Rapaport Press Release: Diamond Market Quiet as Prices Remain Stable

1-carat RAPI up 0.2% in February.

LAS VEGAS--(BUSINESS WIRE)--The diamond market was seasonally slow in February, with prices strengthening for round, D to G, IF to VS1 goods in most sizes. Other categories showed mixed trends. Prices were stable for elongated fancy shapes, and increased for those weighing 2 carats or more. These trends were due to an ongoing reduction of polished inventory.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds — reflecting round, D to H, IF to VS2 goods — increased 0.2% in February. The index for 0.30-carat diamonds rose 3.7%, with strong demand for D to E, IF to VVS1 qualities. The 0.50-carat RAPI went up 0.2%, and 3-carat prices climbed 0.3%.

RapNet Diamond Index (RAPI^™)
	Index	February	Year to Date Jan. 1, 2025, to Mar. 1, 2025	Year on Year Mar. 1, 2024, to Mar. 1, 2025
RAPI 0.30 ct.	1,082	3.7%	3.4%	-23.5%
RAPI 0.50 ct.	1,675	0.2%	-0.3%	-17.9%
RAPI 1 ct.	4,502	0.2%	-2.1%	-24.8%
RAPI 3 ct.	18,135	0.3%	-0.7%	-16.9%
© Copyright 2025, Rapaport USA Inc.

American retail remained stable. Valentine’s Day sales met expectations. US dealers’ restocking was selective, creating shortages of in-demand items. The Tucson shows performed well, with Rapaport launching the RapNet Gem Trading Network in partnership with the American Gem Trade Association (AGTA).

The Hong Kong International Diamond, Gem & Pearl Show opened this week. Traffic in the loose-diamond section exceeded expectations, and prices stayed firm at the start of the show.

Botswana’s government and De Beers signed an agreement on February 25, under which Botswana will receive 30% of Debswana’s diamonds for the next five years and 40% for five years after that. De Beers also agreed to create a diamond development fund to help the country diversify and create new jobs. That project would see the miner invest around $75 million.

Anglo American reduced De Beers’ book value by $2.88 billion to $4.1 billion during the month, reporting a 23% decline in revenue to $3.29 billion and a $288 million net loss. De Beers maintained steady prices at its February 24 sight. Secondary-market prices increased for rough below 0.50 carats.

The EU postponed traceability rules until January 2026, while the US delayed a bizarre “country of mining” requirement for polished-diamond imports.