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RAPAPORT ® TRADEWIRE ®
August 7, 2025
Rapaport Market Comment - August 7, 2025

Trade Alert: The Rapaport Price List is based on New York diamond prices. Extreme discounts may be available in foreign markets not subject to tariffs and sanctions.

Diamond markets in turmoil as US President Donald Trump announces 50% tariffs on Indian goods. Manufacturers ship diamonds to US ahead of Aug. 7 increase from 10% to 25%; 50% rate to go into effect Aug. 27. Large retailers seeking goods before duties spiral. Signet share price -4% since Jul. 31. US dealers with sought-after inventory gaining market power. Polished trading outside US frozen. Good sentiment at Mumbai IIJS reflects positive domestic outlook for Diwali (Oct. 20).

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -0.79% -3.82% 2.42%
0.50 ct -1.04% -5.20% -10.13%
1.00 ct -0.23% -1.42% -8.30%
3.00 ct 0.07% -0.68% -4.56%
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Market Reports
United States: Independent jewelers seeing steady sales and looking for replacement goods…
United States: Independent jewelers seeing steady sales and looking for replacement goods…
Belgium: Market quiet during summer vacation…
Belgium: Market quiet during summer vacation…
Israel: Sector concerned over news of 15% US tariffs on Israeli products…
Israel: Sector concerned over news of 15% US tariffs on Israeli products…
India: Strong IIJS show signals positive expectations for Diwali season and shift to higher-clarity natural stones…
India: Strong IIJS show signals positive expectations for Diwali season and shift to higher-clarity natural stones…
Hong Kong: Lack of Chinese demand dampening Hong Kong diamond trading…
Hong Kong: Lack of Chinese demand dampening Hong Kong diamond trading…
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Trump Tariffs Put Diamond Trade in Worst of Both Worlds
By Joshua Freedman

The market yearned for clarity. It got more uncertainty at a higher price.

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Podcast: Buying Diamonds in the Tariff Era

Brian Stamey of Florida jeweler IDC explains how the levies are impacting the US retail market.

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1-carat RAPI down 1.4% in July.
Tariffs Fuel Volatility in Diamond Prices
1-carat RAPI down 1.4% in July.
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“It’s a black day for the gem and jewelry sector,” says GJEPC chairman.
Diamond Trade in Turmoil as US Announces 50% India Tariffs
“It’s a black day for the gem and jewelry sector,” says GJEPC chairman.
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Revenue down 24% in first half.
Alrosa Sales Slide as Weak Demand Persists
Revenue down 24% in first half.
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Jeweler expects full-year revenue to grow 2.5% to 4% year on year versus its previous 1% to 3% prediction.
Brilliant Earth Ups Forecast After Sales Beat Expectations
Jeweler expects full-year revenue to grow 2.5% to 4% year on year versus its previous 1% to 3% prediction.
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Initiative aims to reduce consumer confusion between lab-grown and natural.
Tanishq Unveils Diamond-Verification Partnership with De Beers
Initiative aims to reduce consumer confusion between lab-grown and natural.
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Jewelry sales improve despite weak demand in several markets.
Second-Half Gains Help Michael Hill Offset Tough Year
Jewelry sales improve despite weak demand in several markets.
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Misery pit due to close in 2027, Point Lake in 2030, and Fox site will continue for 15 years.
Ekati Owner Expects Mine to Operate Until at Least 2040
Misery pit due to close in 2027, Point Lake in 2030, and Fox site will continue for 15 years.
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Sales up 8% year on year for January-to-June period.
Lucapa Revenue Rises in First Half
Sales up 8% year on year for January-to-June period.
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Julie Yoakum will also oversee the company’s Peoples brand.
Signet Appoints Former Helzberg Exec to Lead Kay Jewelers
Julie Yoakum will also oversee the company’s Peoples brand.
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Winner will receive mentorship and $50,000.
JA and David Yurman Reveal New Grant for Rising Jewelry Talent
Winner will receive mentorship and $50,000.
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Group honors designers for standout pieces showcasing creativity, artistry, style and excellence.
Jewelers of America Reveals 2025 CASE Award Winners
Group honors designers for standout pieces showcasing creativity, artistry, style and excellence.
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