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Press Release: Diamond Prices End the Year on a High

January 4, 2022  |  Rapaport

RAPAPORT PRESS RELEASE, January 4, 2022, Las Vegas… Polished diamond prices rallied in December, with most size categories showing gains for the full year. Steady demand, supply scarcities and high rough prices buoyed the market.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds rose 5.3% in December and 17.4% for 2021 overall.

RapNet Diamond Index (RAPI™)
December 4Q 2021 FY 2021
RAPI 0.30 ct. 1.2% 0.8% -0.8%
RAPI 0.50 ct. 1.3% 1.1% 1.0%
RAPI 1 ct. 5.3% 6.0% 17.4%
RAPI 3 ct. 5.1% 10.9% 18.7%

© Copyright 2022, Rapaport USA Inc.

Sentiment has been positive following the strongest holiday season the diamond trade has seen in over a decade. Jewelry sales grew 32% year on year for the period spanning November 1 to December 24, according to MasterCard SpendingPulse.

Dealers were busy late into the season. Jewelers required goods for the last-minute Christmas rush, and the industry was anticipating steady post-holiday trading. Finding the right merchandise remains the biggest challenge at present despite the buildup of midstream inventory. The number of diamonds listed on RapNet was 59% higher on January 1 than a year earlier.

Manufacturers maintained polished price levels in part because of high rough costs. Rough prices climbed by an estimated average of 23% during 2021, putting a squeeze on manufacturing profit margins. De Beers and Alrosa kept prices unchanged in December and saw relatively small sales during the month.

Rough sales will likely spike in January. Manufacturers expect the major miners to increase their prices as polished trading picks up in the first quarter, a time when jewelers and dealers typically replenish goods they’ve sold during the holiday season. Far East demand is also supporting the market ahead of the Chinese New Year on February 1.

Jewelers are carefully managing inventory levels amid uncertainty about economic prospects in the first half of the year, especially with Covid-19’s Omicron variant continuing to spread. They’ll be looking to build on the momentum of 2021, which will support stronger activity throughout the pipeline in 2022.

Rapaport Media Contacts: [email protected]
US: Sherri Hendricks +1-702-893-9400
International: Yael Wool +1-718-521-4976
Mumbai: Prashant Bhojani +91-97694-66855

About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® ( Additional information is available at

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 1976, the group has more than 20,000 clients in over 121 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 diamond trading network; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at


Press Release: Diamond Prices End the Year on a High

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