The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 3, 2025
News:
Polished trading slow as industry awaits US decision on tariffs. New York wholesale in seasonal summer lull. American retailers making steady sales and seeking memo goods. Diamond market split, with prices of 0.30 to 1.19 ct. rounds softening while 1.50 ct. and larger are mixed. Oversizes moving. Long fancy shapes strong in 2 ct. and larger. RAPI for 1 ct. -0.3% in June, 0.50 ct. -2.3%. India’s Tanishq plans 15 new US stores, rules out synthetics. Hong Kong jewelers struggling amid weak Chinese diamond demand and high gold prices: Luk Fook FY ’25 sales -13% to $1.7B, profit -39% to $136M; TSL FY ’25 sales -35% to $218M, with $25M loss. Gem Legacy names Bernadette Mack executive director.
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
Trading quiet during July summer vacation, with many wholesalers working reduced hours. Retailers and dealers still looking for memo goods. Steady demand for 2 ct. and larger diamonds with SI2 and higher clarity in rounds and fancies, but buyers only seeking eye-clean goods with nice makes. Fancies outperforming rounds. Industry focusing on July 9 tariff deadline.
Belgium
Market mixed. Buyers purchasing for specific needs. Stable demand for 1 ct. and larger fancy shapes. Increase in generic-marketing budget boosting sentiment. Industry watching for news on US tariffs.
Israel
Dealers coming to the bourse after recent market shutdown due to war. Some air travel has resumed, but imports and exports still limited. Fewer buying trips to India and other locations, as flights are hard to find. Dealers focusing on niche categories that are seeing strong US demand, such as large stones, but not exporting until tariff situation is clearer. More companies holding goods outside Israel, since few overseas buyers visiting.
India
Business slow amid uncertainty over US tariffs. Buyers reluctant to make inventory purchases. Overseas and domestic trading quiet. Polished production limited amid cautious market outlook.
Hong Kong
Overall sentiment cautious. Melee and 0.30 to 1 ct. doing okay. Buyers selective and only purchasing for specific demand. Chinese orders slow, with focus on small diamonds. Long fancies over 1 ct. are moving, as are fancy colors.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
July 3, 2025
News:
Polished trading slow as industry awaits US decision on tariffs. New York wholesale in seasonal summer lull. American retailers making steady sales and seeking memo goods. Diamond market split, with prices of 0.30 to 1.19 ct. rounds softening while 1.50 ct. and larger are mixed. Oversizes moving. Long fancy shapes strong in 2 ct. and larger. RAPI for 1 ct. -0.3% in June, 0.50 ct. -2.3%. India’s Tanishq plans 15 new US stores, rules out synthetics. Hong Kong jewelers struggling amid weak Chinese diamond demand and high gold prices: Luk Fook FY ’25 sales -13% to $1.7B, profit -39% to $136M; TSL FY ’25 sales -35% to $218M, with $25M loss. Gem Legacy names Bernadette Mack executive director.
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
Trading quiet during July summer vacation, with many wholesalers working reduced hours. Retailers and dealers still looking for memo goods. Steady demand for 2 ct. and larger diamonds with SI2 and higher clarity in rounds and fancies, but buyers only seeking eye-clean goods with nice makes. Fancies outperforming rounds. Industry focusing on July 9 tariff deadline.
Market mixed. Buyers purchasing for specific needs. Stable demand for 1 ct. and larger fancy shapes. Increase in generic-marketing budget boosting sentiment. Industry watching for news on US tariffs.
Dealers coming to the bourse after recent market shutdown due to war. Some air travel has resumed, but imports and exports still limited. Fewer buying trips to India and other locations, as flights are hard to find. Dealers focusing on niche categories that are seeing strong US demand, such as large stones, but not exporting until tariff situation is clearer. More companies holding goods outside Israel, since few overseas buyers visiting.
Business slow amid uncertainty over US tariffs. Buyers reluctant to make inventory purchases. Overseas and domestic trading quiet. Polished production limited amid cautious market outlook.
Overall sentiment cautious. Melee and 0.30 to 1 ct. doing okay. Buyers selective and only purchasing for specific demand. Chinese orders slow, with focus on small diamonds. Long fancies over 1 ct. are moving, as are fancy colors.
Previous Market Comments
Market Comment: July 3, 2025
Market Comment: June 26, 2025
Market Comment: June 19, 2025
Market Comment: June 12, 2025
Market Comment: June 5, 2025
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Previous Market Comments
Market Comment: July 3, 2025
Market Comment: June 26, 2025
Market Comment: June 19, 2025
Market Comment: June 12, 2025
Market Comment: June 5, 2025
Market Comment: May 29, 2025