Diamond Market Stabilizes Ahead of De Beers April Sight; Large Stones Lead Recovery

Executive Summary

The global polished diamond market entered the final week of April 2026 in a cautious but broadly stable condition. Sentiment has improved at the upper end of the market following months of price declines across most categories. Geopolitical easing in the Middle East, following a U.S.-Iran ceasefire, has allowed Israel and regional trade hubs to partially reopen for business, removing a near-term headwind. Rapaport’s April 23 weekly comment reports that 7–9.99 carat rounds and 10+ carat D-flawless stones are performing well. Round diamonds in the 0.30–0.89 carat range have stabilized since April 1. Long fancy cuts, including ovals, marquises, and emeralds, command premiums over rounds in the 2-carat-and-above range, with long cushions trading 20–25% above square equivalents. U.S. demand is positive at the high end ahead of Mother’s Day on May 10. Angola disclosed 2025 rough production of 15.2 million carats, an 8% year-on-year increase. Buying activity in India is muted as manufacturers defer polished purchases ahead of the De Beers sight on April 27–30 and prepare for May factory closures. Hong Kong buyers are shifting toward colored gemstones and gold, with natural diamonds holding ground mainly in the 3–5 carat premium segment. The next four to six weeks will test whether pre-Mother’s Day demand in the U.S. can sustain price stabilization across mid-range goods.

Industry Impact

The market’s bifurcation continues: large, high-quality naturals are firming while mid-range and small goods remain under structural pressure from lab-grown competition. Rough buyers should note that the April 27–30 De Beers sight, shortened this year to four days, arrives during a period of Indian factory closures and geopolitical uncertainty. Retailers targeting Mother’s Day have a narrow window of approximately two weeks to finalize replenishment. Fancy-shape premiums, including long cushions at +20–25%, present a pricing opportunity for dealers with scarce inventory of well-cut marquises and radiants.

Next Steps

1. Monitor De Beers’ April sight outcomes (April 27–30) for pricing signals; any adjustments will set the tone for rough buying through June.
2. Finalize Mother’s Day inventory by May 1 as Indian factories begin summer closures, tightening polished supply.
3. Review fancy-shape inventory: long cushions, marquises, and ovals above 2 carats trade at premiums; evaluate selling or holding based on replacement cost.
4. Track Angola 2025 production data (15.2M carats, +8% YoY) against De Beers and Alrosa output for a full rough-supply picture.
5. Monitor Hong Kong’s shift toward colored stones and gold; acceleration could increase mid-tier polished-price pressure.