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RAPAPORT ® TRADEWIRE ®
February 19, 2026
Rapaport Market Comment - February 19, 2026

Market steady. US retailers report positive Valentine’s Day sales. Indian sentiment improving following US trade deal and expectations of better supply-demand balance in 2026. Prices under 1 ct. have weakened sharply in US, moderately in India. India exports to US slow as suppliers wait for abolition of tariffs. India Jan. polished exports -2% YOY to $775M after returns; rough imports -15% YOY to $625M. US specialty jewelers’ natural-diamond jewelry sales +2.1% in 2025, NDC reports, with average price +10% as consumers opt for larger, higher-quality stones. 61% of US engagement-ring center stones now synthetic, The Knot reports. China quiet during Lunar New Year.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct 0.35% -0.05% -22.03%
0.50 ct 0.06% -0.75% -26.29%
1.00 ct -0.10% -0.85% -9.35%
2.00 ct 0.11% -0.24% -2.43%
3.00 ct -0.04% -0.21% -0.47%
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Market Reports
United States: Large, higher-quality goods moving better than smaller ones…
United States: Large, higher-quality goods moving better than smaller ones…
Belgium: 2 ct. and larger diamonds selling well, with 7 ct.-plus in short supply…
Belgium: 2 ct. and larger diamonds selling well, with 7 ct.-plus in short supply…
Israel: Demand focusing on niche range of goods:1.70 ct. and larger, F-I, VS-SI diamonds with no black center…
Israel: Demand focusing on niche range of goods:1.70 ct. and larger, F-I, VS-SI diamonds with no black center…
<b data-lazy-src= India: Overseas demand showing signs of improvement…
Hong Kong: Market quiet during Chinese New Year…
Hong Kong: Market quiet during Chinese New Year…
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Podcast: How India Has Come to Love Diamonds

Richa Singh of the NDC explains the market’s growth.

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In 2025, 61% of purchases in this jewelry category were synthetics.
Lab-Grown ‘Taking Over’ Engagement-Ring Spending – The Knot
In 2025, 61% of purchases in this jewelry category were synthetics.
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Most popular shapes are round and oval.
NDC: Average Engagement-Ring Price Tops $7,000
Most popular shapes are round and oval.
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Revenue up 0.2% from December and 6% year on year.
US Retail Sales Continue to Rise in January
Revenue up 0.2% from December and 6% year on year.
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Revenue for full year up 19% to $332 million.
Rio Tinto Diamond Unit Remains in Red
Revenue for full year up 19% to $332 million.
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Country reports $23.19 billion in shipments between April 2025 and January 2026.
India’s Exports Stable Ahead of US Tariff Deal
Country reports $23.19 billion in shipments between April 2025 and January 2026.
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Total shipments down 3.6% year on year in January.
Swiss Watch Exports See Slow Start to New Year
Total shipments down 3.6% year on year in January.
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Ecobank injection will create over 400 jobs at Sierra Leone site.
Meya Mining Secures $25M Loan to Advance Diamond Deposit
Ecobank injection will create over 400 jobs at Sierra Leone site.
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The family has connections to the jewelry industry.
JSA Offers Up to $10,000 Reward for Leads in Abduction of Nancy Guthrie
The family has connections to the jewelry industry.
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Aldo Battista will succeed Katia Fontana, who retires on April 1.
Birks Names New Chief Financial Officer
Aldo Battista will succeed Katia Fontana, who retires on April 1.
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Testing reveals inclusions that match a similar specimen from the institute’s museum.
GIA Examines Unusual Faceted Armenite
Testing reveals inclusions that match a similar specimen from the institute’s museum.
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