Rapaport Press Release: Diamond Prices See Best Month Since Before Tariffs

1 ct. RAPI flat, breaking 13-month negative streak.

NEW YORK--(BUSINESS WIRE)--All four major diamond categories posted flat or positive figures in July, the first such month since March 2025.

The Rapaport Trade Diamond Index (RAPI™) for 1-carat diamonds was stable, ending 13 straight months of declines – a sign of stabilization that the July Rapaport Intelligence Report detailed.

RAPI rose 1.6% for 0.30-carat diamonds. The index for 0.50-carat diamonds increased 1.8%, its best month since March 2025. Smalls continued to see an upward correction due to lower production, while 3-carat RAPI maintained its stability with a 0.2% uplift.

Rapaport Trade Diamond Index (RAPI™)
	Index on Aug. 1, 2026	July 2026	Year to Date	Year on Year
			Jan. 1 , 2026, to Aug. 1, 2026	Aug. 1 , 2025, to Aug. 1, 2026
RAPI 0.30 ct.	913	1.6%	9.4%	-19.4%
RAPI 0.50 ct.	1,253	1.8%	0.7%	-21.5%
RAPI 1 ct.	3,880	0.0%	-6.4%	-14.3%
RAPI 3 ct.	17,911	0.2%	-1.6%	-0.5%

The market was improving in the first quarter of last year, but India’s mass import of rough led to an oversupply when US tariffs hit in April 2025. While the duties’ acute impact eased, synthetics, weak Chinese demand and a flood of Angolan rough depressed prices over the ensuing year, especially in smaller sizes.

Bigger stones remained steady, with US consumers showing interest in 2-carat, G to J, VS1 to SI2 diamonds in rounds and long fancies.

The sale of De Beers continued to impact sentiment. Anglo American is reportedly considering an offer of $1 billion for its 85% stake, far below past valuations. De Beers is suspending production at its Venetia mine for two years to streamline the company. Its first-half losses narrowed as rough prices stabilized.

A new US tariff regime began in July, maintaining a 10% duty on diamonds polished in India. Diamonds of Belgian, Botswanan and Namibian origin received exemptions, giving those locations a cost advantage for high-value goods.

The mood in India firmed. Domestic activity picked up ahead of IIJS and Diwali. The US market was stable during the summer.

Luxury retail strength continued. Kering’s second-quarter jewelry revenue jumped, led by Boucheron and Pomellato. LVMH, which owns Tiffany and Bulgari, also reported an increase in watch and jewelry sales for the first half. Both noted positive US and Asian demand.

About the Rapaport Trade Diamond Index (RAPI™): The RAPI is the average asking price of the 10% lowest-priced round diamonds in each of the top 25 quality categories (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on Rapaport Trade® (formerly RapNet) at rapaport.com/trade. Additional information is available at rapaport.com.

About the Rapaport Group: The Rapaport Group includes Rapaport News, which delivers industry-leading content across digital platforms, including news coverage, interviews, editorial features, original storytelling, and branded content initiatives; Rapaport Intelligence, which provides in-depth research on the global diamond and colored-gemstone markets, including demand and pricing trends and the benchmark diamond Price List; Rapaport Trade (formerly RapNet), the world's largest online diamond- and gemstone-trading marketplace, with over $8 billion in daily diamond, gem and jewelry listings; and Rapaport Auctions, the world’s largest recycler of diamonds.