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RAPAPORT ® TRADEWIRE ®
December 4, 2025
Rapaport Market Comment - December 4, 2025

Market split continues. US prices stable, India prices down. 2 ct.+ rounds and long fancies steady. Rounds under 1.20 ct. weak. Nov. RAPI for 0.30 ct. -6%, 0.50 ct. -5.1%, 1 ct. -2.6%, 3 ct. +0.1%. US seeing demand for 2- to 4-carat, F-J, VS-SI goods. Thanksgiving, Black Friday and Cyber Monday break spending records. Signet fiscal 3Q sales +3.1% YOY to $1.4B, profit +186% to $20M; synthetics now 40% of bridal business, 15% of fashion. Luk Fook fiscal 1H sales +26% YOY to $879M, profit +44% to $77M amid gold-price jump. Antwerp companies get permission to employ foreign workers as polishers and sorters. US and Israel reportedly in advanced talks to ease tariffs.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -3.11% -7.11% -12.78%
0.50 ct -1.86% -6.35% -21.56%
1.00 ct -0.41% -2.65% -8.28%
2.00 ct -0.33% -1.39% 0.64%
3.00 ct -0.24% 0.81% 0.24%
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Market Reports
United States: High-end jewelry looking strong…
United States: High-end jewelry looking strong…
Belgium: Manufacturers expanding local production following US tariff exemption…
Belgium: Manufacturers expanding local production following US tariff exemption…
Israel: Negotiations with US reportedly progressing well, but unclear which industries will receive tariff relief…
Israel: Negotiations with US reportedly progressing well, but unclear which industries will receive tariff relief…
India: Companies reluctant to invest in inventory…
India: Companies reluctant to invest in inventory…
Hong Kong: Retailers reporting stabilization in sales…
Hong Kong: Retailers reporting stabilization in sales…
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Rapaport Research Report: The Green-Diamond Dilemma
By Joshua Freedman

The newest edition explores the challenges of determining the natural origin of a stone’s color.

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3-carat RAPI up 0.1% in November, with 0.30-carat index declining 6%.
Prices Stable for Large Diamonds, Down for Small
3-carat RAPI up 0.1% in November, with 0.30-carat index declining 6%.
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Revenue up 3.1% year on year in third fiscal quarter.
Signet Raises Sales Outlook Again
Revenue up 3.1% year on year in third fiscal quarter.
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Record 202.9 million consumers made purchases during five days from Thanksgiving to Cyber Monday, reports NRF.
Holiday-Weekend Shopper Count Crushes Forecast
Record 202.9 million consumers made purchases during five days from Thanksgiving to Cyber Monday, reports NRF.
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Consumers spent $14.25 billion, higher than Adobe’s projected $14.2 billion.
Cyber Monday Haul Beats Expectations
Consumers spent $14.25 billion, higher than Adobe’s projected $14.2 billion.
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Thanksgiving Day spending also reached a new high, up 5% year on year.
Black Friday Yields Record $12B in Sales
Thanksgiving Day spending also reached a new high, up 5% year on year.
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Category, up 3% year on year, takes second place behind apparel, according to Mastercard.
Jewelry One of Top Black Friday Gifting Purchases
Category, up 3% year on year, takes second place behind apparel, according to Mastercard.
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Move will help grow Antwerp industry and let it take advantage of US zero-tariff deal.
Belgium to Allow Foreign Diamond Polishers and Sorters
Move will help grow Antwerp industry and let it take advantage of US zero-tariff deal.
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Jeweler plans to open 50 stores in at least three new countries from 2026 to 2028.
Luk Fook Eyes International Expansion as Sales Soar
Jeweler plans to open 50 stores in at least three new countries from 2026 to 2028.
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Revenue from jewelry, watches, clocks and valuable gifts up 10% year on year.
Hong Kong Luxury Sales Keep Improving in October
Revenue from jewelry, watches, clocks and valuable gifts up 10% year on year.
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Vivek Gadodia and Juan Kemp share role at helm of mining company.
Petra Names Permanent Joint CEOs
Vivek Gadodia and Juan Kemp share role at helm of mining company.
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Piece containing 16 antique cushion-shaped gemstones takes spotlight at Hong Kong Magnificent Jewels.
Sapphire and Diamond Necklace Rakes In $16.1M at Christie’s Auction
Piece containing 16 antique cushion-shaped gemstones takes spotlight at Hong Kong Magnificent Jewels.
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Largest fancy-vivid-orangey-pink diamond in the world will go on sale December 5.
Sotheby’s Gives Desert Rose $7M Price Tag in Abu Dhabi Auction
Largest fancy-vivid-orangey-pink diamond in the world will go on sale December 5.
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Contest sees 32 first-time participants, with six of those taking home a total of seven prizes.
New Entrants Shine in AGTA’s Spectrum and Cutting Edge Awards
Contest sees 32 first-time participants, with six of those taking home a total of seven prizes.
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