Prices for Smaller Diamonds Rise in May as Inventory Tightens

By JCK News Desk | June 09, 2026

Diamond prices showed signs of recovery for smaller stones but slipped for stones of 1 ct. and higher in May, the Rapaport Group said.

According to the Rapaport Trade Price Index (RAPI), which tracks asking prices for round diamonds in select color and clarity ranges, 0.3 ct. stones rose 2.1% and 0.5 ct. diamonds increased 0.9% during the month. Prices in both categories remain significantly lower than a year earlier, though (down 27.6% and 29.1%, respectively).

Rapaport attributed May’s price gains in smaller stones to tighter inventories and buyers taking advantage of lower valuations. The number of 0.3 ct. diamonds listed on Rapaport Trade declined by more than 50% since the start of the year, following production cuts, the company said.

Its index showed a price drop of 0.3% for 1 ct. diamonds in May, while 3 ct. stones fell 0.5%. Rapaport noted that 3 ct. prices were only slightly below year-ago levels, down 2.1%, whereas 1 caraters were off more than 15% from the same date in 2025.

Rapaport said activity at the recent JCK show in Las Vegas “reflected U.S. strength in 2 ct.-plus diamonds, with trading especially good in long fancy shapes and in niche items like antique cuts and low colors.” Trading trends for smaller diamonds were slower due to competition from lab-grown stones, Rapaport added.

Looking ahead, Rapaport said diamond production is expected to decline further, citing operational changes at several mining companies.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.