AWDC: Antwerp Polished Diamond Prices Rise 12% Year-on-Year in Q1 2026

Executive Summary

The Antwerp World Diamond Centre released its Q1 2026 trade data, reporting polished diamond prices through Belgium rose 12% year-on-year — the clearest sign of recovery in polished markets since the 2022 downturn. The organization characterized the trend as gradual but cited it as a positive signal that polished demand is beginning to outpace supply. Rough diamond prices told a different story: the average declined 27% from $99 to $72 per carat compared to Q1 2025, reflecting ongoing pressure from weak manufacturer demand and alternative sourcing. Total Antwerp trading volume rose 19%, with rough imports by volume up 36% and polished imports up 14% — suggesting traders are building inventory ahead of an anticipated market turn. The AWDC attributed the improvement to administrative reforms including streamlined visa policies for foreign traders and recognition of diamond workers as shortage occupations. Middle East tensions have also redirected trade flows toward Antwerp. For the pipeline, the key message is divergence: polished is firming while rough remains soft, creating a structural margin opportunity for manufacturers who secured rough at recent low prices.

Industry Impact

Midstream manufacturers who purchased rough in the January–March trough at $72/ct stand to benefit most if polished pricing holds. Polished dealers and retailers should note that Antwerp inventory builds (+14% polished imports) suggest supply coming to market — downward pressure is possible if demand stalls. Rough producers face continued price compression with no near-term relief catalyst. Brands sourcing polished from Antwerp may encounter firmer pricing on re-order as recovery takes hold.

Next Steps

1. Evaluate current polished inventory replacement cost — if $72/ct rough feeds standard polished goods, lock in supply while rough remains depressed.
2. Review sourcing agreements with Belgian wholesalers ahead of Q2, when Antwerp's polished price recovery may translate into firmer offered prices.
3. Assess rough purchasing timing given that a 27% rough price decline creates significant margin opportunity — but only if polished prices hold through processing time.
4. Monitor AWDC Q2 trade data (expected July
5. for confirmation that polished recovery is sustainable.
6. Consider Antwerp as an alternative sourcing hub if Middle East trade disruption continues redirecting goods to Belgium.