Latest News

Press Release: Three Factors Driving Up Polished Prices

February 1, 2022  |  Rapaport

RAPAPORT PRESS RELEASE, February 1, 2022, Las Vegas… The diamond industry began the year in an upbeat mood after good holiday jewelry sales and strong overall growth in 2021. That optimism was tempered toward the end of the month by rough price hikes, Covid-19’s Omicron variant, stock-market volatility and geopolitical tensions.

The RapNet Diamond Index (RAPI™) for 1-carat polished diamonds rose 6.9% during January and was up 26.3% year on year as of February 1.

RapNet Diamond Index (RAPI™)
January  Y2Y
Feb. 1, 2021, to Feb. 1, 2022
RAPI 0.30 ct. 1.0% -0.3%
RAPI 0.50 ct. 3.2% 5.4%
RAPI 1 ct. 6.9% 26.3%
RAPI 3 ct. 7.1% 25.0%

© Copyright 2022, Rapaport USA Inc.

De Beers raised rough prices at its January sight by an estimated 15% for small goods and 5% to 12% for 3-grainer and larger diamonds. Alrosa made similar increases at its contract sale. Goods were trading at high premiums on the secondary market due to scarcities; the miners’ more targeted rough allocations meant fewer stones were making their way to dealers.

There were also shortages in the polished market, particularly for triple-Ex goods. Manufacturers were still operating at an estimated 75% of capacity due to Covid-19 measures and because many workers had not returned from earlier coronavirus shutdowns. The shift to cutting higher-value, certified goods during the pandemic’s initial stages caused prices for small and low-value polished to increase significantly from September 2021 onward as supply dwindled.

US demand continues to support the market as jewelers replace inventory they sold over the holidays. China’s wholesale sector has been relatively quiet in the run-up to the Chinese New Year, which begins February 1. There was some uncertainty about the season due to Covid-19 restrictions on retail. Buyers there were also putting off bulk purchases until polished prices settled again after recent increases.

Three main factors are driving the high polished valuations: supply shortages, good US demand, and steep rough prices. Manufacturers are holding their prices firm as their rough costs rise.

For now, it’s easier to sell than to buy. That may change in the coming months as more goods become available and as dealers grow cautious about their ability to make a profit at these price levels.

Rapaport Media Contacts: [email protected]
US: Sherri Hendricks +1-702-893-9400
International: Yael Wool +1-718-521-4976

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: Three Factors Driving Up Polished Prices

Share with others


Clear all search filters