The Diamond Pulse – March 2026

Tariff Uncertainty, Large-Stone Strength, and Retail Resilience

The diamond market approaches the close of the first quarter of 2026 facing familiar pressure points: tariff uncertainty, uneven pricing between markets, and tightening supply in select rough categories. Ongoing policy shifts continue to influence trading behavior, with manufacturers and dealers adjusting sourcing strategies as they monitor potential exemptions and longer-term duty structures.

In rough, De Beers raised prices on 5-carat-plus goods amid shortages, underscoring firm demand for larger stones. Smaller rough and lower-weight polished categories remain softer, while resilience in polished is concentrated in 1-carat-plus diamonds and elongated fancy shapes, particularly in the US market.

At retail, performance remains selective but steady in higher-value segments. US specialty jewelers continue to see demand for larger, better-quality natural diamonds, supporting strength in premium categories even as price-sensitive goods lag. The result is a market where strategic positioning and inventory discipline remain critical heading into spring.

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

In February, 1-carat diamond prices continued to soften, though declines were relatively moderate across most categories.

D-F and G-J color diamonds in IF-VVS and VS clarities declined by an average of 1.4% during the month. SI-clarity diamonds across these color ranges remained comparatively stable, with an average decline of 0.5%. In contrast, K-M diamonds in IF-VVS clarity recorded a slight increase of 0.1%, while VS and SI goods in that color range experienced modest declines.

Inventory distribution remained largely consistent. G-J colors across IF-VVS, VS, and SI clarities together accounted for 58.4% of Rapaport Trade listings in the 1-carat segment, continuing to represent the largest share of available goods.

Search behavior on Rapaport Trade showed strong interest in higher-quality goods. D-F IF-VVS diamonds generated the highest share of searches at 20.9%, exceeding their 14.6% share of inventory, while G-J VS diamonds also remained highly sought after, reflecting steady 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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