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RAPAPORT ® TRADEWIRE ®
July 31, 2025
Rapaport Market Comment - July 31, 2025

Diamond market in shock after US President Donald Trump announces 25% tariffs on Indian goods from Aug. 1 and unspecified additional penalties. US prices rebound following tariff news and recent softening of global prices for 0.30 ct. to 1.19 ct. rounds. Uncertainty continues, with industry expecting ongoing negotiations. US inventory rising as dealers restock following steady sales to independent jewelers. Majors hold off holiday buying. Indian market slow amid weak overseas sales. De Beers 1H revenue -13% YOY to $2B, underlying loss of $245M vs. profit of $73M in 1H 2024. LVMH 1H jewelry and watch sales -1% YOY to $6B, profit -13% to $895M. Rio Tinto 1H sales +9% YOY to $162M.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct -0.80% -3.28% 2.98%
0.50 ct -1.53% -4.63% -9.72%
1.00 ct -0.52% -1.36% -8.63%
3.00 ct 0.39% -0.23% -5.46%
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Market Reports
United States: Nice 2 ct. and larger, F-H, VS-SI elongated fancies in short supply, with dealers struggling to replenish stock…
United States: Nice 2 ct. and larger, F-H, VS-SI elongated fancies in short supply, with dealers struggling to replenish stock…
Belgium: Market gearing up for August vacation, with businesses starting to close…
Belgium: Market gearing up for August vacation, with businesses starting to close…
Israel: Trading quiet amid slow demand from buyers in US and Europe…
Israel: Trading quiet amid slow demand from buyers in US and Europe…
India: US tariff hike casts cloud over export trade as IIJS show begins in Mumbai (July 30 to August 4)…
India: US tariff hike casts cloud over export trade as IIJS show begins in Mumbai (July 30 to August 4)…
Hong Kong: Chinese orders slow for diamonds over 1 ct., with some demand for round, 0.30 to 0.50 ct., VS-SI, E-H, 3X goods…
Hong Kong: Chinese orders slow for diamonds over 1 ct., with some demand for round, 0.30 to 0.50 ct., VS-SI, E-H, 3X goods…
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Labs’ About-Face on Synthetics Certification ‘No Big Deal,’ Industry Says
By Leah Meirovich

Some were happy about the decision, others not so much — but overall sentiment is that it’s completely irrelevant.

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Majors Delay Buying Amid Tariff Uncertainty
By Joshua Freedman

Dealers expect a late season as large US jewelry retailers keep leaner inventories.

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Miner reports deficit of $245 million for first half.
De Beers Skids to Loss Even as It Eyes Recovery
Miner reports deficit of $245 million for first half.
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President also plans to impose additional penalties on imports from country as punishment for buying from Russia.
US to Place 25% Tariffs on Indian Goods, Trump Says
President also plans to impose additional penalties on imports from country as punishment for buying from Russia.
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Top climbers in second quarter were 1.50-carat, fancy-vivid-blue diamonds, while 3-carat fancy-intense yellows headed list of stones that lost ground.
Signs of Stability for Fancy-Color Price Index
Top climbers in second quarter were 1.50-carat, fancy-vivid-blue diamonds, while 3-carat fancy-intense yellows headed list of stones that lost ground.
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Store renovations at Tiffany & Co. impacted division’s profits.
LVMH Jewelry and Watch Sales Edge Down in First Half
Store renovations at Tiffany & Co. impacted division’s profits.
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New Pomellato collection and Qeelin’s sales were highlights for maisons in first half.
Jewelry Solid for Kering Amid Weak Market
New Pomellato collection and Qeelin’s sales were highlights for maisons in first half.
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Company sees deficit of $9.3 million for the 12 months that ended March 29.
Birks Full-Year Loss Deepens
Company sees deficit of $9.3 million for the 12 months that ended March 29.
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Revenue category grows 7% year on year, after dropping 3.2% in May.
Hong Kong Luxury Sales Up in June
Revenue category grows 7% year on year, after dropping 3.2% in May.
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Revenue up 9% in first half.
Sales at Rio Tinto’s Diamond Unit Bounce Back
Revenue up 9% in first half.
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Dunebridge will lend miner additional $10 million.
Mountain Province Asks Shareholders for More Money to Run Business
Dunebridge will lend miner additional $10 million.
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He established the company in 1979 in New Zealand, growing it to a chain spanning three countries.
Michael Hill Founder Dies at 86
He established the company in 1979 in New Zealand, growing it to a chain spanning three countries.
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