Diamond Market – February 2026

Welcome to our monthly column dedicated to the diamond market. Each month, we analyze the major global trends, the most significant events, and the dynamics shaping demand, pricing, and commercial strategies. Drawing on authoritative sources such as Rapaport News, IDEX and other specialized channels, we provide you with a consistently up-to-date, accurate, and reliable overview.

General Trend

The global diamond market was defined by a climate of intense uncertainty throughout February 2026. Trade tensions surrounding U.S. tariffs, alongside other geopolitical developments, made for a particularly volatile environment, shaping the behavior of both industry operators and buyers.

At the start of the month, the United States and India had reached an agreement providing for a significant reduction in tariffs on Indian diamonds, with the prospect of their complete elimination over time. However, the situation quickly became more complicated: on February 20th, the U.S. Supreme Court struck down the existing tariff framework, while just days later a new 10% duty was introduced. This abrupt reversal generated considerable confusion across the industry.

Adding to this economic instability, a further geopolitical shock emerged at the end of the month. On February 28th, the escalating military tensions between Iran, the United States, and Israel heightened anxiety across international markets. The conflict also had direct repercussions in the United Arab Emirates: Dubai — one of the world's primary hubs for the trade of both rough and polished diamonds — was struck by missile and drone attacks amid the regional tensions, fueling further uncertainty among industry operators.

Against this backdrop, the market displayed notably different dynamics across regions.

• United States: The market felt the weight of uncertainty surrounding trade policy and the potential trajectory of tariffs. This prompted many operators to adopt a cautious stance, temporarily slowing certain purchasing activity.
• Europe: Trade remained relatively stable, with demand concentrated primarily on high-quality stones. European trading centers — Antwerp in particular — continue to see sustained interest in medium-to-large diamonds, which are generally regarded as more resilient during periods of market volatility.
• India: Manufacturers and cutters remain firmly in wait-and-see mode. The Indian industry, which sits at the heart of global diamond processing, is closely monitoring developments in international trade policy, on which a significant share of its exports depends.

A further structural factor continues to shape the market: the growing prevalence of lab-grown diamonds. Globally, these stones now account for a meaningful share of diamond jewelry sales — particularly in the engagement ring segment — and their presence is steadily expanding across European markets as well.

On the whole, February reinforces a trend that has become increasingly clear across the industry: while the more price-sensitive end of the market continues to face pressure from lab-grown diamonds, natural diamonds of superior quality and larger carat weight maintain relatively stable interest among the most discerning clientele.

Price Trends

Throughout February, price movements painted a rather mixed picture. Some categories posted modest gains, while others continued to lose ground, reflecting the broader uncertainty that characterized the market during the month.

According to the RapNet Diamond Index (RAPI™), one of the leading international benchmarks, prices for 1-carat diamonds declined by 1.3% in February.

At the same time, other categories showed more encouraging signs. Diamonds in the 0.30-carat range recorded a 1% increase, 0.50-carat stones edged up by 0.3%, while 3-carat diamonds posted a slight gain of 0.2%.

These figures point to a growing fragmentation within the market, with price performance varying considerably depending on stone size and quality.

Differences across trading centers were particularly pronounced in the lower-carat segment. In some markets, prices saw sharper declines, while others held relatively steady or even edged slightly higher.

In the larger stone segment, the picture looks comparatively more resilient. Demand for diamonds above 2 carats remains stable across several international markets, underpinned primarily by high-end clientele. It is telling that during the month, a number of industry operators reported healthy demand for large-carat stones, while the supply of significant rough diamonds remains relatively constrained.

Overall, February reveals a market that remains cautious yet increasingly discerning. Small-carat stones continue to encounter the most significant headwinds, while larger diamonds of superior quality demonstrate a notable capacity to weather the prevailing climate of international volatility.

Reflections from the World of Diamonds

A 26-carat diamond returns to the market

In the world of auctions, a 26.36-carat white diamond — the centerpiece of a major jewelry sale in London — has captured the attention of collectors and enthusiasts alike.

According to experts, this is the largest white diamond to appear on the British market in over a decade. The stone, graded I in color and VVS1 in clarity, achieves the highest possible standards in cut, symmetry, and polish, earning a Triple Excellent classification.

With an estimated value of between £800,000 and £1 million, this solitaire stands as a compelling example of how large-carat diamonds continue to command significant interest among collectors and investors.

Diamonds and Quantum Computing

In February 2026, researchers made a significant breakthrough in the field of quantum computing — one in which diamonds played a central role. Microscopic defects found in certain diamonds, known as nitrogen-vacancy centers, enable information to be stored with exceptional stability, making them prime candidates for qubits — the fundamental units of computation in quantum computers.

Diamond quantum chip: the microscopic defects within a diamond's crystal structure — known as nitrogen-vacancy centers — are harnessed as qubits, enabling quantum computations of exceptional precision.

The unique structural properties of diamonds make them exceptionally well-suited for advanced scientific applications. According to experts, the quantum computing revolution is on the horizon — and diamonds may prove instrumental in developing devices capable of delivering ultra-precise navigation, advanced medical diagnostics, and highly secure communications.

Conclusions

February 2026 closes with a diamond market defined by heightened uncertainty and pervasive caution. The ongoing revisions to U.S. tariff policy, combined with the outbreak of conflict in Iran, have generated considerable international volatility, while demand in Europe — particularly for high-quality, large-carat stones — remains steady. Prices for smaller diamonds continue to soften, whereas fine natural diamonds reaffirm their value even in this challenging environment.

In a market where quality, authenticity, and rarity make all the difference, understanding the true worth of your assets is essential. Auctentic's expert gemologists are at your disposal for accurate and discreet valuations. Contact us to request a personalized and reliable assessment — whether for a significant solitaire, a family heirloom, or a prestigious timepiece.

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