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This action shows a significant lack of diamonds that are 5 carats or bigger, as cutters are fighting for available supplies due to lower production from manufacturers.
Diamond miners, with De Beers at the forefront, have been decreasing their output due to weak demand, which has been driven by the ongoing crisis in the diamond market. In 2025, De Beers' production decreased by 12% to 21.7 million carats. The company also revised its 2026 output forecast downward, changing it from 26 to 29 million carats to a range of 21 to 26 million carats.
The demand for large diamonds stayed consistent, since the competition from lab-grown diamonds in this area is not as strong as it is for smaller rough diamonds.
In its 2025 financial results, De Beers noted that demand for bigger, higher-quality diamonds continued to rise during the year, while demand for smaller, lower-quality diamonds faced challenges due to increased supply from other diamond producers.
In 2025, there was a noticeable difference in performance between large and small stones. For example, the industry benchmark RapNet Diamond Index (RAPI) showed a year-on-year decline of 20.3% for 0.3-carat diamonds, 26% for 0.5-carat stones, while the RAPI for 3-carat stones actually rose by 0.3%.
source: rapaport.com
Diamond miners, with De Beers at the forefront, have been decreasing their output due to weak demand, which has been driven by the ongoing crisis in the diamond market. In 2025, De Beers' production decreased by 12% to 21.7 million carats. The company also revised its 2026 output forecast downward, changing it from 26 to 29 million carats to a range of 21 to 26 million carats.
The demand for large diamonds stayed consistent, since the competition from lab-grown diamonds in this area is not as strong as it is for smaller rough diamonds.
In its 2025 financial results, De Beers noted that demand for bigger, higher-quality diamonds continued to rise during the year, while demand for smaller, lower-quality diamonds faced challenges due to increased supply from other diamond producers.
In 2025, there was a noticeable difference in performance between large and small stones. For example, the industry benchmark RapNet Diamond Index (RAPI) showed a year-on-year decline of 20.3% for 0.3-carat diamonds, 26% for 0.5-carat stones, while the RAPI for 3-carat stones actually rose by 0.3%.
source: rapaport.com
