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RAPAPORT ® TRADEWIRE ®
February 26, 2026
Rapaport Market Comment - February 26, 2026

Supreme Court ruling against President Donald Trump’s tariffs is fueling uncertainty. US replaces reciprocal tariffs with flat 10% duty; Belgium loses diamond exemption, with India unsure if it is still on track for 0% rate. Industry seeking exemptions for diamonds and gemstones. Anglo American reduces De Beers’ book value from $4.1B to $2.3B; De Beers 2025 revenue +6% to $3.5B, but loss deepened to $739M due to bulk sales at low margins. De Beers raises prices of 5 ct.+ rough at Feb. sight; small goods slow to sell. Mixed expectations for Hong Kong shows. Five workers reportedly presumed dead after mudslide at Ekapa mine in Kimberley; owners reportedly file for liquidation.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct 0.49% 0.91% -22.92%
0.50 ct 0.12% -0.36% -26.55%
1.00 ct -0.69% -1.50% -10.06%
2.00 ct -0.36% -0.47% -2.73%
3.00 ct 0.02% 0.03% -0.69%
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Market Reports
United States: Rough prices firming, especially for material yielding 2 ct. and larger polished…
United States: Rough prices firming, especially for material yielding 2 ct. and larger polished…
Belgium: Activity improving in both rough and polished…
Belgium: Activity improving in both rough and polished…
Israel: 6 ct. goods gaining in popularity because of rising 7 ct. prices…
Israel: 6 ct. goods gaining in popularity because of rising 7 ct. prices…
<b data-lazy-src= India: European and Middle East orders improving…
Hong Kong: Market quiet through end of month, but Hong Kong dealers have returned to prepare for upcoming shows (March 2 to 8)…
Hong Kong: Market quiet through end of month, but Hong Kong dealers have returned to prepare for upcoming shows (March 2 to 8)…
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Latest US Tariffs Threaten India’s Diamond Exemption
By Joshua Freedman

Duties on polished from Belgium now 10%, AWDC believes.

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Rapaport Research Report: A Recovery in the Diamond Industry?
By Joshua Freedman

Controlling supply will be key to dealing with lower demand, latest issue argues.

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Decision reflects intense shortage of 5-carat-plus rough at February sight.
De Beers Increases Prices of Large Diamonds
Decision reflects intense shortage of 5-carat-plus rough at February sight.
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Move indicates more negative outlook for natural diamonds.
Anglo American Slashes De Beers’ Value by Nearly Half
Move indicates more negative outlook for natural diamonds.
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Miner in redundancy talks with around 5% of staff amid pause on expansion of the Tuzo pit.
De Beers to Cut Workforce at Gahcho Kué Mine
Miner in redundancy talks with around 5% of staff amid pause on expansion of the Tuzo pit.
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Vote of six to three determines president exceeded his authority, but what this means in terms of refunds and taxes is unknown.
US Supreme Court Vetoes Trump’s Global Tariffs
Vote of six to three determines president exceeded his authority, but what this means in terms of refunds and taxes is unknown.
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If successful, exemption could de facto extend to diamonds.
AGTA Appeals to US Government to Remove Tariffs on Gemstones
If successful, exemption could de facto extend to diamonds.
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Five workers trapped under a mudslide are believed to be dead.
Diamond Miner Ekapa Files for Liquidation After Tragedy
Five workers trapped under a mudslide are believed to be dead.
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Sale brings in $3.2 million, achieving a 40% higher figure per carat than in Dubai.
Congolese Diamonds Fetch High Prices at Antwerp Tender
Sale brings in $3.2 million, achieving a 40% higher figure per carat than in Dubai.
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90% of lots found buyers in latest sale, averaging $279 per carat.
Gemfields Reports High Interest in Fine-Quality Rubies at Auction
90% of lots found buyers in latest sale, averaging $279 per carat.
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Jewel carries an $8 million high estimate in upcoming online sale.
Yellow-Diamond Necklace to Star in Joopiter Auction
Jewel carries an $8 million high estimate in upcoming online sale.
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Prize goes to Catherine Aulick, a graduate of the institute’s Carlsbad school.
GIA Announces Buccellati Foundation Jewelry Design Award Winner
Prize goes to Catherine Aulick, a graduate of the institute’s Carlsbad school.
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