RAPAPORT PRESS RELEASE, July 1, 2025, Las Vegas… The diamond market remained cautious in June as the industry awaited decisions on prospective US tariffs.
The Las Vegas shows saw resilience in the high-end segment and stability in other areas. However, uncertainty about America’s trade policy dominated wholesale sentiment in the US and worldwide. The 90-day deferral of US reciprocal tariffs expires July 9, and the industry hopes these levies will not materialize.
The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 0.3% during June. The index for 0.30-, 0.50- and 3-carat stones declined 1.7%, 2.3% and 0.8% respectively.
JCK Las Vegas reflected healthy American consumer demand but a mixed wholesale market. The Luxury show, which focuses on high-end jewelry, was strong. So were orders for 2-carat and larger diamonds at JCK, though demand was weak for rounds under 1.20 carats. Fewer overseas exhibitors attended than usual.
India’s rough imports exceeded its polished exports in May at $1.1 billion and $950 million respectively, intensifying concerns about an oversupply of less-desirable goods. Prices for smaller rounds softened during June, but prices for long fancies of 2 carats and up strengthened amid shortages.
US retail demand was steady in June. India’s consumer market was seasonally quiet, and business remained slow in China. Israel’s diamond trade froze for two weeks due to its war with Iran.
Global rough production for 2024 was up 6% from the previous year at 118 million carats, the Kimberley Process (KP) reported, although value fell 10% to $11.5 billion. The average price per carat was $97, a decrease of 15%.
Industry groups and African countries signed an agreement in Angola to finance the Natural Diamond Council (NDC) with an expected budget of $80 million. The Gemological Institute of America (GIA) has shifted to using descriptive terms when grading synthetic diamonds. HRD Antwerp has stopped grading loose synthetics altogether.
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About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price, in hundred dollars per carat, of the 10% lowest-priced round diamonds in each of the top 25 quality categories (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). Additional information is available at www.rapaport.com.
About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the group has more than 20,000 clients in over 120 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network, with daily listings of 1.5 million diamonds valued at more than $7.2 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at www.rapaport.com.
