Rapaport sees steady U.S. diamond demand, larger stones lead recovery

The clearest pulse in the U.S. diamond market was still beating at the top end: 2 ct. and larger stones held the strongest demand, 1.50 to 1.99 ct. improved, and long fancy shapes and antique cuts continued to command high prices. Rapaport’s June 18 market comment also showed collection-quality small stones recovering, especially round 0.30 to 0.89 ct. goods, while rough prices stayed firm in 5 ct. and above.

For retailers, that mix matters because it points to selective strength rather than a broad rebound. The stones drawing the most heat were G-I, VS-SI diamonds in both rounds and long fancies, with marquises and antique cuts selling at elevated levels. That is the language of a market where shoppers still pay for visible impact and shape character, not just carat weight. On the floor, that favors engagement rings with elongated outlines, old-mine and antique-inspired centers, and statement pieces that make a larger diamond feel architectural rather than merely large.

The momentum was already visible a week earlier, when Rapaport said sentiment had strengthened after positive Las Vegas shows. High-end jewelers placed orders and bought goods outright, a sign that the upper tier of the trade was willing to commit inventory to meet demand. Rapaport’s June 8 read added another piece of the picture: the market showed signs of recovery in May, and the 0.30 ct. RAPI rose 2.1% for the month even after falling 27.6% year on year. That kind of bounce suggests small stones are healing, but from a far weaker base than the large-stone segment.

The larger consumer backdrop reinforces the split. De Beers’ June 2026 Diamond Report argued the industry still needs to invest in demand across price points and across bridal, gifting and self-purchase occasions. Its U.S. consumer research found that natural diamonds remain the most desired luxury jewelry product, average purchase prices increased 25%, Gen Z is now the second-largest generation buying diamonds, and non-bridal occasions account for three-quarters of U.S. demand. The Natural Diamond Council’s 2025 trend report, published in February 2026, found the U.S. market stayed resilient despite tariffs, inflation and higher gold prices, with standout growth in long fancy shapes and a continued move toward larger, higher-quality stones.

Taken together, the evidence points to a resilient high-end natural diamond market, not a sweeping recovery across every category. The strongest retail signal is concentration: bigger stones, stronger shapes, and better quality are leading, while smaller goods recover more cautiously in the background.