Market Comment

The diamond trade’s trusted bulletin for pricing, trends and news

Weekly since 1980

July 23, 2026

News:

Prices of round, 0.30 to 0.69 ct. diamonds continuing to recover. Dealers reporting improvement in 1 ct. commercial goods. Trading hubs slowing down for summer. US wholesale steady despite seasonal lull. Anglo American reportedly picks Gareth Penny-led consortium as top De Beers bidder. De Beers sees estimated 1H loss; 2Q sales -44% YOY to $665M. Prices increase for small, low-quality rough at Okavango auction. US imposes fresh 25% tariffs on Brazilian goods, 50% on Canada; impact on diamonds and gemstones unclear. Swatch Group 1H jewelry and watch sales +2% to $3.6B. Luk Fook, Chow Sang Sang report sales growth in April-June quarter. Indian market optimistic for IIJS (Aug. 5-10).

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 most expensive fancy shape. Long Cushions easy to sell and trading at 20% to 25% premium over square ones. Antique cuts and styles hot. Solid US market for elongated Ovals of good shape and quality in D-I, VS-SI categories. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.

Country Comments

United States:

Market steady during summer. Demand for round, 1 to 1.99 ct., G-J, VS2-SI2 goods solid, with SI2 particularly consistent. Fancies outperforming rounds. Old euros and old miners popular, with strong interest from retail jewelers. Some dealers believe princess cuts are making a comeback.


Belgium:

Little activity during vacation period. Overall confidence positive. Shortage of goods in Antwerp pushing buyers toward India and larger suppliers. Trade preparing for Vicenzaoro show (September 4 to 8).


Israel:

Market quiet due to extended summer holidays. De Beers to hold auctions in Israel. Country’s first-half polished exports down 22% year on year at $625.7 million after returns, with rough imports falling 36% to $208.3 million.


India:

Sentiment positive following supply cuts and rising confidence in natural diamonds. US is most reliable export market, with good sales of 1 to 1.99 ct., G-J, VS2-SI2 rounds thanks to tight inventory and attractive prices. Reports of consumers shifting back from synthetics to 1 ct. SIs. Domestic demand improving ahead of IIJS show (August 5 to 10) and Diwali. 2 ct. and larger diamonds moving well, as are long fancy shapes.


Hong Kong:

Trading better than last year, driven by investment buyers and demand from Chinese tourists in Hong Kong. Best categories are round, 1 to 2.99 ct., D-G, IF-VS2, 3X diamonds with no fluorescence, and investment-grade round, 3 to 5 ct., D-F, VVS1-VS1 goods. Ovals and pears popular. Commercial rounds under 1 ct. weak amid competition from synthetics. Buyers only purchasing items they can resell immediately.


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