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Rapaport Press Release: Diamond Prices Weak in Sluggish Market

1-carat RAPI down 3.8% in May.

LAS VEGAS--(BUSINESS WIRE)--The diamond market was slow in May, as US demand was mixed and China remained weak. Anglo American’s plan to separate from De Beers created extra uncertainty.

Prices of IF to VS diamonds fell. SI1s were mixed, and SI2s continued to recover. Fancy shapes were sluggish, except for premium makes.

The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — dropped 3.8% in May. Prices for round, 1-carat, D to H, SI diamonds decreased 0.6%.

RapNet Diamond Index (RAPI)



Year to Date

Jan. 1, 2024, to Jun. 1, 2024

Year on Year

Jun. 1, 2023, to Jun. 1, 2024

RAPI 0.30 ct.





RAPI 0.50 ct.





RAPI 1 ct.





RAPI 3 ct.





© Copyright 2024, Rapaport USA Inc.

The Las Vegas fairs saw good traffic and trading in the jewelry sections — especially at the Luxury and Antique Jewelry & Watch shows — reflecting the importance of design and branding. Exhibitors in the loose-diamond section of JCK Las Vegas were cautious, as buyers pushed hard on prices. Demand was steady for round, 1- to 2-carat, G to J, SI diamonds. The high-end GemGenève show in Switzerland was slow.

Synthetics, high interest rates and inflation continued to impact US consumer demand. Buyers were selective, insisting on stones with no fluorescence and no brown, green or milky (BGM) tints. The elevated cost of inventory financing perpetuated retailers’ preference for memo.

De Beers reduced prices of 3-grainer (0.75-carat) and smaller rough by 4% to 6% at its May sight, with 4- to 6-grainers (1 to 1.50 carats) down by about 4%. This helped address a mismatch with polished prices, but sightholders still struggled to profit.

Anglo American announced it would divest or de-merge De Beers, raising concerns that a new owner might not protect the stability of prices and midstream inventory. Worries about Group of Seven (G7) sanctions eased somewhat as the US and Belgium cooled on plans for a single inspection point in Antwerp.

The focus shifted to the holiday season. Marketing will become increasingly important as the industry competes with other luxury categories and continues to differentiate natural from synthetics.


Media Contacts: [email protected]
US: Sherri Hendricks +1-702-893-9400

International: Avital Engelberg +1-718-521-4976

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