The Diamond Pulse – February 2026

Tariff Splits, Selective Demand, and a Cautious Start to 2026

The diamond market entered 2026 with familiar pressure points still front and center: tariffs, synthetics, and uncertainty around De Beers’ future continued to weigh on sentiment. Pricing also grew increasingly uneven, with a widening gap between US and Indian markets as tariff dynamics reshaped trading behavior and discounts.

On the product side, demand remained selective. Polished above 1 carat showed more resilience, while smaller goods faced steeper declines, reinforcing the market’s split between stronger, better-performing categories and weaker, price-sensitive goods.

In India, trading stayed relatively quiet amid soft pricing and ongoing caution from manufacturers, with higher gold prices adding another layer of complexity for jewelry buying and merchandising decisions.

---

Here’s your diamond market analysis from Rapaport Trade for January 2026

In January, 1-carat diamond prices showed signs of stabilization, with declines moderating in several categories and select segments posting gains.

D-F and G-J color diamonds in IF-VVS and VS clarities declined by an average of 1.2%, marking a slower pace of decline compared to previous months. In contrast, K-M diamonds in VS clarity recorded a 2.2% increase during the month. SI-clarity diamonds across D-F, G-J, and K-M colors were largely stable, with an average decline of just 0.1%, including a modest gain of 0.3% in D-F SI goods.

Inventory distribution remained steady, with G-J colors across IF-VVS, VS, and SI clarities together representing 59.3% of Rapaport Trade listings in the 1-carat segment.

Search behavior on Rapaport Trade remained consistent, with D-F IF-VVS and G-J VS diamonds continuing to receive the highest search volume.

Please note: the searches breakdown are a breakdown of buyers searches on Rapaport Trade

<<Click here>> to join the industry’s largest and most trusted 
diamond, gem and jewelry trading network.