The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
September 11, 2025
News:
US President Donald Trump puts diamonds on list of possible tariff exemptions. Price gap between US- and India-based stones narrows. Independent American retailers seeing steady demand and taking goods on memo. Large US dealers doing better than small ones. Industry preparing for important Hong Kong show, with success dependent on Chinese retailers’ attendance. Anglo American sticks with De Beers sale plan following merger with Teck Resources. Bain and Deloitte forecast holiday retail growth of 3% to 4%. Belgium Aug. polished exports -21% YOY to $229M, rough imports +6% to $295M. Dutch discount retailer Zeeman launches $35 pendants with 0.10 to 0.12 ct., D-F, VS2, synthetic diamonds.
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 are 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 stable. Good demand for 2 ct. and larger elongated fancy shapes, with boost from Taylor Swift effect. Independent jewelers taking diamonds on memo and seeing steady conversion rates. Oversizes selling. Industry worries there may be sourcing problems once existing tariff-free inventory runs out.
Belgium
Business slow. Prospect of tariff exemption is buoying sentiment, but concerns remain. Many dealers in Vicenza for show. Industry preparing for Hong Kong fair.
Israel
Tariffs continue to affect market, as US is most important source of revenue. Traders cautiously optimistic that satisfactory solution will emerge. Some Israelis planning to attend Hong Kong show.
India
Trading sluggish amid tariff uncertainty. Dealers reluctant to hold inventory. Cautious optimism for US-India trade deal as negotiations continue. Sales volume low in small-goods market. Competition from synthetics is impacting business.
Hong Kong
Market preparing for Jewellery & Gem World show (September 15 to 21). Local dealer market quiet amid slow demand from mainland China. Low expectations for Golden Week (October 1 to 7). Round, 0.30 to 0.50 ct., D-H, VS-SI diamonds selling better than other goods. 2 ct. and larger, D-F diamonds stable. Fancy shapes gaining popularity.
Market Comment
The diamond trade’s trusted bulletin for pricing, trends and news
Weekly since 1980
September 11, 2025
News:
US President Donald Trump puts diamonds on list of possible tariff exemptions. Price gap between US- and India-based stones narrows. Independent American retailers seeing steady demand and taking goods on memo. Large US dealers doing better than small ones. Industry preparing for important Hong Kong show, with success dependent on Chinese retailers’ attendance. Anglo American sticks with De Beers sale plan following merger with Teck Resources. Bain and Deloitte forecast holiday retail growth of 3% to 4%. Belgium Aug. polished exports -21% YOY to $229M, rough imports +6% to $295M. Dutch discount retailer Zeeman launches $35 pendants with 0.10 to 0.12 ct., D-F, VS2, synthetic diamonds.
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 are 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 stable. Good demand for 2 ct. and larger elongated fancy shapes, with boost from Taylor Swift effect. Independent jewelers taking diamonds on memo and seeing steady conversion rates. Oversizes selling. Industry worries there may be sourcing problems once existing tariff-free inventory runs out.
Business slow. Prospect of tariff exemption is buoying sentiment, but concerns remain. Many dealers in Vicenza for show. Industry preparing for Hong Kong fair.
Tariffs continue to affect market, as US is most important source of revenue. Traders cautiously optimistic that satisfactory solution will emerge. Some Israelis planning to attend Hong Kong show.
Trading sluggish amid tariff uncertainty. Dealers reluctant to hold inventory. Cautious optimism for US-India trade deal as negotiations continue. Sales volume low in small-goods market. Competition from synthetics is impacting business.
Market preparing for Jewellery & Gem World show (September 15 to 21). Local dealer market quiet amid slow demand from mainland China. Low expectations for Golden Week (October 1 to 7). Round, 0.30 to 0.50 ct., D-H, VS-SI diamonds selling better than other goods. 2 ct. and larger, D-F diamonds stable. Fancy shapes gaining popularity.
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
Stay Up-to-Date with Rapaport Industry News and Analysis
Sign up for Rapaport Newsletters
Get the trade’s most trusted news, analysis and data delivered to your inbox daily.
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