This is according to recent data from Rapaport—one of the most authoritative analytical firms in the global diamond industry.
3-carat stones show the weakest growth
The RapNet Diamond Index (RAPI), which tracks the value of round brilliant-cut diamonds in the D–H color and IF–VS2 clarity categories, rose by 4.2% in June for 0.3-carat stones and by 1.3% for 0.5-carat diamonds. At the same time, the index for 1-carat diamonds fell by 0.7%. The large-stone segment showed modest growth: the index for 3-carat diamonds rose 0.4%, according to Investing.com.
According to Rapaport, consumer demand continues to shift toward elongated fancy cuts. Oval, marquise, and emerald-cut diamonds weighing two carats or more are currently selling better than round diamonds, reflecting a shift in consumer preferences in the market.
Natural diamonds are becoming scarce
The global market for natural diamonds continues to shrink. According to Rapaport, global diamond production fell by 8% in 2025 to 99 million carats—one of the lowest figures in recent years. The value of mined rough diamonds fell by 3% to $9.2 billion, but the average price of rough diamonds rose by 6% to $93 per carat.
Russia remains the world’s largest producer of natural diamonds. According to the Kimberley Process, it accounts for about one-third of global production—approximately 33% by volume.
The United States remains the largest consumer market for jewelry featuring natural diamonds. Other leading buyers include China, India, Japan, and the Gulf states.
Rings account for 40% of sales
The structure of demand is gradually changing. According to the Natural Diamond Council, about 67% of global sales of jewelry featuring natural diamonds are for non-engagement pieces, while engagement rings make up about 33% of the market.
Rings remain the most popular type of jewelry, accounting for 39% of global sales. Earrings account for another 20%. At the same time, about 82% of center diamonds in jewelry feature a classic round cut, although demand has recently been shifting increasingly toward elongated, fancy shapes—such as oval, marquise, and emerald cuts.
The average price of a piece of jewelry with a natural diamond worldwide is $2,360, while the average price of an engagement ring is $3,139.
According to industry analysts, the market continues to face pressure from lab-grown diamonds, especially in the segment of stones weighing around one carat. In response, the largest mining companies are limiting production volumes in an effort to reduce supply and support prices for natural diamonds.
