Morning Bites (part 1)

💎 De Beers has raised prices for large (>5ct) rough diamonds at its February sight, responding to tight supply in the segment, Rapaport reports. The exact scale of the price change remains unknown

To recap, in 2025, there was a noticeable difference in the performance of large and small polished diamonds. The RAPI price index declined 26% and 10% YoY for 0.5ct and 1.0ct stones, respectively, while the 3.0ct index inched up 0.3%. Such difference might reflect weaker purchasing power in low categories, pressure from LGDs in low-end of bridal category and high gold prices (+44% YoY in 2025), which incentives retailers to put lower value stones in low-end jewellery. All these factors are irrelevant for high-end luxury goods

We maintain a cautious view on the global diamond market and believe that supply discipline will not start to recover until Anglo American completes the planned sale (or spin-off) of De Beers, which accounts for ~30% of global rough diamonds mined supply

#diamonds