The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
March 5, 2026
News:
US-Israel-Iran war shakes sentiment. Iranian attacks on Dubai disrupt global rough and polished trade. Impact on Indian manufacturers uncertain. Dubai and Israeli diamond exchanges essentially closed; imports and exports frozen. Rough tenders move to Antwerp. Lack of Middle East attendees noticeable at Hong Kong shows. Hong Kong diamond section reflects market split, with steady trading in 3 ct.+ goods despite low traffic. Buyers few but serious. Feb. 1 ct. RAPI -1.3%; sharper decline in US prices, as market anticipated tariff abolition. RAPI up for 0.30 ct., 0.50 ct. and 3 ct. diamonds. Prices of 5 ct.+ rough increase at tenders.
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
Wholesale market steady but seasonally quiet. Next holiday on calendar is Mother’s Day (May 10). Good demand for 2 ct. and larger, F-I, VS-SI diamonds in rounds and long fancies, with retailers both taking memo and buying for inventory.
Belgium
Business quiet, partly due to global uncertainty. Trading steady, with 2-carat-plus diamonds selling. Relatively high expectations for large-stone sales at this week’s Hong Kong show.
Israel
Focus is on Iran war. Missiles targeting central region, where Israel Diamond Exchange is located. Bourse open only for essential services. Week was shorter anyway due to Purim holiday.
India
Market uncertain due to Iran war. Holi holiday kept activity limited. Indian exhibitors at Hong Kong show reporting absence of Middle East visitors, though 3 ct. and larger diamonds are in demand. Sector expecting impact on access to rough, since Dubai is a major stop-off point for goods from around the world. Tariffs continue to fuel confusion. Domestic market slower than before.
Hong Kong
Good attendance of local companies at this week’s shows, but many participants from Middle East absent. Exhibitors came with decent expectations, but geopolitical situation has lowered their mood. Not many Chinese buyers. Southeast Asians and Indians present. Steady demand for larger diamonds in rounds and long fancy shapes, but buyers are selective.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
March 5, 2026
News:
US-Israel-Iran war shakes sentiment. Iranian attacks on Dubai disrupt global rough and polished trade. Impact on Indian manufacturers uncertain. Dubai and Israeli diamond exchanges essentially closed; imports and exports frozen. Rough tenders move to Antwerp. Lack of Middle East attendees noticeable at Hong Kong shows. Hong Kong diamond section reflects market split, with steady trading in 3 ct.+ goods despite low traffic. Buyers few but serious. Feb. 1 ct. RAPI -1.3%; sharper decline in US prices, as market anticipated tariff abolition. RAPI up for 0.30 ct., 0.50 ct. and 3 ct. diamonds. Prices of 5 ct.+ rough increase at tenders.
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
Wholesale market steady but seasonally quiet. Next holiday on calendar is Mother’s Day (May 10). Good demand for 2 ct. and larger, F-I, VS-SI diamonds in rounds and long fancies, with retailers both taking memo and buying for inventory.
Business quiet, partly due to global uncertainty. Trading steady, with 2-carat-plus diamonds selling. Relatively high expectations for large-stone sales at this week’s Hong Kong show.
Focus is on Iran war. Missiles targeting central region, where Israel Diamond Exchange is located. Bourse open only for essential services. Week was shorter anyway due to Purim holiday.
Market uncertain due to Iran war. Holi holiday kept activity limited. Indian exhibitors at Hong Kong show reporting absence of Middle East visitors, though 3 ct. and larger diamonds are in demand. Sector expecting impact on access to rough, since Dubai is a major stop-off point for goods from around the world. Tariffs continue to fuel confusion. Domestic market slower than before.
Good attendance of local companies at this week’s shows, but many participants from Middle East absent. Exhibitors came with decent expectations, but geopolitical situation has lowered their mood. Not many Chinese buyers. Southeast Asians and Indians present. Steady demand for larger diamonds in rounds and long fancy shapes, but buyers are selective.
Previous Market Comments
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
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Previous Market Comments
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
Market Comment: April 30, 2026