RAPAPORT PRESS RELEASE, June 4, 2025, Las Vegas… The diamond market continued to operate under uncertainty in May. The postponement of higher tariffs, and the accompanying dialogue between the US and India, brought some relief to a market that no longer anticipates a 26% duty on polished.
A US federal court ruled on May 28 that President Donald Trump lacked authority to impose tariffs unilaterally. The levies remain in place while the administration appeals.
Dealers that raised prices in early April adjusted them downward. US consumer demand remained steady — a bright spot for the industry as it heads into the JCK Las Vegas show.
The RapNet Diamond Index (RAPI™) for 1-carat stones — reflecting round, D to H, IF to VS2 diamonds — was flat during May. The index for 0.30- and 3-carat goods rose 0.4% and 0.6% respectively; the 0.50-carat RAPI fell 0.7%.
Prices of round, 0.50- to 0.70-carat, SI diamonds softened, partly because of the tariff policy readjustment and the desire to complete sales before the July summer vacation.
In late March and early April, the trade exported unusually large quantities of goods to the US to avoid tariffs. This created supply-demand imbalances, including a surplus of less-desirable goods. Sought-after diamonds remained scarce and costly to import because of the 10% duty.
Preparations for JCK are at their peak. Dealers expect a reasonable show, with fewer international participants due to the tariffs. The industry is waiting to see how Trump’s policy will affect demand.
The GemGenève show — which ended May 11 — was good, though not excellent, with strong demand for diamonds over 5 carats. It was a positive indicator for high-end items and branded companies.
A report claimed De Beers had sold cut-price rough to certain clients through special deals, creating waves in the industry. De Beers also announced the closure of its Lightbox venture for synthetic diamonds.
The GIA is updating its synthetic-diamond reports, using broader grading terminology that excludes color and clarity.
Rapaport Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976
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 diamond trading network, with daily listings of 1.5 million diamonds valued at more than $7.2 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at www.rapaport.com.
