The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
May 8, 2025
News:
Tariffs impacting sales and sentiment. Prospect of US-India trade deal offering some optimism. 1 ct. RAPI +0.7% in April, with prices rising after tariff announcement and then stabilizing by end of month. Demand muted at ongoing De Beers sight, with sightholders likely to refuse rough as miner keeps prices high. Alrosa 1Q revenue -42% YOY to $709M, profit -29% to $177M. US retail steady ahead of Mother’s Day. Trade preparing for Las Vegas shows, with concerns about overseas attendance. Indian melee demand softening as tariffs affect jewelry production. Solid market for 5 ct. and larger diamonds as GemGenève show begins. Brilliant Earth 1Q sales -3.5% YOY to $94M, loss of $3.3M vs. profit of $1.1M last year.
Fancies:
Large fancy shapes doing better than rounds. Prices stable or increasing for 2 ct. and larger diamonds. High-quality stones hard to find. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Elongated Emeralds, Radiants and Pears in 2.50 to 2.99 ct. sizes trading at significant premiums. 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. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.
Country Comments
United States
Retail demand steady during Mother’s Day season. Jewelers mostly taking goods on memo. Dealers with the right inventory are doing well. Good market for 3 ct. and larger, F-J, VS-SI diamonds in both rounds and fancies, especially elongated ovals and cushions. Fancies hotter than rounds. Large “bluff stones” selling. Cautious optimism for Las Vegas shows. Many uncertain about inventory replenishment once current stock runs out, as new goods cost 10% more.
Belgium
Market slow, with dealers waiting to see how tariffs will play out. Steady interest in 0.50 to 1 ct. collection goods with 3X quality. Rough sector muted during sight week.
Israel
Trading quiet and prices stable. Not many deals taking place, as US is most important export market. Small suppliers suffering from lack of income. Israel diamond industry campaigning to ease tariff situation. Dealers able to sell items that are in short supply in America, such as high-quality, 2.50 to 2.99 ct., F-J, VS2-SI2 diamonds in long oval shapes.
India
Market sluggish amid muted overseas and domestic demand. Tariffs, high gold prices and India-Pakistan tensions raising concerns for diamond and jewelry trade. Production declining during May summer break. Suppliers struggling to sell and facing shortages of movable goods when trying to replenish inventory.
Hong Kong
Chinese diamond demand remains weak. Market slow due to Labor Day holiday. Some demand from mainland retailers for 0.30, 0.50 and 1 ct. rounds in E-H, VS-SI categories. Fancy shapes doing well in Hong Kong.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
May 8, 2025
News:
Tariffs impacting sales and sentiment. Prospect of US-India trade deal offering some optimism. 1 ct. RAPI +0.7% in April, with prices rising after tariff announcement and then stabilizing by end of month. Demand muted at ongoing De Beers sight, with sightholders likely to refuse rough as miner keeps prices high. Alrosa 1Q revenue -42% YOY to $709M, profit -29% to $177M. US retail steady ahead of Mother’s Day. Trade preparing for Las Vegas shows, with concerns about overseas attendance. Indian melee demand softening as tariffs affect jewelry production. Solid market for 5 ct. and larger diamonds as GemGenève show begins. Brilliant Earth 1Q sales -3.5% YOY to $94M, loss of $3.3M vs. profit of $1.1M last year.
Fancies:
Large fancy shapes doing better than rounds. Prices stable or increasing for 2 ct. and larger diamonds. High-quality stones hard to find. Solid US interest in elongated Ovals of good shape and quality in D-I, VS-SI categories. Elongated Emeralds, Radiants and Pears in 2.50 to 2.99 ct. sizes trading at significant premiums. 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. Supply shortages supporting prices for Marquises. Square Cushions slow. Very well-cut fancy shapes difficult to find and commanding premiums. Off-make, poorly cut fancies illiquid.
Country Comments
Retail demand steady during Mother’s Day season. Jewelers mostly taking goods on memo. Dealers with the right inventory are doing well. Good market for 3 ct. and larger, F-J, VS-SI diamonds in both rounds and fancies, especially elongated ovals and cushions. Fancies hotter than rounds. Large “bluff stones” selling. Cautious optimism for Las Vegas shows. Many uncertain about inventory replenishment once current stock runs out, as new goods cost 10% more.
Market slow, with dealers waiting to see how tariffs will play out. Steady interest in 0.50 to 1 ct. collection goods with 3X quality. Rough sector muted during sight week.
Trading quiet and prices stable. Not many deals taking place, as US is most important export market. Small suppliers suffering from lack of income. Israel diamond industry campaigning to ease tariff situation. Dealers able to sell items that are in short supply in America, such as high-quality, 2.50 to 2.99 ct., F-J, VS2-SI2 diamonds in long oval shapes.
Market sluggish amid muted overseas and domestic demand. Tariffs, high gold prices and India-Pakistan tensions raising concerns for diamond and jewelry trade. Production declining during May summer break. Suppliers struggling to sell and facing shortages of movable goods when trying to replenish inventory.
Chinese diamond demand remains weak. Market slow due to Labor Day holiday. Some demand from mainland retailers for 0.30, 0.50 and 1 ct. rounds in E-H, VS-SI categories. Fancy shapes doing well in Hong Kong.
Previous Market Comments
Market Comment: May 15, 2025
Market Comment: May 8, 2025
Market Comment: May 1, 2025
Market Comment: April 24, 2025
Market Comment: April 17, 2025
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Previous Market Comments
Market Comment: May 15, 2025
Market Comment: May 8, 2025
Market Comment: May 1, 2025
Market Comment: April 24, 2025
Market Comment: April 17, 2025
Market Comment: April 10, 2025