Diamond market remains stable but cautious in 2025
Additionally, the 3 January Rapaport Price List changes, for 603 categories in rounds and 305 in pears, reflected the 2024 price declines in the market
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The diamond market was stable in December, with holiday sales matching the industry’s modest expectations, according to Rapaport’s RapNet Diamond Index.
However, the diamond trade entered 2025 with caution due to the sluggish consumer demand in the US and competition from the synthetics market.
Rapaport reduced prices on the Rapaport Price List on 3 January 2025, in response to steady but deep trading discounts.
The RapNet Diamond Index (RAPI) for 1-carat diamonds, reflecting round, D to H, IF to VS2 goods, decreased 0.5% in December.
However, the index for 0.30-carat diamonds rose 1% as improvements in D to F, VVS items outweighed declines in G to H, VS1 to VS2 categories. The 0.50-carat RAPI also increased 0.8%, and 3-carat prices climbed 0.2%.
According to the report, the month capped off a difficult 2024. RAPI for 1 carat fell 23% for the year amid synthetics competition and a drop in Chinese demand.
SIs, which the RAPI excludes, saw a more negative price trend after outperforming the higher clarities for most of 2024. Prices of round, 1-carat, D to H, SI diamonds slid 2.4% in December and 7.4% for the year.
Additionally, the 3 January Rapaport Price List changes, for 603 categories in rounds and 305 in pears, reflected the 2024 price declines in the market.
The Rapaport Price List for round, 1-carat, D to H, IF to VS2 diamonds fell 13% during 2024, while the RAPI, which tracks actual asking prices on RapNet, fell 23%. For SI diamonds in that size and color range, the Rapaport Price List decreased 3.4%, compared with the 7.4% decline in RapNet asking prices.
US jewellery retail sales fell 2% year on year between 1 November and 24 December, Mastercard SpendingPulse reported. Manufacturers’ sales slowed during December as retailers and wholesalers focused on selling rather than buying. Polished production remains low.
Lastly, the rough market has been in crisis, with uncertainty about supply, demand and prices. Around 10 De Beers sightholders received no allocations for 2025 after missing 2024’s purchase thresholds.
Chinese demand was weak ahead of Lunar New Year, however, India’s jewellery market was robust over the wedding season.
