Rapaport Press Release: Prices of Small Diamonds Recover

0.30 ct. RAPI up 2.1% in May.

LAS VEGAS--(BUSINESS WIRE)--The diamond market showed signs of recovery in May. Larger stones remained strong. Smaller diamonds saw continued price stabilization in collection qualities.

The Rapaport Trade Diamond Index (RAPI™) — which tracks asking prices for round, D-H, IF-VS2 goods — increased 2.1% for 0.30-carat diamonds during the month, having dropped 27.6% year on year. RAPI for 0.50-carat diamonds rose 0.9%.

The rebound in smaller sizes followed inventory declines in those categories and reflected buyers taking advantage of low valuations.

The 1-carat index fell 0.3%. RAPI for 3 carats, which had been stable for several months, slipped 0.5% but was still only 2.1% lower than a year earlier.

Prices of round, 1-carat, D-H, SI1-SI2 diamonds — which are outside the RAPI’s scope — fell 0.5% for the month.

The number of 0.30-carat diamonds on Rapaport Trade (formerly RapNet) in RAPI qualities was down more than 50% since January 1 following production cuts. High-end brands were seeking bargains in these categories.

The JCK Las Vegas show reflected US strength in 2-carat-plus diamonds, with trading especially good in long fancy shapes and in niche items like antique cuts and low colors. Consumers favored these sizes over smaller “bread and butter” goods, which were slow due to competition from synthetics. The GemGenève fair earlier in May reflected a strong appetite for exceptional diamonds and gemstones. Indian retail remained strong.

Rapaport launched a rebrand at JCK, announcing RapNet’s name change to Rapaport Trade and outlining new products to support the natural-diamond industry. These include an agentic AI tool that will let users obtain detailed and actionable market analyses — set to launch later this year — as well as Rapaport Polaris, a sophisticated pricing tool that is already operational for the first batch of customers.

Diamond production looks set to fall further. Petra Diamonds has announced that its Finsch mine will enter business rescue, Storm Mountain Diamonds is reportedly placing the Kao mine on care and maintenance, and Ekati owner Arctic Canadian Diamond Company (ACDC) has filed for insolvency protection.