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The diamond market has shown further signs of recovery in March, driven by low, stable inventories, according to Rapaport’s RapNet Diamond Index.
The price stabilisation 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.
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 recorded 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%. Elongated fancy shapes of 2 carats and up also rose in price.
According to Rapaport, the Hong Kong diamond and jewellery 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 also maintained stable rough prices, with minor changes at its end-of-March sight.
However, 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.
