Rapaport Press Release: Diamond Market Slow Amid Tariff Uncertainty

1-carat RAPI down 0.3% in June.

LAS VEGAS--(BUSINESS WIRE)--The diamond market remained cautious in June as the industry awaited decisions on prospective US tariffs.

The Las Vegas shows saw resilience in the high-end segment and stability in other areas. However, uncertainty about America’s trade policy dominated wholesale sentiment in the US and worldwide. The 90-day deferral of US reciprocal tariffs expires July 9, and the industry hopes these levies will not materialize.

The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 0.3% during June. The index for 0.30-, 0.50- and 3-carat stones declined 1.7%, 2.3% and 0.8% respectively.

RAPNET DIAMOND INDEX (RAPI™)
	Index	June	Year to Date Jan. 1, 2025, to Jul. 1, 2025	Year on Year Jul. 1, 2024, to Jul. 1, 2025
RAPI 0.3 ct.	1,170	-1.7%	11.8%	-2.9%
RAPI 0.5 ct.	1,672	-2.3%	-0.5%	-12.6%
RAPI 1 ct.	4,580	-0.3%	-0.4%	-14.0%
RAPI 3 ct.	18,048	-0.8%	-1.2%	-10.5%
Source: Based on RapNet data.
© Copyright 2025, Rapaport USA Inc.

JCK Las Vegas reflected healthy American consumer demand but a mixed wholesale market. The Luxury show, which focuses on high-end jewelry, was strong. So were 2-carat and larger diamonds at JCK, though demand was weak for rounds under 1.20 carats. Fewer overseas exhibitors attended than usual.

India’s rough imports exceeded its polished exports in May at $1.1 billion and $950 million respectively, intensifying concerns about an oversupply of less-desirable goods. Prices for smaller rounds softened during June, but prices for long fancies of 2 carats and up strengthened amid shortages.

US retail demand was steady in June. India’s consumer market was seasonally quiet, and business remained slow in China. Israel’s diamond trade froze for two weeks due to its war with Iran.

Global rough production for 2024 was up 6% from the previous year at 118 million carats, the Kimberley Process (KP) reported, although value fell 10% to $11.5 billion. The average price per carat dropped 15% to $97.

Industry groups and African countries signed an agreement in Angola to finance the Natural Diamond Council (NDC) with an expected budget of $80 million. The Gemological Institute of America (GIA) has shifted to using descriptive terms when grading synthetic diamonds. HRD Antwerp has stopped grading loose synthetics altogether.