The Diamond Pulse – April 2026

War, Supply Shifts, and a Market Holding Its Ground

March brought a new layer of disruption: the US-Israel-Iran conflict effectively shut down trading in Dubai and Israel — two major hubs for buying and selling rough and polished diamonds. With those markets frozen, rough tenders moved to Antwerp, and Indian manufacturers lost key customers and trading partners at an already difficult time.

Demand remained split. Larger stones (2 carats and up) stayed steady, with buyers competing for high-quality rounds and elongated fancy shapes like marquises, ovals, and emeralds. Smaller goods showed modest recovery, with sub-2-carat polished prices ticking up on tighter supply. But overall, buyers were cautious and purchasing only for immediate needs.

De Beers cut its sightholder list by 30%, with changes taking effect in July. Alrosa reported 6–9% rough price increases on 2–10 carat goods since January. Canada’s Diavik mine ended production after 23 years, adding to a broader pattern of declining rough supply.

At retail, Signet posted $6.8 billion in fiscal 2026 sales, with its CEO pointing to continued growth in demand for higher-quality natural diamonds.

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

In March, 1-carat diamond prices continued to decline across all categories, with more pronounced pressure in lower colors and clarities.

D-F and G-J color diamonds in IF-VVS and VS clarities declined by an average of 1.5% during the month. SI-clarity diamonds across these color ranges saw steeper declines, averaging 2.4%. K-M diamonds recorded the sharpest drops, with IF-VVS down 2.1%, VS down 3.0%, and SI goods declining by 4.9%.

Inventory distribution remained consistent, with G-J colors across IF-VVS, VS, and SI clarities together accounting for 58.6% of Rapaport Trade listings in the 1-carat segment, continuing to represent the largest share of available goods.

Search behavior on Rapaport Trade continued to show stronger demand for higher-quality diamonds. D-F IF-VVS diamonds generated the highest share of searches at 20.7%, exceeding their 14.5% share of inventory, while G-J VS diamonds also saw strong search activity at 20.7%, indicating sustained demand for well-balanced quality and value in the 1-carat category.

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

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