International News
JCK Las Vegas Reveals K-Shaped Diamond Recovery, Scarcity Drives 2-Carat+ Prices
This Bifurcation Appeared More Intense Than At Last Year’s Fair, Driven Primarily By Production Cuts That Have Created Genuine Scarcity In Larger Stones
The 2026 JCK Las Vegas show highlighted a pronounced bifurcation in the diamond market, with strong demand for natural diamonds 2 carats and larger contrasting sharply with sluggish sales for stones under 2 carats. This “K-shaped” recovery reflects broader economic trends where wealthier consumers continue purchasing high-end natural diamonds while budget-conscious buyers increasingly turn to lab-grown alternatives.
Diamonds weighing 2 carats and larger experienced strong, brisk trading characterized by positive sales figures, serious buyers, and vendors successfully closing deals, while stones under 2 carats faced slow, mixed results where classic “bread-and-butter” engagement-ring center stones from 0.70 to 1.20 carats proved difficult to move. This bifurcation appeared more intense than at last year’s fair, driven primarily by production cuts that have created genuine scarcity in larger stones after a year of short supply depleting pipeline inventory.
The diamond market is showing notable shifts in natural versus lab-grown dynamics at JCK Las Vegas 2026. While the lab-grown section attracted high footfall at the show, natural diamond sellers report that consumers and jewelers are slowly returning to mined products. This trend was already evident at the Continental Buying Group show in Las Vegas the previous week, where retailers actively sought to replenish their natural diamond inventory in 1-, 1.50-, and 2-carat sizes after years of being lab-centric.
Many store owners who had not invested in natural diamonds for years suddenly realized they were starting to see demand for mined stones return again, indicating a potential turning point in consumer preferences despite the continued popularity of lab-grown alternatives.
International News
De Beers Group Reports H1 2026 Production Surge
The company reported a significant increase in production volume while maintaining its full-year production target of 21 to 26 million carats.
De Beers Group today released its operational and sales performance update for the second quarter and first half of 2026. Driven by strong recovery efforts and strategic access to higher-grade ore bodies, the company reported a significant increase in production volume while maintaining its full-year production target of 21 to 26 million carats.
Despite market pressures stemming from broader macroeconomic volatility, the company continues to advance operational streamlining and cost-optimization initiatives to ensure long-term resilience.
Key Highlights & Operational Summary
- Q2 Production Surge: Production jumped 88% year-on-year to 7.8 million carats in the second quarter, bringing total H1 output to 14.9 million carats (+46% YoY).
- Volume Growth: Consolidated H1 sales volume expanded 13% to 12.4 million carats (total sales volume up 20% to 14.8 million carats).
- Full-Year Guidance Reaffirmed: Full-year output remains targeted at 21–26 million carats, with second-half production planned to balance out via scheduled maintenance and a temporary operational pause at the Venetia mine.
- Resilient High-Value Demand: While entry-level categories faced broader pricing shifts, pricing for higher-value natural diamonds remained firm, providing baseline support to the overall index.
Market Dynamics & Strategic Response
Trading conditions during the first six months of 2026 reflected ongoing global macroeconomic uncertainties and regional conflicts that weighed on general consumer sentiment. Additionally, lower-value natural categories experienced continued pressure from lab-grown alternatives.
In response, De Beers actively adjusted its sales strategies, utilizing its inventory mix to meet existing market demand. While lower-value inventory sales shifted the average realized price to $105 per carat for H1, the company noted that underlying value indices for premium, higher-grade natural goods remained stable throughout the period.
Outlook & Portfolio Optimization
Looking ahead to the second half of 2026, De Beers will align production output directly with global demand signals. The anticipated surge from H1 will be offset by:
- The previously announced two-year operational pause at the Venetia mine.
- Planned facility maintenance at the Orapa and Jwaneng operations in Botswana.
Anglo American continues to execute its operational transformation and strategic divestment plans for De Beers, ensuring capital discipline and long-term organizational value.
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