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4/6/2025|news
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Indice dei Contenuti
Welcome to our monthly column dedicated to the diamond market. Each month, we analyze the key global trends, the most significant events, and the dynamics that influence demand, prices, and business strategies. We provide a consistently updated and reliable overview thanks to authoritative sources such as Rapaport News, IDEX, and other specialized channels.
The month of March confirmed some encouraging signs of recovery in the global diamond market, with a slight but widespread improvement in prices across several key categories. The RapNet Diamond (RAPI™) index for 1-carat round diamonds (D-H, IF-VS2) rose by 1.4%, primarily driven by the increasing demand for high-purity and high-quality stones. The most significant increase was observed in 0.30-carat diamonds (+6.5%), with peaks exceeding 10% for top-tier categories (D-F, IF-VVS1). Positive results were also recorded for 0.50-carat diamonds (+2.2%) and 3-carat diamonds (+0.1%).
The IDEX index also showed signs of stabilization: the decline recorded in March (-0.54%) appears modest compared to the monthly drops of over 3% observed in 2024. The index now stands at 94.37 points, below the 2004 baseline level of 100, but still in a phase of consolidation after more than two years of declines. Contributing to this relative price stability were particularly the reduced stocks of polished diamonds, which prevented an oversupply in the market. Slight growth was also seen in the prices for fancy elongated cuts of 2 carats and above, while other categories showed more fluctuating trends.
Prices: Mixed Signals Between Round and Fancy Cuts
In March, diamond prices continued to show differentiated trends depending on the size and quality of the stones. According to IDEX, large round stones (4.00–5.99 carats, D-F) saw increases of up to 4%, confirming the strong demand for high-end gems. In the 1.50 to 3.99-carat range, the trend was more irregular. As for fancy cuts, declines were observed among smaller stones (<0.44 ct) and medium-sized stones (1.50–1.99 ct), but interesting price increases were seen in the 1.25–1.49 ct (D, IF–VVS2) and 4.00–4.99 ct (F–G, VVS2–VS1) categories, with increases up to 4.5%.
Geopolitical Pressures and Regulatory Uncertainty
The trade tension between the United States and the European Union continues to create uncertainty: Brussels is considering tariff countermeasures on imported diamonds, while Washington is contemplating additional duties on stones coming from India, one of the world's main cutting hubs. These scenarios risk impacting trade flows with European partners, including Italy.
Retail and Signs of Confidence: Something is Shifting
Retail demand has remained strong in both the United States and India, driven by solid domestic consumption. In the U.S., wholesalers have reported shortages in some highly demanded categories, signaling that stocks are beginning to deplete in the most dynamic segments. Also noteworthy is the positive reaction from the financial market: shares of Signet Jewelers, one of the leading players in the North American retail sector, gained 20% by the end of March following the announcement of a new business strategy.
Europe: Growing Focus on Traceability
In Europe, significant developments are unfolding on the regulatory front: the EU Commission has confirmed its intention to make the indication of the geographic origin of natural diamonds mandatory starting in January 2026. In Italy, industry operators and trade associations are closely monitoring the preparatory work to assess the impact of these new rules on importers, jewelers, and consumers.
During the lavish wedding that took place in March between Anant Ambani, the son of magnate Mukesh Ambani, and his fiancée Radhika Merchant, Kim Kardashian, a special guest along with her sister Khloé, lost a precious diamond from the spectacular necklace she wore for the occasion.
The piece in question, designed by renowned jeweler Lorraine Schwartz, featured diamonds totaling 170 carats. One of the diamonds, a pear-shaped stone, detached from the necklace, triggering a frantic search amidst the crowd. Despite efforts, the stone was not recovered.
The incident quickly went viral, reminding people of similar events involving Kardashian, such as the diamond earring lost in the sea in Bora Bora or the 2016 robbery in Paris.
A team of scientists has recently identified a new mineral, named "davemaoite," trapped inside a diamond from the depths of the Earth's mantle. This discovery is significant because the existence of davemaoite, a type of calcium silicate perovskite, had only been theoretically hypothesized and never observed in nature. The presence of this mineral inside the diamond suggests that diamonds can serve as time capsules, preserving materials formed under high pressure and temperature conditions in the deep mantle. This discovery not only confirms the existence of davemaoite but also provides new insights into the sources of heat within the Earth.
During an official banquet held on March 4th at the Presidential Palace in Helsinki, Queen Mary of Denmark wore an extraordinary 19th-century tiara that had been hidden from the public eye for over 140 years. The jewel, dating back to 1820, once belonged to Queen Caroline Amalie and is adorned with stones from Italy, including fascinating artifacts recovered from the excavations of Pompeii.
To complete her look, Mary chose a historic and personally significant gold bracelet: a gift from King Frederik VII to Princess Vilhelmine Marie, decorated with volcanic stones from Mount Vesuvius and engraved with a romantic message that reads, "Memory of Vesuvius – May 26, 1828 – eternal and unshakable love."
Both pieces of jewelry not only represent extraordinary examples of 19th-century craftsmanship but also intimate testimonies of the Danish monarchy's history. After the official visit, they will be displayed to the public in the Treasury of Rosenborg Castle in Copenhagen.
Rubies and Sapphires with "Too Beautiful to Last" Colors: The Alarm on Irradiated Gemstones
Behind the intense and captivating beauty of certain rubies and sapphires lies, now more than ever, a controversial phenomenon: the treatment with radiation that artificially alters the color of precious stones. This technique promises breathtakingly vibrant gems... but only for a limited time.
The alarm has been raised by three of the most important international organizations in the industry: CIBJO (World Jewellery Confederation), AGTA (American Gem Trade Association), and ICA (International Colored Gemstone Association). These organizations are calling for urgent measures to curb the spread of rubies and sapphires on the market whose color, achieved through irradiation, tends to fade over time, creating a serious issue of commercial transparency and consumer trust.
Precious stones can undergo various treatments aimed at enhancing their appearance. Some of the most common include:
Irradiation is a treatment that exposes gemstones to radiation sources (such as electrons or gamma rays), which alters their crystal structure and, consequently, their color. This process can make a sapphire a brilliant yellow or a ruby a vivid red in a spectacular way... but the effect is, in many cases, temporary. Over time or with exposure to light, the color can fade or change, leaving the buyer with a faded stone that lacks its original allure.
Much of this issue involves gemstones from Sri Lanka, a country renowned for its production of sapphires, particularly the delicate padparadscha, peach yellow, and salmon pink hues. The padparadscha sapphire is one of the rarest and most valuable varieties: its name comes from the Sanskrit "padma raga," meaning "color of the lotus flower," and describes a unique shade between pink and orange that mirrors the soft reflections of a lotus flower at sunset. However, according to AGTA, many retailers (especially in the United States) are now avoiding purchasing these stones due to the growing concern over color stability, compromised by irradiation treatments.
International associations have urged the Sri Lankan government to implement stricter testing, mandatory disclosure of treatments, and sanctions for those who violate industry requirements. In response, the Sri Lankan Gem and Jewellery Association (SLGJA) announced the launch of an awareness campaign and the enforcement of new regulations. However, experts argue that "the situation requires urgent and concrete actions."
The primary concern? A lasting damage to consumer trust. If a buyer discovers months later that their gemstone’s color has changed, the entire supply chain loses credibility. And at a time when the natural gemstone market is already under pressure from the growing competition of synthetic gems, transparency is more important than ever.
As CIBJO stated: "If the current situation continues, the damage to the industry and the perception of colored gemstones would be immeasurable."
This issue is part of a broader context of ethical rule renewal in the jewelry world. For instance, CIBJO has recently redefined the term "recycled gold" to combat the phenomenon of greenwashing—an increasingly common practice of promoting products as sustainable or eco-friendly without a real alignment between production processes and clear communication with the end consumer.
Another example of growing ethical awareness is the introduction of advanced traceability systems to ensure that diamonds sold do not come from conflict zones or contexts where human rights violations occur. The use of blockchain to certify the origin of stones is one of the most promising innovations in this area, and it is already being adopted by some major brands to assure customers of the authenticity and integrity of their jewelry.
In all these cases, the goal remains the same: to build a lasting trust relationship with the public by promoting a more transparent, responsible, and sustainable industry.
In Europe, attention to transparency in gemstone trade is also increasing. In Italy, the Rivista Italiana di Gemmologia (Italian Gemmological Journal) recently published guidelines for the proper commercialization of gemstones, aimed at both industry professionals and consumers.
These guidelines address several crucial aspects:
Mandatory Disclosure of Treatments: Gemstones must be clearly labeled to indicate whether they have been heated, irradiated, or subjected to other treatments.
Correct Use of Gemological Terminology: To avoid misleading or ambiguous descriptions in product sheets and certificates.
Transparency About Geographic Origin: When known, the origin of the gemstones should be disclosed to address the growing consumer sensitivity regarding ethical sourcing.
Indication of Synthetic or Composite Materials: Any use of synthetic or composite materials must be clearly distinguished from natural gemstones.
The goal is twofold: on one hand, to protect consumers by providing clear and verifiable information; on the other, to promote a culture of legality and fair business practices in the Italian and European gemological sectors.
These initiatives are part of a broader international movement aimed at enhancing not only the beauty of gemstones but also their traceability, sustainability, and ethical integrity.
Identifying a treated gemstone requires advanced gemological skills and specific tools. However, some clues can suggest the presence of treatments:
Atypical Inclusions: The presence of gas bubbles or unusual structures may indicate treatments like irradiation or fracture filling.
Uneven Coloring: Areas of excessively vivid or irregularly distributed color can suggest the use of artificial techniques, such as beryllium diffusion.
Reaction to UV Light: Some treated stones exhibit unusual fluorescence when exposed to ultraviolet light, which can be a useful clue for experienced gemologists.
For the end consumer, the best advice is simple: only purchase from certified retailers and insist on gemological certificates issued by recognized laboratories, such as GIA or SSEF, that clearly state any treatments the stone has undergone.
The world of colored gemstones stands at a crossroads between innovation and transparency. Gemological treatments are not necessarily negative; they can enhance stones that would otherwise be difficult to market. However, the lack of clear communication to the public risks undermining trust in the entire industry.
The alarm raised by CIBJO, AGTA, and ICA, along with the initial responses from the Sri Lankan authorities, marks an important step. However, it will be crucial for Europe and Italy, with their markets increasingly focused on ethics and sustainability, to strengthen controls and actively promote a culture of traceability and honesty.
Because a gemstone is truly valuable only when, in addition to its beauty, it also shines for its truth.
March 2025 has been marked by contrasting but encouraging signals for the global diamond market: on one hand, a gradual recovery in prices and a stabilization of stocks, on the other, lingering geopolitical and regulatory uncertainties that will require attention in the near future.
On the colored gemstone front, the issue of irradiation brings renewed focus to the need for greater transparency and traceability, a topic that has become central to the competitiveness of the sector globally.
With the arrival of the spring season and the approach of international trade and industry events, it will be interesting to monitor how demand, regulation, and consumer trust evolve.
Stay tuned for further updates and insights into the fascinating world of diamonds.
