The Diamond Pulse – January 2026

Lab-Grown Tensions, Tariff Moves, and a Busy Auction Season

The two biggest topics in December were lab-grown and tariffs. The Indian government issued standardized terminology for synthetic diamonds, while Indian jeweler Titan Company walked back its stance on carrying lab-grown in its stores, introducing new brand BeYon. Meanwhile, the Indian diamond trade, currently subject to 50% tariffs on exports to the US, remained calm even as Mexico approved new import duties, blocking alternative paths to the American market. Conversely, Antwerp got a break as the US provided it with a full tariff exemption, making it a destination for manufacturing rough into polished.

The rough market saw a lot of activity, as the Kimberley Process finally crowned a 2026 chair, with India taking the helm. The government of Canada’s Northwest Territories extended tax relief for diamond mines, while Ekati’s owners secured funding to keep the deposit afloat. Russian miner Alrosa announced it was profitable in 2025, expecting continued growth in 2026, and De Beers tweaked its sight boxes to support small rough.

It was also a good month for auctions, as many big, important stones made their way to market. A 3.48-carat, fancy-intense-blue diamond led Sotheby’s to a $30 million sale total in New York. A Tiffany & Co. necklace soared to seven times its high estimate at Christie’s, setting a record for a Paraiba tourmaline, and a pink diamond became Heritage Auctions’ highest-priced jewel ever.

Here’s your diamond market analysis from RapNet for December 2025

In December, 1-carat diamond prices continued to decline.

D-F and G-J color diamonds in IF-VVS clarities  fell by an average of 2.6%, similar to the previous month. D-F and G-J diamonds in VS clarity saw moderated declines, falling by an average of 1.5%, compared to 2.8% price decline in the previous month.

In contrast, SI-clarity diamonds across D-F, G-J, and K-M colors declined by an average of 1.4%, compared to a 1.7% decline in November. Inventory distribution remained stable, with G-J colors across IF-VVS, VS, and SI clarities together representing 59.3% of RapNet listings in the 1-carat segment.

Search behavior on RapNet remained consistent, with D-F IF-VVS and G-J VS diamonds receiving the highest search volume during the month.

Please note: the searches breakdown are a breakdown of buyers searches on RapNet

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