Small Gains, Big Moves: October’s Market and Industry Highlights

October brought a mixed but resilient diamond market. Small, high-quality stones extended their price recovery, with the Rapaport Trade Diamond Index for 0.30-carat rounds up 3.2% and 0.50-carat rounds up 2.5% for the month, driven mainly by tight supply rather than a surge in demand. The 1-carat index posted a second straight monthly gain of 0.3%. Sentiment softened by month’s end, though, as Indian inventories built up and prices for 0.30 to 0.69-carat rounds began easing, even as 1 to 1.49-carat goods held steady. De Beers reported that its third-quarter sales volume jumped 71% year on year to 9.8 million carats following a July price cut that aligned prices with the market, though revenue rose just 4% to $731 million as the average selling price fell 45% to $84 per carat. Retail results were uneven: Kering’s third-quarter jewelry revenue rose 12% to $268 million, outperforming the broader diamond trade, Luk Fook’s retail sales value climbed 8%, and Chow Tai Fook’s Hong Kong and Macau same-store sales rose 33% even as its group revenue slipped 0.5%. At auction, Sotheby’s Milan sale brought in $7.7 million across more than 280 lots, topped by a 9.09-carat diamond ring that sold for $341,910, more than double its high estimate.

On the organizational side, the Jewelers Board of Trade reported that US jewelry trade downsizing slowed in the third quarter: 116 businesses closed, down from 126 a year earlier, while the pool of active companies fell 1.4% to 21,831. The American Gem Trade Association crowned its 2026 Spectrum and Cutting Edge Award winners at a Texas competition where entries rose 21% year over year to roughly 400, including a 33% jump in submissions from female designers. In Dubai, the DMCC unveiled the 888.88-carat Infinity black diamond at its Dubai Diamond Conference, outlined a vision for investment-led growth in the natural diamond sector, and announced an educational partnership between the Dubai Design Academy and HRD Antwerp. Rapaport strengthened its leadership team, appointing Yosi Botzer, the former CTO of Nasdaq-listed Perion Network, as its new Chief Technology Officer to lead a company-wide AI transformation spanning the Rapaport Price List and Rapaport Trade’s tools, including its AI-powered Ring Builder. Rapaport also published its Rapaport Intelligence Report, “The Brand Divide,” examining why strong luxury jewelry sales at houses such as Cartier and Van Cleef & Arpels have not translated into stronger demand for polished diamonds, and released a new episode of its Heard on the Street video series focused on sales strategy and customer relationships.

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

Prices for 1.00 to 1.49 carat diamonds softened in October. D-F led the decline: IF-VVS fell 1.5%, up from a 0.4% gain last month, VS fell 0.6% versus -0.3%, and SI fell 1.4% versus -0.9%. G-J was flat, with IF-VVS at 0.0% versus 0.6% and VS at -0.1% versus 0.7%. G-J SI rose 0.3%, versus -0.6% in September. K-M IF-VVS and VS averaged 1.1%, down from 1.9%. 

The largest swing was K-M VS, which fell 0.6% after rising 3.9% in September. K-M IF-VVS moved the other way, gaining 2.8% versus -0.2%. K-M SI slipped 0.1%, versus -0.2%.

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

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