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RAPAPORT ® TRADEWIRE ®
December 25, 2025
Rapaport Market Comment - December 25, 2025

Retailers satisfied with holiday sales. Nov. 1-Dec. 21 US jewelry spending +1.6% YOY, Mastercard reports. Dealers saw last-minute orders for US-located diamonds as retailers keep tight inventories. Trading tapers off as vacation begins. Price trends stable in polished. Solid investment demand for gold amid price jump to nearly $4,500/oz. Alrosa reports profitable 2025, estimates FY production of 29.7M cts. vs. 33M cts. in 2024. India to become 2026 Kimberley Process chair. Israel nears deal to exempt diamonds from US tariffs. EU requires importers of 0.50 ct. and larger diamonds to include statement of non-Russian origin from Jan. 1, 2026. Rapaport wishes everyone a happy and peaceful New Year.‎

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -1.73% -9.79% -19.03%
0.50 ct -1.16% -6.58% -25.72%
1.00 ct -0.81% -2.32% -9.52%
2.00 ct -0.02% -0.90% -0.60%
3.00 ct -0.18% -0.59% -0.17%
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Market Reports
United States: Gold-price jump supporting investment demand…
United States: Gold-price jump supporting investment demand…
Belgium: Concerns about impact of synthetics in US market and sale of De Beers…
Belgium: Concerns about impact of synthetics in US market and sale of De Beers…
Israel: Trading slow due to recent Hanukkah festival and because US peak season is over…
Israel: Trading slow due to recent Hanukkah festival and because US peak season is over…
India: Domestic market has slowed due to high gold prices, supporting shift to synthetic diamonds…
India: Domestic market has slowed due to high gold prices, supporting shift to synthetic diamonds…
Hong Kong: Steady demand for 2 to 5 ct., colorless and yellow, VS diamonds in round and long fancy shapes…
Hong Kong: Steady demand for 2 to 5 ct., colorless and yellow, VS diamonds in round and long fancy shapes…
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Podcast: Chaos in the Diamond Industry

Rapaport’s Leah Meirovich and Joshua Freedman look back at 2025 in a special end-of-year episode.

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A Glittering Year on the Block: The Top Auction Jewels of 2025
By Suzanne Watkin

Christie’s accounted for six of the 10 most expensive lots.

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Fraud, Scams and Fakes in Focus: The Cases That Defined 2025
By Suzanne Watkin

Stolen diamonds, natural stones swapped for lab-grown, and armed robberies were some of this year’s shadier incidents.

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India takes on role following conflict over the position.
Kimberley Process Finally Secures 2026 Chair
India takes on role following conflict over the position.
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Company is working on extending life of its core deposits and foresees them producing until 2055.
Alrosa Profitable in 2025, Expects Growth in New Year
Company is working on extending life of its core deposits and foresees them producing until 2055.
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Canada Development Investment Corporation gives $83 million loan to Burgundy Diamonds.
Ekati Owner Secures Funding to Keep Mine Afloat
Canada Development Investment Corporation gives $83 million loan to Burgundy Diamonds.
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Program will save operators of Ekati, Diavik and Gahcho Kué around $8.8 million.
Canada’s NWT Govt. Extends Tax Relief for Diamond Mines
Program will save operators of Ekati, Diavik and Gahcho Kué around $8.8 million.
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Sales from category up 1.6% year on year, data provider says.
Mastercard: Jewelry Among Favorite Gift Purchases This Holiday
Sales from category up 1.6% year on year, data provider says.
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Deal starts with 20% investment and leads to full ownership by 2032.
Kering to Acquire Stake in Jewelry Manufacturer Raselli Franco
Deal starts with 20% investment and leads to full ownership by 2032.
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Process, developed in 1990s to improve color, is in common use on inexpensive, widely available gemstones.
GIA Detects ‘Quench-Crackle and Dye’ Treatment in Lab-Grown Sapphire
Process, developed in 1990s to improve color, is in common use on inexpensive, widely available gemstones.
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Longtime executive also worked for miner BHP Billiton, where he helped build up the company.
Former Gemfields Chairman Brian Gilbertson Dies at 82
Longtime executive also worked for miner BHP Billiton, where he helped build up the company.
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What generated the most interest? The good, the bad and the synthetics.
Readers’ Picks: The 10 Most-Read Stories of 2025
What generated the most interest? The good, the bad and the synthetics.
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Terms that appeared most often in Rapaport’s newsfeed included “tariffs” and “De Beers.”
Play It Again: The Biggest Headline Buzzwords of 2025
Terms that appeared most often in Rapaport’s newsfeed included “tariffs” and “De Beers.”
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