Rapaport Press Release: Diamond Prices Drop in Slow Market

1-carat RAPI down 2.3% in January.

LAS VEGAS--(BUSINESS WIRE)--The diamond market was slow in January, with mixed reports about holiday sales. The US holiday season met the industry’s low expectations. Diamond prices declined, with some improvement in 0.30- to 0.50-carat, D to F, IF to VVS2 goods. Fancy-shape diamonds of 3 carats and larger are doing better.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds — reflecting round, D to H, IF to VS2 goods — decreased 2.3% in January. The index for 0.30- and 0.50-carat diamonds decreased 0.4% and 0.6% respectively, varying by color and clarity, while 3-carat prices declined 0.9%.

RapNet Diamond Index (RAPI^™)
	Index	January	Year on Year Feb. 1, 2024, to Feb. 1, 2025
RAPI 0.30 ct.	1,043	-0.4%	-26.5%
RAPI 0.50 ct.	1,671	-0.6%	-17.6%
RAPI 1 ct.	4,494	-2.3%	-25.4%
RAPI 3 ct.	18,089	-0.9%	-17.9%
© 2025, Rapaport USA Inc.

De Beers and the Botswana government reached a landmark agreement that includes extending joint venture Debswana’s mining licenses beyond 2029. The two parties will be working together to promote natural diamonds.

The rough market has been slow, with De Beers maintaining prices and selling fewer diamonds at this year’s first sight.

US Customs and Border Protection (CBP) is demanding that importers of polished diamonds disclose the stones’ country of origin. Grandfathered diamonds — those that entered the market before sanctions on Russian diamonds went into effect — will likely be exempt. Rapaport is issuing its own Rapaport Ethical Sourcing Standard (RESS) and Rapaport Traceability Standard (RTS) for diamonds.

US trade wars are heating up following moves to impose tariffs on Canada and Mexico. Canadian diamonds may be subject to high US tariffs if these go through. The Chinese holiday season is not reviving demand. India demand remains stable.