Wedding Finance

Diamond Trading Reflects Market Divide

1ct. RAPI -3.2% in April

LAS VEGAS, May 03, 2022–(BUSINESS WIRE)–The diamond market slowed in April due to geopolitical tensions and the seasonal effects of the Passover and Easter holidays. Steady U.S. retail demand supported trade, but dealer activity was sluggish amid price uncertainty, Chinese lockdowns and Russian sanctions.

The RapNet Diamond Index (RAPI) for 1-carat diamonds fell 3.2% during the month, reversing the uptrend from the first quarter. The 1 carat index has increased by 9.8% since the beginning of the year.

RapNet Diamond Index (RAPI)


Year to date
From January 1, 2022 to May 1, 2022

From year to year
May 1, 2021 to May 1, 2022

RAPI 0.30 ct.




RAPI 0.50 ct.




RAPI 1 ct.




RAPI 3 ct.




© Copyright 2022 by Rapaport USA Inc.

US retailers continue to see strong jewelry sales, but are carefully managing their inventory and avoiding bulk orders. They expect a strong summer wedding season now as couples who delayed their nuptials due to Covid-19 are resuming their plans.

Jewelers are becoming more cautious about disclosing sources as sanctions on Russian diamonds escalate. The US government has placed Alrosa on the Office of Foreign Assets Control (OFAC) Prohibited Entity List.

The measures have led the industry to branch off its supply of diamonds. Manufacturers are preparing to separate Alrosa products from others to serve different markets. Russian supply is expected to shift to China, although demand there has fallen due to the recent wave of Covid-19 infections and lockdowns.

Russian sanctions are also increasingly expected to lead to shortages, especially for smaller products. Suppliers are struggling to fill orders from large retailers who are looking for the best quality diamonds.

Rough trading remained stable ahead of the De Beers sight from May 3. Premiums fell in the secondary market after surging in January and February. De Beers and other non-Russian producers stand to benefit from Russian sourcing separation.

The Russian-Ukrainian war is pushing the industry to adopt more robust source verification programs. In addition to legal considerations, more and more retailers are taking a stand on diamonds implicated in human rights abuses, torture, environmental harm or other social and ecological concerns. Creating an ethical supply chain will depend on buyers’ choices. Only by buying responsibly can commerce sell ethically.

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