The diamond market was slow in January, with mixed reports about holiday sales. The US holiday season met the industry’s low expectations. Diamond prices declined, with some improvement in some carats. Fancy-shape diamonds of 3 carats and larger are doing better.
De Beers and the Botswana government reached a landmark agreement that includes extending joint venture Debswana’s mining licenses beyond 2029. The two parties will be working together to promote natural diamonds.
The rough market has been slow, with De Beers maintaining prices and selling fewer diamonds at this year’s first sight.
US Customs and Border Protection (CBP) is demanding that importers of polished diamonds disclose the stones’ country of origin. Grandfathered diamonds — those that entered the market before sanctions on Russian diamonds went into effect — will likely be exempt.
US trade wars are heating up following moves to impose tariffs on Canada and Mexico. Canadian diamonds may be subject to high US tariffs if these go through. The Chinese holiday season is not reviving demand. India demand remains stable.
The RapNet Diamond Index 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.
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 over $8 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. -Rapaport
