Diamond Market Cautious Amid War Impact

RAPAPORT PRESS RELEASE, April 13, 2026 — The diamond industry was mixed in March as the Middle East war added new pressures. The market remained split between small and large goods. Trading in Israel and Dubai froze amid Iranian missile strikes following the start of the conflict on February 28.

US tariffs on Indian goods remained a worry for dealers, despite having fallen to 10% in February.

Polished diamonds of 2 carats and larger were in demand and short supply, especially in long fancy shapes. Large New York wholesalers saw steady orders from retailers. 

The RapNet Diamond Index (RAPI™) for 1-carat diamonds — which tracks round, D to H, IF to VS2 goods — fell 1.7% in March. The RAPI for 0.30- and 0.50-carat diamonds declined 1.1% and 3.5%, respectively. The 3-carat index dropped 0.5%.

The Rapaport Price List went down in round diamonds of up to 1.99 carats and pears of up to 0.99 carats on March 20. Rapaport CEO Dan Mano’s public message following the changes helped the market react in a measured way.

Rough tender houses relocated their sales because of the Dubai situation. Concerns arose about Indian manufacturers’ access to goods. Rough of 5 carats and larger remained sought-after amid tight supply, with reports of price increases at De Beers’ March sight.

De Beers removed 20 to 25 sightholders from its 69-strong client list for the new contract period that begins July 1, seeking greater efficiency. The move also reflected an overall reduction in rough supply and demand.

Signet Jewelers reported sales of $6.81 billion for the fiscal year that ended January 31, a 1.6% increase from the previous year. The company is closing its James Allen e-commerce site and absorbing the brand into Blue Nile, which will now focus mostly on natural diamonds.

Media Contact: media@rapaport.com
Sherri Hendricks +1-702-893-9400

About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price, in hundred dollars per carat, of the 10% lowest-priced round diamonds in each of the top 25 quality categories (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). Additional information is available at www.rapaport.com. 

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the group has more than 20,000 clients in over 120 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest online diamond- and gemstone-trading marketplace, with over $8 billion in daily listings; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at www.rapaport.com.