2026 Rapaport Report: Natural Diamond Prices Showing Signs of Stabilization

What the Rapaport Price List Is

The Rapaport Diamond Report is the diamond industry's reference wholesale price list, published weekly by Rapaport Group since 1978. It provides a price matrix for round brilliant and fancy shape diamonds across all color and clarity grades.

Retailers do not sell at Rapaport prices — they sell at "Rap minus X%" or "Rap plus Y%" depending on the stone's quality, demand, and market conditions. But Rapaport is the universal reference point from which retail prices are derived. Understanding Rapaport trends is the best way to anticipate retail price movements.

April 2026 Data: What Changed

The April 2026 Rapaport release showed a modest but notable shift in the 1ct and 1.5ct G–H color, VS1–VS2 clarity range — historically the most actively traded consumer segment.

1ct G/VS2 round brilliant: +1.8% quarter-on-quarter (Q4 2025 → Q1 2026) 1ct H/SI1 round brilliant: +0.9% QoQ 1.5ct G/VS2: +2.1% QoQ

This is the first consecutive-quarter price increase in this segment since Q3 2023. The sub-0.50ct market remains under pressure (-3.2% QoQ), consistent with continued lab-grown substitution at lower price points where the premium for natural is harder to justify.

What Is Driving the Stabilization

Several factors appear to be contributing to the stabilization in the 1ct+ natural diamond segment:

1. De Beers production cuts: De Beers reduced rough diamond supply by approximately 15% in 2024–2025 to support pricing. This is beginning to work through the supply chain.

2. Lab-grown market segmentation: As lab-grown prices fall, they are increasingly being marketed as "fashion diamonds" rather than engagement ring stones — a positioning that De Beers and Signet have actively promoted. This narrative is gaining some traction, partially insulating the natural engagement ring market.

3. India cutting center adjustments: Indian diamond polishers (who process 90%+ of the world's rough) significantly reduced their rough purchases in 2024–2025, working through existing inventory rather than adding new supply. This pipeline reduction is now producing less finished goods entering the retail market.

4. Chinese market recovery: China's luxury goods market, which was severely depressed in 2023–2024, showed modest recovery in late 2025. Chinese demand for natural diamonds in the 1–2ct range is historically a significant price support.

What This Means for Buyers

If the Rapaport data reflects a genuine inflection point, natural diamond prices at the 1ct+ level may be bottoming. This does not mean prices will rise sharply — the structural pressure from lab-grown alternatives is not going away — but it suggests the aggressive discounting of 2023–2025 may be moderating.

For buyers who have been waiting for prices to fall further before purchasing a natural diamond: the Q1 2026 data suggests the optimal window may have passed for the 1ct G/VS2 sweet spot. Waiting further carries the risk of prices gradually recovering rather than continuing to fall.

For buyers of sub-0.50ct natural diamonds: continued price pressure is likely as lab-grown substitution remains highest in this weight range.

For investors in rough diamonds: the supply cut discipline from De Beers and other majors is a positive signal, but retail demand recovery needs to sustain for any meaningful price appreciation.