Rapaport Press Release: Diamond Prices Continue to Recover

1-carat RAPI up 1.4% in March.

LAS VEGAS--(BUSINESS WIRE)--The diamond market showed further signs of recovery in March. The price stabilization trend that began in mid-February expanded to a wider range of categories, with price increases in round, 0.30- to 1.99-carat, D to G, IF to VS2 goods. Low, stable inventories were key to the improvements. The remaining categories saw mixed trends.

The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — increased 1.4% in March. The most significant jump was in the 0.30-carat index, which went up 6.5%, with D to F, IF to VVS1 items in that size rising 10% or more on average. The 0.50-carat index climbed 2.2%, and the 3-carat index edged up 0.1%.

RAPNET DIAMOND INDEX (RAPI™)
	Index	March	Year to Date Jan.1, 2025, to Apr.1, 2025	Year on Year Apr.1, 2024, to Apr.1, 2025
RAPI 0.3 ct.	1,153	6.5%	10.1%	-17.1%
RAPI 0.5 ct.	1,713	2.2%	1.9%	-16.3%
RAPI 1 ct.	4,564	1.4%	-0.8%	-23.3%
RAPI 3 ct.	18,151	0.1%	-0.6%	-15.9%
Source: Based on RapNet data.
© Copyright 2025, Rapaport USA Inc.

The Hong Kong diamond and jewelry shows in March exceeded the industry’s low expectations and infused the market with positive energy. Traders reported greater interest and larger transactions than at last year’s fairs.

Domestic markets in the US and India were steady. US wholesalers sought specific goods to meet demand, leading to shortages in those categories. De Beers maintained stable rough prices, with minor changes at its end-of-March sight.

There are concerns about the EU’s reciprocal tariffs on diamond imports from the US, as well as a possible US decision to impose additional tariffs on diamond imports from India. Rapaport believes the Indian government should reduce import fees on diamonds from the US to create free trade between the countries.

Signet Jewelers’ share price increased 20% in the last two weeks of March after it announced a new strategy following poor results in 2024’s fourth fiscal quarter.

There are reports that Anglo American has begun discussions with banks about a potential initial public offering (IPO) of De Beers. It has presented this as a backup solution to finding a buyer, in keeping with the company’s promise to investors to exit the diamond sector.