Prices of Lower-Clarity Diamonds Rise in March

RAPAPORT PRESS RELEASE, April 2, 2024, Las Vegas… Prices of SI-clarity diamonds increased in March as the previous month’s trends continued. Prices of VVS-plus goods declined.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds — reflecting round, D to H, IF to VS2 goods — fell 0.6% in March and 0.4% during the first quarter. RAPI for 0.30- and 3-carat diamonds declined in March by 1.7% and 1.1% respectively, while the index for 0.50 carats rose 0.3%.

Prices for round, 1-carat, D-H, SI diamonds increased 1.7% in March as the lower-clarity segment saw a correction after last year’s severe declines. Competition from synthetics heavily impacted the category during 2023.

Buyers remained selective. Diamonds with no fluorescence or black centers sold at premiums. Those with fluorescence and black centers started selling at low prices. Fancy shapes declined in price. Long ovals, pears, radiants and cushions performed better than classic shapes.

Group of Seven (G7) sanctions on Russian diamonds over 1 carat went into effect March 1. The implementation was smooth in the US, where the authorities require self-declaration of goods’ non-Russian status. In Antwerp, where officials are requesting documented proof of origin, dealers suffered delays of more than a week. These blockages eased by the end of March.

Many questions about the US sanctions remain, including how the government will treat “grandfathered” diamonds. Martin Rapaport sent a letter to the Office of Foreign Assets Control (OFAC), requesting exemptions for any diamond transactions that do not result in the movement of money to Russia, such as the trade in diamonds that are already in the US.

Alrosa reportedly agreed to sell rough to Russian state gem depository Gokhran in response to the sanctions. Certain boxes from the February De Beers sight fetched premiums on the secondary market, indicating that the SI segment was recovering gradually.

US retail was seasonally slow between Valentine’s Day and Mother’s Day. China remained weak. Indian domestic demand was a bright spot.

Rapaport Media Contacts: [email protected]
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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.