Monthly Diamond Market Update – June 2025

Welcome to our monthly column dedicated to the diamond market. Each month, we analyze key global trends, major events, and the dynamics shaping demand, prices, and commercial strategies. Thanks to trusted sources such as Rapaport News, IDEX, and other specialized channels, we provide you with a timely and reliable overview.

General Market Overview

In June 2025, the diamond market continued to operate in a climate of heightened uncertainty due to concerns over the new U.S. "reciprocal tariffs"—a policy introducing import duties in response to similar tariffs imposed by other countries on American exports.

A significant divergence was observed among key price indicators. According to the RapNet Diamond Index (RAPI™), actual selling prices for 1-carat diamonds dropped by 0.3%, while 0.50-carat stones saw a sharper decline of 2.3%. Prices for 3-carat diamonds also fell, recording a 0.8% decrease.

However, the IDEX list price index showed a completely opposite trend, surging by 4.83%—the largest increase since January 2022. This spike reflects the anxiety among industry players over the reciprocal tariffs scheduled to take effect on July 9, following a 90-day extension. The discrepancy between seller asking prices and actual transaction prices clearly highlights buyers’ reluctance to accept the proposed increases.

As for the European market, Antwerp continues to feel the heavy impact of EU sanctions banning the import of Russian diamonds—measures imposed in response to the war in Ukraine—as well as the growing competition from Dubai as an emerging global hub.

Highlights from June 2025

• Global Production Crisis:
  According to preliminary data from the Kimberley Process—the international initiative that certifies diamonds to combat the trade of so-called “blood diamonds” and collects official industry statistics—global rough diamond production in 2025 is expected to reach just 105 million carats, the lowest level recorded since 1995. Despite a slight increase in volume, the overall market value continues to decline, with the average price per carat down 15% compared to the previous year.
• Key Regulatory Decisions for Europe:
  The European Union has once again postponed the implementation of its mandatory traceability system for rough diamonds, now scheduled for January 1, 2026. This marks the second delay, following a G7 extension in December 2023. Meanwhile, HRD Antwerp—one of the world’s most prestigious diamond grading laboratories—announced it will no longer certify loose lab-grown diamonds, a move that reinforces the separation between the natural and synthetic markets.
• Supply Pressures from the Indian Pipeline:
  In India, imports of rough diamonds in June exceeded exports of polished diamonds from May, raising concerns about an oversupply of small stones and downward pressure on prices. This imbalance has a global impact, considering that over 90% of diamonds are cut in India.
• Auction Markets Defy Trends:
  Christie’s Geneva posted an outstanding $72 million in sales, successfully auctioning off all listed lots, while Sotheby’s brought in $21 million for the 10-carat “Mediterranean Blue” diamond alone—excluding additional pieces sold at the same event.
• Trade Suspension Due to Geopolitical Conflict:
  Diamond trading in Israel—one of Europe’s main cutting and trading hubs—was suspended for two weeks due to conflict with Iran, causing temporary disruptions in supply chains to European markets.

Curiosities from the Diamond World

The Wedding of the Year: Jeff Bezos and the 30-Carat Pink Diamond

At the end of June, Jeff Bezos—founder of Amazon and one of the richest men in the world—married Lauren Sánchez, a former journalist, helicopter pilot, and well-known American TV personality. The lavish and exclusive ceremony took place on the island of San Giorgio Maggiore in Venice, with over 200 guests in attendance, including Oprah Winfrey, Leonardo DiCaprio, and Kim Kardashian.

But what really made headlines was the engagement ring: a rare 30-carat pink diamond estimated to be worth over €3 million, set in platinum and designed by the renowned Lorraine Schwartz. A second ring, the wedding band, accompanied it during the ceremony, completing a dream-worthy set.

The pink diamond chosen by Bezos is not only a symbol of love but also a high-profile investment. This type of gem has become increasingly rare following the closure of the Argyle mine in Australia, which used to produce over 90% of the world’s high-quality pink diamonds. According to U.S. media, Sánchez now owns one of the most valuable engagement diamonds ever gifted!

Auction Record for Marie Antoinette’s Diamond

In June 2025, a legendary diamond went up for auction: the “Marie-Thérèse Pink,” a 10.38-carat purplish-pink gem linked to the iconic figure of Marie Antoinette, the last Queen of France before the Revolution.

It is believed that, on the eve of her failed escape from Paris in 1791, the queen entrusted her most precious jewels to her trusted hairdresser, hoping to recover them later. After her execution, the jewels were passed on to her surviving daughter, Marie-Thérèse of France, and later to her granddaughter, the Duchess Marie-Thérèse of Chambord.

The diamond, likely originating from the legendary Golconda mines in India, was recently set into a ring by renowned jeweler JAR (Joel Arthur Rosenthal). The modern design features a darkened platinum setting adorned with a crown of 17 fleur-de-lis-shaped diamonds—the lily being a symbol of the French monarchy.

On June 17, 2025, during Christie’s “Magnificent Jewels” auction in New York, the “Marie-Thérèse Pink” sold for an astounding $13.98 million—nearly three times its initial estimate—confirming the timeless appeal of historic gems.

This Month's Analysis

Major Diamond Trade Shows: What They Are, When They Happen, and Why They Matter

In the world of diamonds and fine jewelry, international trade shows are far more than simple exhibitions—they are decision-making hubs where prices are set, supply deals are closed, trends are launched, and market expectations are measured. Here are the most important global trade shows, along with their key features, participants, and strategic implications.

1. JCK Las Vegas (United States)

When: Early June
Who attends: Manufacturers, distributors, retailers, designers, investors

The most important show for the North American market, held annually in early June at the Venetian Expo and Caesars Forum in Las Vegas. It attracts over 17,000 industry professionals from more than 130 countries.

In addition to its vast exhibition space, JCK is known for its specialized conferences such as “Luxury” for high-end segments and the “Plumb Club” for major retail chains. It also includes the “Diamonds Pavilion,” a dedicated area featuring top certified gem wholesalers. Stones are usually priced based on the weekly Rapaport list, but JCK often reveals whether the market is willing to pay more—or less.

Technical note: Many use JCK to test new diamond cuts, marketing strategies, and traceability solutions (blockchain, QR codes, digital passports).

2. GemGenève (Switzerland)

When: May and November
Who attends: Gemologists, antique dealers, collectors, designers, academics

Founded in 2018 by a group of independent dealers, GemGenève has established itself as a highly curated fair with a strong cultural component. Held twice a year in Geneva, it offers a more intimate setting than Las Vegas—ideal for building deeper relationships with clients and suppliers.

The event showcases rare stones, restored antique jewelry, high-end colored diamonds, and historical settings. It’s also a networking hub for gemologists and scholars, with themed exhibitions and educational workshops.

Technical note: Many stones come with GIA, HRD, or Gübelin certification. There is ongoing discussion about the impact of GIA’s new guidelines for lab-grown diamonds. Some exhibitors also present untreated stones with documented provenance.

3. HKTDC Hong Kong International Jewellery Show (China)

When: March (raw materials and gems), September (finished jewelry)
Who attends: Asian manufacturers, synthetic diamond labs, global wholesalers

This is the leading trade show for the Asian market and one of the world’s highest-volume transaction events, particularly between India, China, and the Middle East. It’s split into two segments: the Diamond, Gem & Pearl Show in March, and the Jewellery Show in September.

Both natural and lab-grown diamonds are sold here, with strong representation from Chinese CVD and HPHT diamond labs. Hong Kong’s status as a free trade zone facilitates fast transactions and customs advantages.

Technical note: Many rough stones are sold in ungraded “mixed lots,” later cut and certified in India or Belgium. It’s a key testing ground for synthetic diamond pricing before they enter the U.S. and European markets.

4. Vicenzaoro (Italy)

When: January and September
Who attends: Goldsmiths, Italian designers, European retailers, Middle Eastern buyers

Vicenzaoro is the beating heart of the Italian jewelry industry and a key event for the EU market. Each edition hosts over 1,300 exhibitors and 30,000 visitors from around the world. While not focused solely on gemstones, it includes the “Hall of Jewels,” where diamonds take center stage—especially in mid- to high-end artisan jewelry.

Technical note: The show highlights how diamonds are used in Italian design, with growing attention to sustainability certifications such as the Kimberley Process and the Responsible Jewellery Council (RJC). Small producers often showcase alternative cuts like rose-cut or old European cut.

5. India International Jewellery Show – IIJS (India)

When: August (Prime), April (Signature)
Who attends: Cut stone manufacturers, exporters, labs, retailers

Mumbai, the global center for diamond cutting (over 90% of the world’s stones are cut in India), hosts IIJS, a barometer for the industry’s production activity. Thousands of professionals attend, especially for cut and polished stones.

Visitors can purchase loose stones, almost always certified by GIA or IGI, ready to be mounted or resold. Deals happen fast and often reflect production conditions and rough supply from Botswana, Russia, or Canada.

Technical note: The Indian market is highly sensitive to USD-INR exchange rates. IIJS performance can often forecast global slowdowns or surges in the months to follow.

6. Baselworld (Switzerland) – Relaunch in Progress

Once the iconic fair for luxury watchmaking and high-end jewelry, Baselworld suffered a major setback in 2020, with the exit of major brands like Rolex, Patek Philippe, and Chopard. The event was suspended but is now being reimagined in a hybrid (physical and digital) format focused on innovation, NFTs, and ethical jewelry.

Technical note: Baselworld was the first trade show to introduce blockchain-based digital traceability for luxury jewelry—a feature that could become central to its post-pandemic revival.

Conclusions

June 2025 highlighted a diamond market that remains deeply fragmented and still in search of stability. On one hand, the mining sector is experiencing an unprecedented structural crisis, with significant job cuts, financially troubled companies, and global production at historic lows. On the other, the high jewelry segment continues to thrive, as evidenced by record-breaking auction sales at Christie’s and Sotheby’s, confirming strong interest in rare and historically significant gems.

The reciprocal tariffs imposed by the United States have added further volatility: while list prices have seen substantial increases, actual transaction prices have continued to decline. This divergence reflects a tense market, where buyers are adopting cautious, wait-and-see strategies and avoiding price hikes not backed by real demand.

In Europe, the outlook remains complex. Antwerp continues to suffer from the impact of sanctions on Russian diamond imports, while the EU’s decision not to impose reciprocal tariffs on diamonds originating from the U.S. has helped prevent further pressure on the European market. At the same time, the growing divide between natural and synthetic diamonds—underscored by HRD Antwerp’s decision to stop certifying loose lab-grown stones—suggests a maturing market moving toward clearer and more deliberate segmentation.

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