Market Comment

Prices of smaller rounds fall as manufacturers clear inventories, with RAPI 0.30 ct. -5.5% in Oct., weakest since Dec. 2025. RAPI for 0.50 ct. -2.3%, 1 ct. -0.9%, 3 ct. +0.9%. Trends continue in Nov., with 0.70 to 1.99 ct. soft to stable. 2 ct. and above steady. Shortage of desirable goods in US. Jewelry outperforming diamonds. DMCC-Originalluxury report urges diamond industry to shift from volume to value following Swiss watch industry’s lead. Unnamed diamantaire gives Petra $20M lifeline in return for future Cullinan production. Gem Diamonds 3Q revenue +35% YOY to $35M on sale of 347 ct. Lesotho Jubilee. The Rapaport Group wishes all our friends a happy, enlightening Diwali.