The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
October 23, 2025
News:
Daring heist at Paris’s Louvre shocks industry, with thieves stealing crown jewels worth estimated $102M. Polished prices continue to decline in 0.30 to 0.99 ct. rounds, especially D-H, IF-VS2. Steady US demand for round, 2 to 4 ct., F-I, SI, 3X diamonds with no fluorescence. Long fancies strong; marquises hot. India on break for Diwali, is reportedly near deal with US to peg tariffs at 15% to 16%. Consumers lining up to sell gold as price remains above $4,000/oz. Hong Kong’s Chow Tai Fook and Luk Fook see fiscal 2Q improvement in China. China removes diamond trade’s tax benefits. Antwerp seeking to profit from US tariff exemption. Pemberton Asset Management acquires Bonhams.
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. Marquises most expensive fancy shapes. 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. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
United States
Market solid in 2 to 4 ct., especially fancies. Sellers firm on prices for nice goods. Dealers receiving steady memo calls and enjoying high conversion rates. Retailers buying for inventory ahead of holidays. Pawnbrokers processing significant volumes of gold as consumers sell amid soaring prices. Indian dealers on vacation during Diwali.
Belgium
European market improving ahead of holiday. Fancies moving. Belgium September polished exports down 15% year on year at $795 million but more than triple August’s level as market returns from summer break. EU exemption from US tariffs gives Antwerp opportunity to market locally polished diamonds.
Israel
Trading quiet even as dealers return from Jewish festival period. US tariffs continue to limit sales and perpetuate uncertainty. Companies not bringing goods into Israel, preferring to buy in India and take delivery in US. Israel Diamond Exchange president calls for urgent political action to remove American tariffs and revive industry.
India
Market quiet during Diwali. High gold prices have limited seasonal jewelry sales.
Hong Kong
Buyers selective and reducing inventories. Fancy shapes selling well. Jump in gold prices incentivizing Chinese consumers to resell diamond jewelry. Chinese government repeals special VAT terms for diamonds entering via Shanghai Diamond Exchange; decision raises concerns about consumer demand.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
October 23, 2025
News:
Daring heist at Paris’s Louvre shocks industry, with thieves stealing crown jewels worth estimated $102M. Polished prices continue to decline in 0.30 to 0.99 ct. rounds, especially D-H, IF-VS2. Steady US demand for round, 2 to 4 ct., F-I, SI, 3X diamonds with no fluorescence. Long fancies strong; marquises hot. India on break for Diwali, is reportedly near deal with US to peg tariffs at 15% to 16%. Consumers lining up to sell gold as price remains above $4,000/oz. Hong Kong’s Chow Tai Fook and Luk Fook see fiscal 2Q improvement in China. China removes diamond trade’s tax benefits. Antwerp seeking to profit from US tariff exemption. Pemberton Asset Management acquires Bonhams.
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. Marquises most expensive fancy shapes. 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. US Oval prices 5% to 10% higher than those of Pears. Very well-cut fancy shapes difficult to find and commanding premiums. Fancies with bad proportions illiquid.
Country Comments
Market solid in 2 to 4 ct., especially fancies. Sellers firm on prices for nice goods. Dealers receiving steady memo calls and enjoying high conversion rates. Retailers buying for inventory ahead of holidays. Pawnbrokers processing significant volumes of gold as consumers sell amid soaring prices. Indian dealers on vacation during Diwali.
European market improving ahead of holiday. Fancies moving. Belgium September polished exports down 15% year on year at $795 million but more than triple August’s level as market returns from summer break. EU exemption from US tariffs gives Antwerp opportunity to market locally polished diamonds.
Trading quiet even as dealers return from Jewish festival period. US tariffs continue to limit sales and perpetuate uncertainty. Companies not bringing goods into Israel, preferring to buy in India and take delivery in US. Israel Diamond Exchange president calls for urgent political action to remove American tariffs and revive industry.
Market quiet during Diwali. High gold prices have limited seasonal jewelry sales.
Buyers selective and reducing inventories. Fancy shapes selling well. Jump in gold prices incentivizing Chinese consumers to resell diamond jewelry. Chinese government repeals special VAT terms for diamonds entering via Shanghai Diamond Exchange; decision raises concerns about consumer demand.
Previous Market Comments
Market Comment: June 18, 2026
Market Comment: June 11, 2026
Market Comment: June 4, 2026
Market Comment: May 28, 2026
Market Comment: May 20, 2026
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Previous Market Comments
Market Comment: June 18, 2026
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