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US Demand, Uncertain Supply Buoy Diamond Prices

1ct. RAPI -0.5% in May

Jun 7, 2022 5:00 AM   By Rapaport
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RAPAPORT PRESS RELEASE, June 7, 2022, Las Vegas… Diamond trading was stable in May despite concerns about inflation, rising interest rates and slumping stock markets. Polished prices initially declined but later steadied as dealers anticipated supply shortages resulting from Russian sanctions.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 0.5% in May but was 9.3% higher on June 1 than at the beginning of the year.

RapNet Diamond Index (RAPI™)
May Year to date
Jan. 1 to June 1
Year on year
June 1, 2020, to June 1 2021
RAPI 0.30 ct. 0.6% 1.3% -0.1%
RAPI 0.50 ct. -0.3% 5.8% 8.2%
RAPI 1 ct. -0.5% 9.3% 22.1%
RAPI 3 ct. -0.3% 10.6% 25.7%
© Copyright 2022 by Rapaport USA Inc.

US demand is supporting the market even as economic uncertainty sets in. Expectations are rising for the Las Vegas shows, which begin June 8. Dealers hope the positive sentiment will boost trading in the second half of the year. Chinese wholesalers remain cautious as activity resumes after the country’s Covid-19 lockdowns.

Inventory levels are high but have decreased in select categories. The number of diamonds on RapNet stood at 1.8 million as of June 1, up 43% from a year earlier. The quantity of 0.30-carat, D- to H-color, IF- to VS-clarity goods fell 14% in May; 0.50-carat diamonds in the same range declined 11%. Both categories were still significantly above last year’s levels.

While the sanctions on Russian goods have not yet caused notable polished scarcities, shortages are likely in the coming months. Rough supply has dropped since Alrosa canceled its March and April sales. Prices at rough auctions have increased — particularly in the small-diamond category, which Alrosa dominates. De Beers raised prices of small rough at its latest sight from June 6 to 10.

The market is splitting into two segments: Russian and non-Russian goods. Some big cutters are finding ways to buy Alrosa rough in order to serve centers that remain open to buying Russian-origin polished. These diamonds will likely sell at a discount to non-sanctioned ones.

US and European jewelers and brands may have difficulty filling their sourcing requirements in the coming months without Russian supply. This will lend further support to diamond prices.

Rapaport Media Contacts:
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

Image: Alrosa polished diamonds. (Alrosa)

About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® ( Additional information is available at

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at
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Tags: Alrosa, De Beers, diamonds, JCK show, Jewelry, Rapaport
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