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RAPAPORT PRESS RELEASE, September 2, 2025, Las Vegas… Diamond prices fell in many categories in August as the US tariffs impacted demand for Indian goods. Prices of rounds weakened, though fancies were stable. Deep uncertainty dampened sentiment. US retail and wholesale were steady.
The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 1.1% in August. The index for 0.30- and 0.50-carat stones declined 3.8% and 3.9% respectively. Larger stones continued to outperform smaller items, with the 3-carat RAPI increasing 0.4%.
US President Donald Trump implemented 25% duties on Indian goods from August 1 and 50% from August 27. Goods already in America became more desirable than those overseas. The gap in asking prices between US- and India-located inventory on RapNet grew to around 16% in 1-carat commercial goods, from the usual 10% to 12%. The differential still does not reflect the entire tariff.
The levies have shaken up supply chains that developed over many years. Companies have sought low-duty routes and loopholes and relocated inventory to the US. The uncertainty has made it hard to plan and invest in long-term solutions.
On August 29, the US Court of Appeals for the Federal Circuit declared most of the tariffs illegal. The duties remain in place until October 14. A Supreme Court battle is likely.
Rough demand weakened as manufacturers reduced production. De Beers customers refused large quantities of goods at its August sight, since the miner’s prices were higher than the open market’s. Bulk sales have flooded the market with low-value rough.
US retail was in decent shape ahead of the holiday season, with solid demand for 2-carat and larger rounds and elongated fancies. Independent jewelers sought merchandise on memo. Major retailers continued to shift to synthetics in fashion jewelry and took a cautious approach to holiday purchases.
Indian retail gained importance in light of the US tariffs and China’s ongoing downturn. Trading was strong at Mumbai’s India International Jewellery Show (IIJS).
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 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.
