Diamond prices in July 2026 stopped falling. All four Rapaport Trade Diamond Index categories closed the month flat or higher, the first clean month since March 2025. The one carat index also ended thirteen straight monthly declines.
Four months earlier, a crowd stood at Lac de Gras, 220 kilometres south of the Arctic Circle. Indigenous government representatives, territorial officials and Rio Tinto staff had come to watch Diavik produce its final carats on 26 March. Twenty three years of mining beneath a frozen lake ended that afternoon. Both events belong to one story, and that story now sets what Canadian stores pay before Christmas.
What did diamond prices do in July 2026
Smaller goods led the turn. RAPI for 0.30 carat rose 1.6 per cent. The 0.50 carat index gained 1.8 per cent, its strongest month since March 2025. Meanwhile the one carat index simply held, and three carat added 0.2 per cent.
Still, the twelve month column carries the harder truth. Half carat goods sit more than a fifth below where they stood last August. July therefore marks a floor forming at a much lower base.
| RAPI category | 1 Aug 2026 (US$/ct) | Approx. C$/ct | July 2026 | Year to date | Year on year |
|---|---|---|---|---|---|
| 0.30 ct. | 913 | 1,285 | +1.6% | +9.4% | -19.4% |
| 0.50 ct. | 1,253 | 1,763 | +1.8% | +0.7% | -21.5% |
| 1 ct. | 3,880 | 5,460 | 0.0% | -6.4% | -14.3% |
| 3 ct. | 17,911 | 25,204 | +0.2% | -1.6% | -0.5% |
RAPI averages asking prices for the cheapest tenth of each quality band listed on Rapaport Trade. Dealers use it to set discounts rather than shelf prices. Its value to a retailer is directional, and the direction reversed last month.
Why diamond prices in July 2026 look different in Canadian dollars
Polished stones trade in United States dollars. The loonie closed at 1.4072 on 4 August, roughly 2.2 per cent weaker than a year earlier. So Canadian cost of goods kept climbing quietly underneath an index that did not move.
Currency is the variable most price sheets leave out. As a result, a bridal list built in March now understates replacement cost, and the gap widens every week the list stays in the drawer.
One structural advantage runs the other way. Canada charges nothing to bring polished stones across its border. Tariff item 7102.39.00 carries a Free rate under the Most Favoured Nation schedule, and under every listed preferential tariff as well.
What diamond prices in July 2026 cost a Canadian bridal case
For example, take a store that turns thirty half carat centres in a year. At July levels that tray represents roughly US$18,800, or close to C$26,450.
Twelve months ago the same thirty stones indexed near US$23,900. Converted at last August’s rate, the tray cost about C$32,970. Waiting through the decline was therefore worth around C$6,500 on one case.
Then July clawed back about C$470 of that. Small on a single tray. Repeat 1.8 per cent across melee, semi mounts and a full seasonal reorder, though, and the arithmetic changes. The fourth quarter buy turns against the retailer for the first time since spring 2025.
Which diamond origins now carry a tariff advantage
A new American regime took effect in July. It holds a 10 per cent duty on stones polished in India, while goods of Belgian, Botswanan and Namibian origin were exempted.
Canada sits outside that regime. Still, Canadian dealers buy from the same inventory pool as American ones. Buyers chasing exempt origin will compete for the certified rounds Canadian bridal programmes rely on. That competition tightens availability and firms asking prices on exactly those goods.
The reverse case is worth knowing too. India polished stones now carry a duty that no Canadian importer pays. That gap belongs to whoever negotiates for it. Provenance has become a number on somebody’s invoice rather than a line in a brochure, and Canadian mine to market programmes are easier to sell as a result.
Why diamond supply is thinner than it was in March
Diavik’s closure leaves two producers in the Northwest Territories. De Beers and Mountain Province run Gahcho Kué. Burgundy Diamond Mines runs Ekati. There the Point Lake pit waits on better conditions, and federal loans have carried the operation. Burgundy has since found a larger ore body at depth in the Misery pipe. That find should push the mine past its original 2026 end date.
Overall, the global picture matches. De Beers is suspending Venetia for two years. Anglo American is weighing an offer near US$1 billion for its 85 per cent stake, far under past valuations. Anglo also says more than one bidder remains.
Fewer carats reaching the market is what lifted the smaller sizes last month. Rapaport attributes the correction to production rather than demand. Retailers who followed the recent De Beers rough price cuts watched the first half of that adjustment. The July index is the second half.
What belongs in the Monday morning file
First, reissue the bridal price sheet at today’s exchange rate before any fourth quarter commitment goes out.
Next, bring the melee and 0.30 to 0.50 carat reorder forward while the correction is still measured in single percentage points.
Finally, put origin in writing on every purchase order, because it now carries a price in the largest market next door.
Then watch two things. Whether the smalls hold their gain through IIJS and Diwali, and where the De Beers stake finally lands. Canada’s retail base has already absorbed 507 store closures in a decade. A badly bought season costs more here than it does almost anywhere else.
Frequently asked questions about diamond prices in July 2026
Did diamond prices go up in July 2026
Three of the four RAPI categories rose and one held flat. The 0.50 carat index gained 1.8 per cent and the 0.30 carat index gained 1.6 per cent. The three carat index added 0.2 per cent, and the one carat index was unchanged.
What is the Rapaport Trade Diamond Index
RAPI averages the asking price of the cheapest 10 per cent of round diamonds in each of the top 25 quality categories on Rapaport Trade. It covers D to H colour and IF to VS2 clarity, GIA graded. It reports asking prices, not transacted retail prices.
Which diamond origins are exempt from the new US tariff
Belgian, Botswanan and Namibian origin goods received exemptions when the regime took effect in July 2026. Diamonds polished in India continue to face a 10 per cent duty entering the United States.
Do Canadian jewellers pay the American diamond tariff
No. That duty applies to goods entering the United States. Canada lists polished diamonds under tariff item 7102.39.00 at a Free rate, so Canadian importers pay nothing at the border.
How many diamond mines still operate in Canada
Two, both in the Northwest Territories. De Beers operates Gahcho Kué with Mountain Province Diamonds, and Burgundy Diamond Mines operates Ekati. Diavik produced its final carats in March 2026.
Sources: Rapaport, Rio Tinto, Canada Border Services Agency Customs Tariff, Chapter 71, Bank of Canada, Burgundy Diamond Mines.
Author: Canadian Jeweller Editorial Team
The editorial team of Canadian Jeweller Magazine, Canada’s jewellery industry publication since 1879. We report on retail strategy, diamonds and gemstones, watches, precious metals, technology, and the business of jewellery across Canada. Editorial inquiries: editor@canadianjeweller.com.
