After eight months of consistent decline, diamond prices showed signs of recovery in November, driven by preholiday demand and reduced polished production.

The RapNet Diamond Index (RAPI™), which tracks round diamonds of D to H color and IF to VS2 clarity, saw a 0.1% increase for 1-carat stones. Prices for 0.30-carat and 0.50-carat diamonds rose by 1.6% and 1.4%, respectively, while 3-carat diamonds experienced a slight decline of 0.3%.

Smaller diamonds gained traction, supported by shrinking inventories of higher-quality stones. Demand for 1.50-carat and larger diamonds in F to H colors and VS2 to SI2 clarity was stable during the holiday season, with elongated fancy shapes also performing well.

Indian polishing factories, gradually reopening after Diwali, supported the market for smaller diamonds. De Beers' move to reduce rough diamond prices by 10% to 15% at its December sight aimed to stimulate the market, though traders expressed concerns about profitability.

As the diamond industry navigates ongoing challenges, trade bodies in Antwerp, Dubai, and India have proposed a $65 million fund to support the Natural Diamond Council (NDC), while De Beers launched a holiday campaign reviving the iconic “A Diamond Is Forever” tagline.