DiamondBuzz
Decline in diamond prices eases
Diamond-price drops became more moderate in January, especially in the small goods that had seen sharp declines in recent months reports Rapaport News. Buyers remained cautious due to price uncertainty and the impact of tariffs and geopolitical tensions. The US-India trade deal in early February lifted sentiment.
The market continued to bifurcate, though the divisions were less pronounced than last year. US prices were stronger than those in India, and diamonds over 1.20 carats outperformed smaller ones.
RapNet diamond index for January 20206 table
The RapNet Diamond Index (RAPI™) — which tracks round, D to H, IF to VS2 diamonds — fell 1.3% in January for 0.30- and 1-carat goods after two months of sharper drops. The 0.50-carat RAPI decreased 1.2%. Prices for 3-carat diamonds slid 1.6%, a reversal after recent stability.Round, 1-carat, D to H, SI diamonds saw prices fall 0.1% for the month following a 24.1% slump in 2025.
Post-holiday US retail was seasonally quiet. Jewellers showed demand for rounds and long fancies of 1.50 carats and larger. European orders for 5-carat-plus diamonds were good. India’s jewelry market dipped due to high gold prices. China remained weak.
De Beers reduced rough prices at its January sight, causing concern that lower-cost goods would flood the market. Last year, an influx of lower-value rough from Angola and Russia contributed to weakness in polished under 1 carat.
The industry’s other challenges remain. US tariffs are limiting access to the most important retail market, though President Donald Trump reached a deal with India on February 2 that will cut the country’s tariff rate from 50% to 18% and potentially exempt Indian diamonds from duties altogether. Meanwhile, the spike in gold and silver prices has reduced consumers’ spending power despite a sharp correction in early February.
Diamond demand is permanently lower because of synthetics, China’s slowdown, and social changes like dropping marriage rates. A sales recovery will take time. In the short term, the market’s ability to adapt by downsizing will determine whether prices improve.
Source: Rapaport News
DiamondBuzz
Botswana Looks Beyond Rough Diamond Sales, Eyes U.S. Jewelry Market
The Duty Exemption By US Presents An Opportunity For Domestic Jewelry Manufacturers In Gaborone To Bypass Traditional Middle-Market Hubs and Establish A Direct Pipeline To American Consumers
Grappling with a painful downturn in global rough-diamond demand, Botswana is pivoting its economic strategy: expanding up the supply chain directly into American retail shelves while leveraging its resource wealth to fund conservation and diversification.
Speaking on the sidelines of New York Climate Week, Bogolo Joy Kenewendo, Botswana’s Minister of Minerals and Energy, highlighted the southern African nation’s plan to capitalize on a 0% import-tariff rate to the U.S. market. The duty exemption presents an opportunity for domestic jewelry manufacturers in Gaborone to bypass traditional middle-market hubs and establish a direct pipeline to American consumers.
shift The push into value-added manufacturing comes as the world’s top diamond producer by value navigates a broader structural Diamond revenues have long formed the bedrock of Botswana’s post-independence balance sheet, underwriting universal secondary education and tuition-free university funding. However, recent market volatility has underscored the vulnerabilities of a mono-sectoral economy.
Under the Botswana Economic Transformation Programme (BETP)—an initiative spearheaded directly by President Duma Boko and his vice president—the government is directing resources toward manufacturing, agriculture, and broader mining sectors to reduce its heavy reliance on rough diamond sales.
To support its luxury exports, Botswana is recalibrating its brand narrative around origin, environmental stewardship, and social impact. The country recently announced a five-year extension of the “Okavango Eternal” partnership alongside De Beers Group and the National Geographic Society. The initiative aims to protect the ecological integrity of the Okavango River Basin while tying diamond purchases to conservation efforts.
With De Beers currently facing an impending ownership change, officials remain optimistic that any capital restructuring could bring additional funds into Botswana to accelerate its domestic economic transition.
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