RAPAPORT PRESS RELEASE, April 1, 2025, Las Vegas… The diamond market showed further signs of recovery in March. The price stabilization trend that began in mid-February expanded to a wider range of categories, with price increases in round, 0.30- to 1.99-carat, D to G, IF to VS2 goods. Elongated fancy shapes of 2 carats and up rose in price. Low, stable inventories were key to the improvements. The remaining categories saw mixed trends.
The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — increased 1.4% in March. The most significant jump was in the 0.30-carat index, which went up 6.5%, with D to F, IF to VVS1 items in that size rising 10% or more on average. The 0.50-carat index climbed 2.2%, and the 3-carat index edged up 0.1%.
The Hong Kong diamond and jewelry shows in March exceeded the industry’s low expectations and infused the market with positive energy. Traders reported greater interest and larger transactions than at last year’s fairs.
Domestic markets in the US and India were steady. US wholesalers sought specific goods to meet demand, leading to shortages in those categories. De Beers maintained stable rough prices, with minor changes at its end-of-March sight.
There are concerns about the EU’s reciprocal tariffs on diamond imports from the US, as well as a possible US decision to impose additional tariffs on diamond imports from India. Rapaport believes the Indian government should reduce import fees on diamonds from the US to create free trade between the countries.
Signet Jewelers’ share price increased 22% after it announced a new strategy in early March to improve business, following poor results in 2024’s fourth fiscal quarter.
There are reports that Anglo American has begun discussions with banks about a potential initial public offering (IPO) of De Beers. It has presented this as a backup solution to finding a buyer, in keeping with the company’s promise to investors to exit the diamond sector.
Rapaport Media Contacts: media@rapaport.com US: Sherri Hendricks +1-702-893-9400 International: Avital Engelberg +1-718-521-4976
About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price, in hundred dollars per carat, 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 RapNet® (www.rapnet.com). Additional information is available at staging.rapaport.com.
About the Rapaport Group: 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. Established in 1976, the group has more than 20,000 clients in over 120 countries. 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 over $8 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at staging.rapaport.com.
