The Rapaport Trade Diamond Index (RAPI™) recorded gains across key round-diamond categories in September, with 0.30-carat and 0.50-carat stones leading the recovery. The RAPI for 0.30-carat diamonds rose 3.2%, while the 0.50-carat index increased 2.5%. The 1-carat index gained 0.3%, marking its second consecutive monthly increase, while the 3-carat index advanced 1.5%, largely on gains during the second half of the month.
On a year-to-date basis, the 0.30-carat and 0.50-carat indices were up 15.1% and 5.8%, respectively. Rapaport also increased its Price List on September 11 for selected round diamonds in the 0.30- to 0.69-carat range, covering D-G colour and VVS1-SI1 clarity grades.
According to Rapaport, lower supply has amplified the effect of recovering demand, with round diamonds outperforming fancy shapes. US retailers were active buyers of rounds, while demand for 1- to 2-carat F-I, VS2-SI2 diamonds continued to improve. Diamonds of 2 carats and above also performed well.
However, smaller, lower-quality diamonds remained under pressure from competition from lab-grown diamonds. Overall polished manufacturing continued at subdued levels, while religious holidays in India and the Jewish holidays in the US, Belgium and Israel slowed trading activity.
The Jewellery & Gem World Hong Kong show reflected the mixed market conditions, with solid demand for diamonds above 2 carats but limited participation from Chinese buyers. Smaller, lower-quality stones remained difficult to move, while finished jewellery demand was stronger.
The rough market also remained cautious, with uncertainty continuing around Anglo American’s sale of De Beers. Meanwhile, the diamond mining sector continued to consolidate, with Mountain Province agreeing to transfer its 49% interest in the Gahcho Kué mine to De Beers as part of a restructuring.
