Natural diamond prices have fallen to levels not seen in more than two decades, with wholesale prices now around 30-40% below their 2021 peaks, according to a recent market report carried by TradingView.
Demand for natural diamonds has softened in some major markets. De Beers said rough diamond trading conditions remained challenging in the first half of 2026, with geopolitical and macroeconomic uncertainty affecting consumer confidence and logistics. The company’s average realised rough diamond price fell 32% to $105 per carat from $155 per carat in the first half of 2025. Its average rough diamond price index also declined 16%.
India’s cut and polished diamond exports fell 8.5% year-on-year to $12.16 billion in FY2025-26, their lowest level in more than two decades, Reuters reported, citing the Gem and Jewellery Export Promotion Council. Overall gems and jewellery exports fell 3.3% to $27.72 billion during the financial year. Shipments to the US, India’s biggest market, fell 45% to $5.09 billion, Reuters reported.
Because of its inventory mix, along with the decline in its rough diamond price index, lower realised price reflected a sales mix with a higher proportion of lower-value goods.
