# Smaller Natural Diamonds Slip as Inventories Grow

Rapaport’s October data show a split market—not a uniform collapse in natural diamonds.

By Erica Diggs, GIA Graduate Gemologist November 3, 2026 • 5 min read

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Rapaport’s latest index gives jewelers a more precise story than the broad headline “diamond prices are falling.” In October, smaller natural diamonds weakened as inventory rebuilt, while larger goods held steadier.

The market moved in different directions

The Rapaport Trade Diamond Index tracks asking prices for round D–H, IF–VS2 diamonds. In October, the 0.30-carat index fell 5.5%, the 0.50-carat index fell 2.3%, and the 1-carat index declined 0.9%. Three-carat diamonds rose 0.9%.

That is a mixed market. Even after October’s pullback, 0.30-carat goods remained 8.8% higher year to date.

Hero image caption: Rapaport press image used to illustrate the diamond-market report. Photo credit: Rapaport press image

Why smaller stones came under pressure

Rapaport reported that the number of 0.30-carat rounds listed in Rapaport Trade grew 165% between June 1 and November 1. Inventory also increased in the 0.40- to 0.99-carat range.

The report identifies two possible reasons: manufacturers increased production after a recovery from April through September, and some cutters may have returned to certification for small stones after skipping reports when prices were lower.

More documented supply can give buyers more choice—and put pressure on asking prices when comparable goods accumulate.

Demand is not moving as one block

Rapaport described demand for 1-carat diamonds as stable to soft, while 2-carat-plus goods held steady. Oval prices eased as supply fell.

Rough demand also slowed as Indian factories prepared for a 15- to 30-day Diwali shutdown beginning November 8. Rapaport said De Beers’ October sight sales were low, partly because sightholders had brought purchases forward after the miner reduced prices in July.

The coming production pause may give manufacturers time to rebalance stock. It does not erase the pressure already visible in smaller polished categories.

What this means at the counter

For jewelers, this is an inventory story as much as a pricing story. A 0.30-carat round and a 3-carat round are not moving through the same market. Size, shape, color, clarity, certification, memo terms and turn matter.

Natural diamonds still carry geological rarity, documented provenance when properly sourced and decades of consumer recognition. Those strengths are real, but they do not cancel supply-and-demand mechanics. Retailers should price the actual stone in front of them rather than treat “natural diamond” as one undifferentiated category.

What to watch next

The next meaningful signals will be inventory levels after the Diwali shutdown, De Beers’ rough-sales strategy and whether demand for smaller natural goods stabilizes before the holiday selling season.

The lesson from Rapaport’s October data is not that natural diamonds have lost their value. It is that the market is separating by category—and jewelers need to read it that way.

Author

Erica Diggs is a GIA Graduate Gemologist, bench jeweler, 3D CAD designer, micro-pavé setter and founder/editor of Drip With Diggs.

Sources

Rapaport News, “Prices of Smaller Diamonds Decline as Inventories Grow,” November 3, 2026: https://rapaport.com/news/prices-of-smaller-diamonds-decline-as-inventories-grow/

Rapaport News, “De Beers Holds Prices Steady at Small October Sight,” November 2, 2026: https://rapaport.com/news/de-beers-holds-prices-at-small-october-sight/

Related reading

  • The Natural Diamond Crisis: Falling Prices and Lab-Grown Pressure
  • Natural vs. Lab-Grown Diamonds: What Buyers Want and Jewelers Protect
  • Why 355 U.S. Jewelry Businesses Exited in 2026

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