The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 10, 2025
News:
US delays tariff deadline to Aug. 1, adding to uncertainty as India trade deal remains unsigned. President Donald Trump threatens 30% tariffs on South Africa, 36% on Thailand and 30% on Sri Lanka. US retail demand steady; wholesale seasonally quiet. Indian diamond market under pressure, with manufacturers reducing costs, production and prices; estimates indicate that rough imports fell in June. Fancies doing better than rounds. Industry expecting stable prices at Jul. 14 De Beers sight. Titan shares -7% since Jul. 7 even though fiscal 1Q jewelry sales +18% YOY, as figure still below forecast amid gold-price surge. France upholds requirement to call lab-grown diamonds “synthetic.” David Kellie to step down as CEO of Natural Diamond Council.
Fancies:
Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions are illiquid.
Country Comments
United States
Dealers on summer vacation. Retail demand good. Shortages of desirable merchandise supporting market. Steady demand from retailers for 2 ct. and larger, F-I, VS-SI diamonds in long fancy shapes. Stable activity in antique goods.
Belgium
Small diamonds slow. Buyers delaying orders due to uncertainty over tariffs. Polished exports down 30% year on year at $3.14 billion in first half of 2025, with rough imports declining 35% to $1.69 billion.
Israel
Trading quiet as dealers await updates on US tariffs. Local industry hoping Israel will secure tariff-free deal. First-half polished exports down 31% year on year at $805 million, with rough imports falling 38% to $324.5 million.
India
Sentiment weak, especially for dealers in diamonds under 1.20 ct. Companies under pressure to sell. Small-business bankruptcies reported amid ongoing liquidity issues. Suppliers preferring short-term memo to reduce risks. Manufacturers cutting costs and polished production. Mixing synthetics into natural parcels remains a concern.
Hong Kong
Chinese market quiet, with consumers focusing on round, 0.30 to 0.50 ct., E-I, VS-SI diamonds. Melee slow in Hong Kong trade. Fancy shapes over 2 ct. in demand. Hong Kong retailers cautious about restocking, preferring to move their current inventory first. Japan showing steady demand for 0.50 to 1 ct., F-J, VS-SI, 3X diamonds.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 10, 2025
News:
US delays tariff deadline to Aug. 1, adding to uncertainty as India trade deal remains unsigned. President Donald Trump threatens 30% tariffs on South Africa, 36% on Thailand and 30% on Sri Lanka. US retail demand steady; wholesale seasonally quiet. Indian diamond market under pressure, with manufacturers reducing costs, production and prices; estimates indicate that rough imports fell in June. Fancies doing better than rounds. Industry expecting stable prices at Jul. 14 De Beers sight. Titan shares -7% since Jul. 7 even though fiscal 1Q jewelry sales +18% YOY, as figure still below forecast amid gold-price surge. France upholds requirement to call lab-grown diamonds “synthetic.” David Kellie to step down as CEO of Natural Diamond Council.
Fancies:
Long fancy shapes such as Oval, Marquise and Emerald doing better than rounds in 2 ct. and larger. High-quality Marquises, long Radiants and long Cushions in short supply. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Oval and Pear, 0.30 to 0.49 ct., F-I, VS diamonds in demand. Ovals 5% to 10% more expensive than Pears in US market. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions are illiquid.
Country Comments
Dealers on summer vacation. Retail demand good. Shortages of desirable merchandise supporting market. Steady demand from retailers for 2 ct. and larger, F-I, VS-SI diamonds in long fancy shapes. Stable activity in antique goods.
Small diamonds slow. Buyers delaying orders due to uncertainty over tariffs. Polished exports down 30% year on year at $3.14 billion in first half of 2025, with rough imports declining 35% to $1.69 billion.
Trading quiet as dealers await updates on US tariffs. Local industry hoping Israel will secure tariff-free deal. First-half polished exports down 31% year on year at $805 million, with rough imports falling 38% to $324.5 million.
Sentiment weak, especially for dealers in diamonds under 1.20 ct. Companies under pressure to sell. Small-business bankruptcies reported amid ongoing liquidity issues. Suppliers preferring short-term memo to reduce risks. Manufacturers cutting costs and polished production. Mixing synthetics into natural parcels remains a concern.
Chinese market quiet, with consumers focusing on round, 0.30 to 0.50 ct., E-I, VS-SI diamonds. Melee slow in Hong Kong trade. Fancy shapes over 2 ct. in demand. Hong Kong retailers cautious about restocking, preferring to move their current inventory first. Japan showing steady demand for 0.50 to 1 ct., F-J, VS-SI, 3X diamonds.
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
Stay Up-to-Date with Rapaport Industry News and Analysis
Sign up for Rapaport Newsletters
Get the trade’s most trusted news, analysis and data delivered to your inbox daily.
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