Diamond prices stabilised during Q3 2026 after more than a year of steady declines, and polished values began to recover in August. Overall, the market followed a gradual recovery trend, led by smaller stones. In July, one-carat polished prices held flat for the first time in over a year, while smaller sizes gained as lower production tightened supply. One-carat values then rose in August, supported by supply cuts from miners and cutters, lower inventories, stronger post-summer trading and reports of consumers cooling on lab-grown stones. On the supply side, major producers paused mines in South Africa and Canada, and Russia’s largest producer, which supplies about 30% of global output, expected 2026 production to fall. However, rough prices stayed well below 2025 levels, as weak trading, the Middle East conflict and lab-grown competition weighed on lower-value goods. In India, the main cutting hub, natural polished exports fell 7.38% in value during April to August even as volumes rose, reflecting lower prices per carat. A new US tariff structure also kept duties on Indian-polished stones.
Analyst Insight
According to Procurement Resource, in the near term, diamond prices are expected to recover gradually as production cuts tighten supply and festive demand builds, though lab-grown competition may limit gains in lower categories.
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Diamond prices remained weak in H1’26 as polished demand stayed cautious and rough supply faced uneven movement across key trading hubs. Asia was most affected because India, the world’s largest cutting and polishing hub, handles nine out of every 10 diamonds processed globally, while the UAE supplies more than two-thirds of India’s rough diamond imports. The Middle East conflict disrupted air cargo through Dubai, delaying rough diamond imports and polished diamond exports. The Middle East also accounts for nearly a quarter of India’s annual gems and jewellery exports of around USD 30 billion, making trade disruption a direct pressure point for Asian polishing units. In Europe, Antwerp saw better trade flow, but rough prices remained weak due to excess inventory and soft polished demand. In North America, retail demand stayed selective, supporting larger natural diamonds but not lower-value stones.
Analyst Insight
According to Procurement Resource, diamond prices may remain mixed, with larger natural stones better supported and small polished goods under pressure until retail demand improves.
Diamond has its atoms organised in a crystal structure known as diamond cubic, and is a solid form of the carbon element. As the arrangement of atoms in diamond is extremely rigid, it has the highest hardness and thermal conductivity of any natural material. The properties of diamond are utilised in most of the commercial applications for example cutting and polishing tools. In appearance, Diamond can range from yellow, brown, or grey to colourless.
C
Gems and jewellery, Automotive, Aerospace and defense, High power electronics, Lasers and optics, Materials, physics, and energy R&D
De Beers Group (Anglo American), Applied Diamond Inc, Industrial Diamond Laboratories, Inc, Lucara Diamond Corp. (Lundin Group of Companies), Petra Diamonds Limited, Gem Diamonds
CurrencyUS$ (Data can also be provided in local currency)
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Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Diamond is extracted and mined in factories from there it undergoes a series of steps. These steps involve cutting and polishing of diamonds before its commercial use.
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