supply. Democratic Republic of Congo’s SACIM sells 288,000 cts. of rough at Antwerp tender.
Dealers report steady prices for nice 3 ct. and larger fancy shapes, especially ovals. Demand has been strong for several months but has cooled in past two weeks, with no impact on prices. F-I, VS2-SI2 diamonds moving well. No difficulties selling diamonds with faint fluorescence. 6 ct. goods gaining in popularity because of rising 7 ct. prices.
Overall sentiment mixed. Market in state of confusion over US tariffs. Moderate expectations for next week’s Hong Kong show. -2 melee (under 0.01 ct.) in demand and short supply. European and Middle East orders improving.
Market quiet through end of month, but Hong Kong dealers have returned to prepare for upcoming shows (March 2 to 8). Mixed expectations for fair. Steady demand for 1.50 to 3 ct., D-F, VVS diamonds in rounds and long fancies with GIA reports. Synthetics taking share of fashion segment. 0.50 to 1.50 ct. ovals, pears and rounds moving for bridal pieces, but buyers requiring eye-clean appearance.
Previous Market Comments
Market Comment: July 9, 2026
Market Comment: July 2, 2026
Market Comment: June 25, 2026
Market Comment: June 18, 2026
Market Comment: June 11, 2026
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Previous Market Comments
Market Comment: July 9, 2026
Market Comment: July 2, 2026
Market Comment: June 25, 2026
Market Comment: June 18, 2026
Market Comment: June 11, 2026
Market Comment: June 4, 2026