Diamond Prices See Mixed Trend in February

RAPAPORT PRESS RELEASE, March 5, 2024, Las Vegas… Diamond prices declined for higher clarities in February following a positive trend in the previous month. Demand for SI qualities improved.

The US and other Group of Seven (G7) members introduced a ban on “Russian Source” diamonds of 1 carat and larger, even if they were manufactured in a third country. The US is requiring self-certification as an enforcement method but only announced this on February 29, the day before the rules went into effect.

Confusion remains about how the rules will work, as the source of current diamond inventories is generally unknown. The “Rapaport US Diamond Protocol,” with the support of over 1,500 members of the jewelry trade, is being presented to US government officials with the hope that the rules will be clarified. Major trade bodies oppose G7 plans that would require shipping all rough diamonds through Belgium before they could enter G7 markets.

The RapNet Diamond Index (RAPI™) rose in the first half of the month before weakening in the second half. RAPI for 1-carat diamonds — reflecting round, D to H, IF to VS2 goods — declined 0.7% in February. RAPI for 0.30 carats fell 0.4%, and 3-carat goods dropped 1%. The 0.50-carat RAPI gained 0.5% despite slipping in those last two weeks.

Lower clarities performed better, with good demand for round, 0.50-, 1- and 2-carat, D to H, SI1 to SI2, RapSpec A3+ diamonds. VVS diamonds were slow. Melee continued to sell well.

Rough prices were stable at De Beers’ February sight. Sightholders showed solid demand for additional “ex-plan” goods following January’s price drop.

US jewelers had a mixed Valentine’s Day, with a bump in orders for heart shapes. American dealers were reluctant to buy for inventory, as the retail sector was in a seasonal slowdown after the holidays.

Traffic and sales at the Hong Kong shows were sluggish, as Chinese demand has declined. Mainland consumers seeking investments are showing more interest in gold than in diamonds. Domestic Indian demand continued to support the market for higher-quality goods under 1 carat, but the wedding season will end soon. This has increased the US’s importance to the global diamond industry this year.

Rapaport Media Contacts: [email protected]
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

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 1976, 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 over $8 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at www.rapaport.com.