Diamond Price Index 2025 - Historical Chart & Forecast Diamond Price Index 2025: Q4 Prices – USA USD 4,407/MT, Canada USD 4,018/MT, India USD 3,442/MT, Australia USD 4,230/MT with historical & forecast chart.

Diamond Prices, Index, Historical Price Chart and Forecast

Diamond prices in the USA for Q4 2025 averaged USD 4,407/Carat, reflecting consistent demand from luxury jewelry sectors and stable supply from domestic and international sources

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Tariffs disrupt diamond markets Diamond prices fell in many categories in August as the US tariffs impacted demand for Indian goods. Prices of rounds weakened, though fancies were stable. Deep uncertainty dampened sentiment. US retail and wholesale were steady. The RapNet Diamond Index (RAPI) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 1.1% in August. The index for 0.30- and 0.50-carat stones declined 3.8% and 3.9%, respectively. Larger stones continued to outperform smaller items, with the 3-carat RAPI increasing 0.4%. US President Donald Trump implemented 25% duties on Indian goods from 1 August and 50% from 27 August. Goods already in America became more desirable than those overseas. The gap in asking prices between US- and India-located inventory on RapNet grew to around 16% in 1-carat commercial goods, from the usual 10% to 12%. The differential still does not reflect the entire tariff. The levies have shaken up supply chains that developed over many years. Companies have sought low-duty routes and loopholes and relocated inventory to the US. The uncertainty has made it hard to plan and invest in long-term solutions. On 29 August, the US Court of Appeals for the Federal Circuit declared most of the tariffs illegal. The duties remain in place until October 14. A Supreme Court battle is likely. Rough demand weakened as manufacturers reduced production. De Beers customers refused large quantities of goods at its August sight, since the miner’s prices were higher than the open market’s. Bulk sales have flooded the market with low-value rough. US retail was in decent shape ahead of the holiday season, with solid demand for 2-carat and larger rounds and elongated fancies. Independent jewellers sought merchandise on memo. Major retailers continued to shift to synthetics in fashion jewellery and took a cautious approach to holiday purchases. Indian retail gained importance in light of the US tariffs and China’s ongoing downturn. Trading was strong at Mumbai’s India International Jewellery Show (IIJS). – Rapaport

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Tariffs fuel volatility in diamond prices Diamond prices declined for most of July amid uncertainty over US tariffs. Major retailers postponed holiday purchases, creating pressure on prices and inventory following a hike in manufacturing. US dealers raised prices on the final day of the month in response to President Donald Trump’s July 30 announcement of 25% duties on Indian imports. The trade began moving inventory to the US ahead of 7 August, when the new rate goes into effect. Smaller diamonds saw a sharper downturn amid a growing oversupply: The index for 0.30- and 0.50-carat stones declined 3.3% and 4.7% respectively. Larger stones enjoyed more stability, with the 3-carat RAPI slipping 0.3%. Prices of round, 1-carat, D to J, SI diamonds slid 4.6% during the period. Production in India increased from February through June. Steady quantities of fresh goods have entered the market in the past two months. Inventories of rounds under 1.20 carats have risen sharply, prompting suppliers to reduce prices as a way of generating sales. De Beers’ policy of offloading rough at slimmer margins enabled manufacturers to sell polished profitably at low prices. De Beers reported an underlying loss of US$245 million for the first half of 2025, compared with a US$73 million profit a year earlier. Small miners cut output and workers, reflecting pressure on the sector. Demand for elongated fancy shapes remained strong in July. Prices were stable in most categories. Goods of two carats and larger were in short supply. Independent US jewelers enjoyed steady sales and took on new memo goods. However, the larger retailers delayed their seasonal purchases because of the tariffs and a more cautious approach to inventory. They are also shifting further toward synthetics. Chinese diamond demand remained slow but began to stabilise. The Indian domestic market awaited the India International Jewellery Show (IIJS) in Mumbai for signs of the sector’s health. The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets.  Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network, with daily listings of 1.5 million diamonds valued at more than US$7.2 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds.  *Used with permission of Rapaport USA, Inc.

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