Diamond prices generally declined in September, with notable sharp drops for round polished goods under 1 carat. The market was affected by US tariffs and the ongoing sale of De Beers, creating uncertainty.

• Key Declines:
  • The RapNet Diamond Index (RAPI™) for 1-carat (round, D-H, IF-VS2) fell 0.9%.
  • RAPI for 0.30- and 0.50-carat goods both dropped 6%.
  • SI-clarity 1-carat rounds saw a larger decline of 2%.

• Strong Segments: Prices for larger sizes were mixed, but long fancy shapes, particularly in 2 carats and up, were “hot.” RAPI for 3 carats was flat.
• Trade & Tariffs: Demand at the Hong Kong show favored larger diamonds/fancies. US tariffs (especially the 50% rate on Indian goods) restricted overseas sales to the American market, despite steady business for independent US jewelers. The EU secured a zero-tariff deal, and Botswana is negotiating one.
• Production: Indian manufacturers cut polished production due to weak demand; August rough imports fell from July ($1.15 billion to $768.7 million).
• De Beers: The sale of Anglo American’s De Beers unit was in progress, with Botswana seeking a majority stake and Angola bidding for a minority holding.