Rapaport Press Release: Historic Uncertainty Impacts Diamond Market

1-carat RAPI up 0.7% in April.

LAS VEGAS--(BUSINESS WIRE)--Diamond prices rose sharply at the beginning of April in response to announcements of new U.S. import tariffs, and then stabilized later in the month when the U.S. delayed the tariffs by 90 days.

The RapNet Diamond Index (RAPI™) for 1-carat goods edged up 0.7% during the month. The index for 0.30-carat diamonds continued to strengthen, rising 2.8% in April and 13.2% since the beginning of the year. The 0.50-carat RAPI increased 0.6%, while 3-carat stones saw a minor decline of 0.3%. VVS collection goods of 0.30 carats performed well due to increased Indian demand and a slight improvement in China.

RAPNET DIAMOND INDEX (RAPI™)
	Index	April	Year to Date Jan. 1, 2025 - May 1, 2025	Year on Year May 1, 2024 - May 1, 2025
RAPI 0.3 ct.	1,185	2.8%	13.2%	-11.5%
RAPI 0.5 ct.	1,722	0.6%	2.5%	-15.6%
RAPI 1 ct.	4,594	0.7%	-0.1%	-20.0%
RAPI 3 ct.	18,094	-0.3%	-0.9%	-14.0%
Source: Based on RapNet data.
© Copyright 2025, Rapaport USA Inc.

The industry operated amid unprecedented uncertainty due to the continuing tariff negotiations between the U.S. and India, respectively the world’s largest diamond-consuming and -manufacturing countries. Trading slowed in centers outside the U.S. However, business within the U.S. was steady and prices rose, reflecting part of the expected tariff costs. The market is closely monitoring end-consumer reactions.

U.S. inventories are elevated, as American traders purchased goods before the tariffs’ anticipated start date, and global trading centers — especially Indian exporters — shipped popular goods to the U.S. Diamond imports to the U.S. are now slowing down. Elongated fancy shapes saw strong demand during April, both in the U.S. and internationally.

Diamond and jewelry retailers are finishing preparations for Mother’s Day on May 11. A survey by the National Retail Federation (NRF) projected that consumer spending on jewelry would be slightly lower than last year.

The rough market was quieter than in March, which was a particularly active period. Anglo American predicts continued caution among rough buyers due to the ongoing macroeconomic uncertainty and the impact of U.S. tariffs. De Beers’ sales slid 44% year on year in the first quarter to $520 million as slow demand and a buildup of polished inventory led the midstream to restock more slowly.