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RAPAPORT ® TRADEWIRE ®
March 5, 2026
Rapaport Market Comment - March 5, 2026

US-Israel-Iran war shakes sentiment. Iranian attacks on Dubai disrupt global rough and polished trade. Impact on Indian manufacturers uncertain. Dubai and Israeli diamond exchanges essentially closed; imports and exports frozen. Rough tenders move to Antwerp. Lack of Middle East attendees noticeable at Hong Kong shows. Hong Kong diamond section reflects market split, with steady trading in 3 ct.+ goods despite low traffic. Buyers few but serious. Feb. 1 ct. RAPI -1.3%; sharper decline in US prices, as market anticipated tariff abolition. RAPI up for 0.30 ct., 0.50 ct. and 3 ct. diamonds. Prices of 5 ct.+ rough increase at tenders.

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RAPNET DIAMOND INDEX (RAPI™)
Weekly Monthly Y2Y
0.30 ct 0.13% 0.99% -23.71%
0.50ct 0.10% 0.37% -26.66%
1.00 ct -0.03% -0.97% -10.53%
2.00 ct 0.38% 0.36% -2.60%
3.00 ct 0.12% 0.47% -0.53%
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Market Reports
United States: Wholesale market steady but seasonally quiet…
United States: Wholesale market steady but seasonally quiet…
Belgium: Relatively high expectations for large-stone sales at this week’s Hong Kong show…
Belgium: Relatively high expectations for large-stone sales at this week’s Hong Kong show…
Israel: Focus is on Iran war. Missiles targeting central region, where Israel Diamond Exchange is located…
Israel: Focus is on Iran war. Missiles targeting central region, where Israel Diamond Exchange is located…
<b data-lazy-src= India: Indian exhibitors at Hong Kong show reporting absence of Middle East visitors, though 3 ct. and larger diamonds are in demand…
Hong Kong: Steady demand for larger diamonds in rounds and long fancy shapes, but buyers are selective…
Hong Kong: Steady demand for larger diamonds in rounds and long fancy shapes, but buyers are selective…
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Iran War Disrupts Diamond Trade in Dubai, Israel
By Joshua Freedman

Koin, TAGS postpone rough tenders in Emirati city.

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Podcast: Face Recognition for Diamonds

Mayank Jain of DiaDNA explains the latest developments in stone authentication.

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1-carat RAPI down 1.3%.
Diamond Trade Sees Mixed February Amid Tariff Chaos
1-carat RAPI down 1.3%.
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Miner benefited from a weak ruble and cost-cutting.
Alrosa’s Profit Nearly Doubles in 2025
Miner benefited from a weak ruble and cost-cutting.
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Full-year sales for 2025 fell 24% to $29.6 million.
Sarine Revenue Drops Amid Low Demand for Natural Diamonds
Full-year sales for 2025 fell 24% to $29.6 million.
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Revenue up 3% in first half.
Michael Hill Sales Grow Amid Strong Holiday Results
Revenue up 3% in first half.
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Revenue from jewelry, watches, clocks and valuable gifts up 31% year on year.
Hong Kong Luxury Sales Continue Upward Trend in January
Revenue from jewelry, watches, clocks and valuable gifts up 31% year on year.
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Company still fighting to continue as going concern.
Lack of Large Stones Dents Lucara Revenue
Company still fighting to continue as going concern.
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Like-for-like down 20% in second quarter.
Petra Revenue Falls Amid Continued Rough-Price Weakness
Like-for-like down 20% in second quarter.
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Morgan Stanley’s data is inaccurate, timepiece company claims.
Swatch Group Questions Industry Research Report
Morgan Stanley’s data is inaccurate, timepiece company claims.
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Some 60% of goods on offer sell, with strongest bidding for bigger sizes and higher qualities.
Large Stones Lead $16M TAGS Tender
Some 60% of goods on offer sell, with strongest bidding for bigger sizes and higher qualities.
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IDMA and WFDB will host 41st edition together in Singapore.
Organizations Reunite for World Diamond Congress
IDMA and WFDB will host 41st edition together in Singapore.
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David Tse will lead the team to develop the brand’s identity.
Chow Tai Fook Names New Global Creative Director
David Tse will lead the team to develop the brand’s identity.
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A 10-year collaboration with Savannah College of Art and Design aims to foster the next generation of artisans and innovators.
Jewelers Mutual Allocates $10M to Bench-Jeweler Education
A 10-year collaboration with Savannah College of Art and Design aims to foster the next generation of artisans and innovators.
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Christie’s saw “surging” demand for emeralds, rubies, sapphires and Paraiba tourmalines in 2025.
Auction Bidders Swerve to Gemstones, Diamonds Stable
Christie’s saw “surging” demand for emeralds, rubies, sapphires and Paraiba tourmalines in 2025.
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North American president of Hearts on Fire to receive Stanley Schechter Award.
JVC Honors Chow Tai Fook’s Rebecca Foerster
North American president of Hearts on Fire to receive Stanley Schechter Award.
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