The diamond market remained seasonally slow in February, but prices for select categories showed resilience amid tightening polished inventory. Notably, round, D to G, IF to VS1 diamonds strengthened across most sizes, while elongated fancy shapes held steady. Prices for 2-carat and larger stones also saw upward momentum.
Market Trends & Price Movements
According to the RapNet Diamond Index (RAPI™), 1-carat diamonds gained 0.2% in February, continuing a measured recovery. Smaller stones saw stronger demand, with 0.30-carat RAPI climbing 3.7%, particularly for high-quality D to E, IF to VVS1 grades. The 0.50-carat and 3-carat indices also posted slight gains of 0.2% and 0.3%, respectively.
| RapNet Diamond Index (RAPI™) | February Change | YTD Change | YoY Change |
|---|---|---|---|
| RAPI 0.30 ct. | +3.7% | +3.4% | -23.5% |
| RAPI 0.50 ct. | +0.2% | -0.3% | -17.9% |
| RAPI 1 ct. | +0.2% | -2.1% | -24.8% |
| RAPI 3 ct. | +0.3% | -0.7% | -16.9% |
Retail & Global Trade Developments
- Steady U.S. Retail: Valentine’s Day sales met expectations, with selective restocking by U.S. dealers creating shortages in key categories. The Tucson gem shows saw strong performance, and Rapaport’s launch of the RapNet Gem Trading Network with AGTA drew industry attention.
- Hong Kong Show Begins Strong: Early signs from the Hong Kong International Diamond, Gem & Pearl Show indicate better-than-expected traffic and firm prices in the loose-diamond segment.
- Botswana & De Beers Agreement: Botswana secured an increased share of Debswana’s diamonds—30% for the next five years and 40% thereafter—alongside De Beers’ $75 million investment in a new diamond development fund.
- De Beers Valuation Cut: Anglo American reduced De Beers’ book value by $2.88 billion to $4.1 billion after reporting a 23% revenue drop to $3.29 billion and a $288 million net loss. Despite this, De Beers maintained stable rough prices at its February 24 sight, with secondary-market prices rising for sub-0.50-carat goods.
- Regulatory Updates: The EU postponed its diamond traceability rules until January 2026, while the U.S. delayed its “country of mining” requirement for polished diamond imports.
What’s Next for the Diamond Market?
With inventory reductions supporting price stability, selective demand shaping restocking trends, and regulatory shifts on the horizon, the jewellery industry must stay agile. As global trade events continue, all eyes are on upcoming auctions and the evolving geopolitical landscape for further market signals.
Stay tuned for more updates from Canadian Jeweller Magazine – your trusted source for industry insights.
