Love that lasts: natural diamonds continue to win hearts, with 2.1% growth in speciality jeweller sales

 

Diamonds embody enduring love, making them the natural choice for marking a relationship. In 2025, the average price of natural diamond jewellery grew by 10%, reflecting demand for the rare, precious stones. Consumers continue to value diamonds for their unique qualities, natural origins and timeless versatility as a symbol of life’s most cherished moments and enduring legacy. Valentine’s Day is expected to be sparkly this year!

Released today, 12 February 2026, by the Natural Diamond Council (NDC) in partnership with Tenoris, the Natural Diamond Trends: A 2025 Overview report uncovers U.S. consumer preferences in natural diamond jewellery. It provides an overview of 2025 that reveals the styles, qualities and buying occasions that will shape the diamond jewellery industry in the coming years. To create this report, NDC used data collated by Tenoris from over four million jewellery transactions by 2,500 speciality jewellers across the US.

The ultimate Valentine’s Gift: natural diamonds

The report found that in 2025, Valentine’s Day and Mother’s Day accounted for 16% of annual sales of natural diamonds. In 2026, natural diamonds are set to bring just as much sparkle to special occasions.

Over the next two years, the love for natural diamonds is only expected to grow. The report takes insights from the De Beers commissioned US Natural Diamond Tracker Study 2025 conducted by Ipsos, which found that more than 40% of women and 50% of men anticipated to purchase or receive natural diamond jewellery in the next 24 months.

“Together, Gen Z and Millennials now represent the majority of diamond jewellery demand globally — and they are the most influential force shaping the future of the category. With the current emphasis on personal expression and bespoke details, consumers have more ways than ever to choose a piece that reflects a shared story. In a world of replication and simulation, emotion is what makes natural diamonds irreplaceable,” says Amber Pepper, CEO of the Natural Diamond Council.

Their versatility in both subtle everyday pieces or dramatic showstoppers means they work for every style. The Pinterest Predicts 2026 report supports the view that individuality will drive demand for unique jewellery designs and vintage-inspired pieces. It highlights nostalgia and self-expression as key themes.

In 2025, the average total carat weight for jewellery sold on Valentine’s Day was 0.59 carats, with round brilliants the favourite shape and non-bridal rings the top category. Engagement jewellery also plays a meaningful role: Valentine’s Day marks the close of the US engagement season, with 47% of couples getting engaged between November and February, according to The Knot.

Engagement ring trends

For those getting engaged around Valentine’s Day, it’s likely the natural diamond will be a round brilliant in shape. They made up 62% of diamond engagement unit sales in US, according to the report.

Through 2025, an array of celebrity engagements also showcased a range of personalised settings, as well as use of fancy shapes. The likes of Selena Gomez, Taylor Swift, Georgina Rodriguez and Zendaya all revealed sparking elongated shaped diamonds for their engagement rings. The classic, elongated marquise shape saw a 12% year-on-year growth, and with many celebrity endorsements through 2025, it is likely to remain in high esteem through 2026 and beyond.

“Natural diamonds have been around for billions of years and adored by people for millennia. Formed by time. carried by nature. chosen to mark life’s most profound moments. Not only are they here to stay, but the trend is for iconic natural diamonds that will capture attention, win hearts, and help us express ourselves with authenticity,” adds Amber Pepper.

Read about these natural diamond consumer trends and more in the NDC report release today, Natural Diamond Trends: A 2025 Overview.

Download the report here: naturaldiamonds.com

About the Natural Diamond Council  

The Natural Diamond Council (NDC) is a not-for-profit organisation committed to inspiring and educating consumers on the real, rare and responsible values of natural diamonds and the positive global impact of the industry. Our Only Natural Diamonds platform is the authoritative publisher on all things natural diamonds including myth-busting facts, celebrities and pop culture, epic diamonds and jewellery trends, engagements and weddings, and diamond buying guides. In addition, we provide marketing, promotional, and educational services to brands, designers and retailers, encouraging them to amplify the values and integrity of natural diamonds. 

NDC is a global organisation whose members’ operations span four continents and 10 countries including Canada, South Africa and Botswana. Their operations support the livelihood of 10 million people worldwide.  

NDC operates out of offices in New York, Shanghai, Mumbai and Antwerp, with satellite teams in the UK and France. 

Source: DCLA

Antwerp’s Polished Trade Rebounds after Tariff Anxiety

Antwerp’s polished diamond exports rebounded in September to a 2025 high, after tariff anxiety crushed foreign sales in August.

Gross exports for September were $795m, according to new figures published by AWDC (Antwerp World Diamond Centre).

That’s more than three times the previous month, with August exports at just $229m, and higher than the previous 2025 peak of $783m in February.

Figure for both months were still down on those of 2024: September $937m and August $288m.

Polished imports also increased, up from $310m in August 2025 to $828m in September, but were still below 2024 levels.

The US imposed a 15 per cent tariff on diamonds entering Belgium and all other European Union countries, as of 1 September.

It later agreed an exemption, zero-rating diamonds polished in the EU. Stones polished elsewhere are still subject to tariffs.

Antwerp’s rough exports also rebounded in September, up from $155m in August to $366m, but rough imports remained largely stable.

Source: DCLA

Clock is Ticking on Luanda Accord, says AWDC

The Antwerp World Diamond Centre (AWDC) has publicly expressed frustration over the stalled $100m-plus global campaign to promote natural diamonds, agreed in Angola almost four months ago.

It says there is no time to waste in implementing the breakthrough Luanda Accord, in which African diamond producers pledged one per cent of their rough export sales to fund promotions by the Natural Diamond Council (NDC).

They call on producer nations, the NDC, and industry partners worldwide to take the next decisive step: to release the pledged funds, to activate the agreed framework, and to begin the campaign.

“Luanda was supposed to be the turning point,” say AWDC chairman Isi Morsel and vice chairman Ravi Bhansali (pictured) in a hard-hitting open letter published today (9 October). “It can still be – but only if we move from promises to action.

“The agreements are signed. The budgets are pledged. Yet implementation has stalled. The funds have not been transferred. The campaign has not begun. And the clock is ticking.”

The Luanda Accord, described as a potential turning point for the sector, aims to rebuild consumer trust and interest in natural diamonds over lab growns, by emphasizing their origin, authenticity, and community impact.

“We understand that bureaucratic processes take time,” say Morsel and Bhansali in their letter. “But time is exactly what we do not have. Every delay weakens the credibility of the commitment we all made together.

“Let us be clear: this is not about assigning blame. It is about living up to a collective commitment. We therefore urge all signatories to the Luanda Accord – producer nations, the Natural Diamond Council, and industry partners worldwide – to take the next decisive step: release the pledged funds, activate the agreed framework, and begin the campaign.”

Full text of the letter:

Luanda Was a Breakthrough. But Diamonds Can’t Wait Forever.

By Isi Morsel and Ravi Bhansali – Chairman and Vice Chairman, Antwerp World Diamond Centre (AWDC)

A few months ago in Luanda, something remarkable happened.

For the first time in decades, our industry stood united – producers, manufacturers, traders, and policymakers. Africa’s leading diamond nations. India’s powerful trade bodies. Belgium’s leadership. The UAE’s dynamic hub. We came together, and we signed.

The Luanda Accord was not just another declaration. It was a concrete commitment to act – to protect and promote the story of natural diamonds through a global, African led marketing initiative. Producer countries pledged to contribute 1% of their rough export revenues to a collective fund, exceeding $100 million, to be managed transparently by the Natural Diamond Council. The goal: to educate consumers, inspire the next generation, and clearly distinguish natural diamonds from synthetics.

That day in Luanda, there was real momentum. Real hope. For once, words were turning into action.

But today, four months later, that momentum is fading.

The agreements are signed. The budgets are pledged. Yet implementation has stalled.

The funds have not been transferred. The campaign has not begun. And the clock is ticking.

We are entering the most crucial season of the year – the global gifting season – when the world looks for symbols of love, authenticity, and permanence. If we don’t act now, we will miss this moment. And in our industry, missed moments don’t just mean lost sales – they mean lost livelihoods.

Because natural diamonds are not just luxury products. They are the economic backbone of producing nations. They build schools in Botswana, fund hospitals in Angola, feed families in Namibia, and provide opportunities for thousands of polishers and artisans from Surat to Johannesburg.

That is the real story of natural diamonds – a story of people, pride, and purpose. A story no laboratory can replicate.

But the world won’t hear that story unless we tell it.

While we hesitate, lab-grown diamonds are flooding the market with billions in advertising. Algorithms are replacing emotion with price. Influencers — often uninformed — are redefining the narrative in ways that undermine everything our industry stands for.

Luanda was supposed to be the turning point. It can still be – but only if we move from promises to action.

We understand that bureaucratic processes take time. But time is exactly what we do not have. Every delay weakens the credibility of the commitment we all made together.

Let us be clear: this is not about assigning blame.

It is about living up to a collective commitment.

We therefore urge all signatories to the Luanda Accord – producer nations, the Natural Diamond Council, and industry partners worldwide – to take the next decisive step: release the pledged funds, activate the agreed framework, and begin the campaign.

Luanda can still stand as a true milestone – the moment when our industry turned unity into action.

Because the diamond story is, above all, a human story. And the world needs to hear it – now.

Yours Sincerely,

Isidore Morsel

President AWDC

Ravi Bhansali

Vice President AWDC

Source: DCLA

Antwerp Negotiates Zero US Tariff for Polished Diamonds

The US has agreed to ditch its 15 per cent tariff on imports of diamonds polished in Antwerp and elsewhere in the EU.

They will be zero-rated, following intensive lobbying from the AWDC (Antwerp World Diamond Centre).

The exemption, made in a US executive order, means Antwerp’s 350 or so diamond polishers are now subject to zero tariffs on US imports, while the thousands of polishing units in India are currently subject to a 50 per cent tariff.

The 15 per cent tariff was introduced on 1 September as part of a global move announced by US President Donald Trump. The new diamond exemption is effective retroactively from that date.

AWDC described it as a “tremendous boost for the Antwerp diamond industry,” one which could pave the way for other diamond countries to negotiate lower tariffs with the US.

CEO Karen Rentmeesters (pictured) said: “The agreement is of vital importance and strengthens our competitiveness as both a trading and polishing hub. For goods of European origin – polished in Antwerp – which account for half of all polished diamond exports to the U.S., the 15 per cent tariff will no longer apply.

“By setting this precedent, we have opened the door for other diamond-producing and polishing countries to negotiate similar arrangements in the near future.”

Diamonds polished in an EU country are now included on the list of exemptions summarized in so-called ‘Annex II,’ which outlines products that can be exempted once a bilateral trade agreement with the U.S. is reached.

Source: DCLA

Diamond selling processes are outdated and hurting producers, trader says

The sale of diamonds through tenders and auctions is opaque and inefficient and should be revamped for producers to earn more and to survive the current price slump, a leading gem trader said on Thursday.

Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, said the impact on producers could be reduced by doing away with inefficiencies in the industry.

The diamond market is currently going through a prolonged downturn with demand hurt by global economic uncertainty and the rising popularity of lab-grown stones.

Producer countries such as Botswana have been hard hit by lower revenues, while miners such Burgundy and Lesotho’s biggest diamond mine Letseng have had to lay off workers.

“For years, miners relied on tenders and auctions, systems that look efficient on paper but in practice resemble a casino,” Mansori said in a statement, as the industry battles a crisis considered to be its deepest in history.

“Rough stones are pushed into opaque markets where value is anyone’s guess. When global demand softens, as it has in cycles over the last decade, producers are left exposed. Workers pay the price, while shareholders watch assets decline,” he added.

Rough diamonds are typically sold through a competitive bidding system where buyers place confidential bids on individual stones or parcels.

Mansori, whose company operates a profit-sharing model with miner Lucara Diamond Corp, says producers’ revenues should be tied to the eventual polished value of its stones “rather than gambling on rough sales in opaque auctions”.

Under its partnership with Lucara, HB Antwerp buys stones of 10.8 carat quality and above from the Toronto-listed company’s Karowe Mine in central Botswana at prices based on the estimated polished value of each diamond.

HB Antwerp accounted for 72% of Lucara’s $74-million diamond revenue in the six months to June 30, up from 65% the year before.

The trader says producers can earn up to 40% more revenue if they sell through this model.

Source: DCLA

HRD to Stop Grading Lab Growns

Belgium’s HRD lab says it will no longer grade lab grown diamonds.

It wants to create what it calls a “clear distinction between natural and synthetic diamonds”.

HRD, a subsidiary of the Antwerp World Diamond Centre (AWDC), says it is the first lab to stop lab grown certification, although it will still issue certificates for jewelry containing lab growns.

The move, announced yesterday (18 June) follows GIA’s decision earlier this month to grade lab growns only as “premium” or “standard”, without scores for color or clarity.

It further emphasizes the distinction between natural and lab grown diamonds.

“As of 2026, we will no longer issue quality certificates for loose synthetic diamonds intended for commercial use,” said Ellen Joncheere, CEO of HRD Antwerp.

“In limited cases, we will continue to analyze synthetic diamonds, but strictly for research purposes. Jewellery containing synthetic stones will still be eligible for certification.”

HRD started grading lab growns in 2013, albeit with fewer grades of color and clarity than natural diamonds. In 2019 it aligned lab growns with natural stones, a move that appeared to signal greater parity between the two sectors.

Karen Rentmeesters, CEO of parent company AWDC, said: “By becoming the first diamond lab in the world to take an explicit and exclusive stance in favour of natural diamonds, HRD Antwerp is sending a strong signal.

“A clear distinction between natural and synthetic diamonds is essential to strengthen consumer trust and help safeguard the future of natural diamonds.”

Source: IDEX

HB Antwerp to Cut Lucara’s 1,094 carat Rough Diamond

The 1,094-carat Seriti diamond recovered last September from Lucara’s Karowe mine, in Botswana, is now in Belgium, where it will be cut by HB Antwerp as part of an ongoing partnership.

HB, founded in 2020, cut the 1,758-carat Sewelo diamond and the 549-carat Sethunya diamond – both of which were recovered at Karowe and both of which were bought by Louis Vuitton.

Exact prices were not disclosed, although Lucara did say last month that the Sethunya and the 1,080 carat Eva Star, sold for a combined $54m. HB gave no details of a buyer for the Seriti.

Seriti is the world’s sixth largest rough diamond, and the sixth +1,000-ct diamond recovered at Karowe.

HB says it will use “groundbreaking technology, traceability, and expertise to unlock the full brilliance of nature’s most exceptional creations”.

That includes its proprietary Hyperloupe technologies, designed specifically for large (up to 6,000 carats) and complex diamonds.

HB has a 10-year contract with Lucara to cut all its +10.8-cts stones. They account for around 70 per cent of the miner’s revenue.

Source: Idex

Antwerp World Diamond Centre CEO resigns amid Russia diamond sanctions

Antwerp World Diamond Centre (AWDC) chief executive Ari Epstein resigned unexpectedly on Thursday, the AWDC’s board of directors said in a statement.

A spokesperson for AWDC, Belgium’s main diamond industry group, said on Friday that Epstein, who had been CEO for 13 years, did not wish to communicate about the reason for his sudden departure, but Belgian financial newspaper De Tijd reported that Russian diamond sanctions had been the cause of conflict between the diamond sector and the Belgian government.

AWDC did not say who would replace Epstein as CEO. Epstein did not immediately respond to a request for comment sent via LinkedIn.

Following an EU ban on Russian-origin diamonds that took effect on March 1, rough and polished diamonds have to enter the EU and G7 countries with documentary proof and declarations that the stones are not of Russian origin.

Antwerp’s diamond dealers have said they are facing long and costly delays as a consequence.

Source: DCLA

Russian diamond ban creates costly delays, Antwerp diamond dealers say

Antwerp’s diamond dealers face long and costly delays following an EU ban on Russian-origin diamonds that took effect on March 1 and has slowed imports, they say in a letter seen by Reuters.

The letter, dated March 13, said the disruptions would erode the competitive advantage of the centuries-old Antwerp diamond trade. It was addressed to Belgium’s main diamond industry group, Antwerp World Diamond Centre (AWDC), and requested a review of the new procedures.

Any impact is likely to be reduced by sluggish market conditions. Diamond inventories are high and prices have fallen. Paul Zimnisky, a global diamond analyst, said last month that prices were down 25% from their early 2022 peak.

Al Cook, CEO of mining company Anglo American’s De Beers’ diamond business, has said the miner would reduce production this year in response to surplus supply.

“While we fully support the decisions taken by Belgium, the European Union, and the G7 nations, in regards to the sanctions of January 1st 2024, the implementation of the measures to enforce the sanction has adversely affected all of our operations,” said the letter, signed by over 100 local firms.

“The intention was to prevent the flow of diamonds from sanctioned states, but the reality we face is the severe disruption of our supply chains, and alienation from the rest of the global trade.”

A Belgian government official said the delays were temporary and were easing.

The EU and Group of Seven (G7) countries agreed to ban direct imports of Russian diamonds to their markets as of Jan. 1 and before phasing in a full ban on Russian-origin stones via third countries from March 1 because of Moscow’s war in Ukraine.

Russia’s state-run Alrosa, which together with De Beers is one of the world’s top diamond producers, was also placed under sanctions by the EU.

Diamond hub
Antwerp remains the world’s biggest diamond hub though 90% of stones are polished in India. Belgium pushed hard for the G7 to adopt a version of its proposed plan to try to prevent Antwerp from losing more business after major Western jewellers began eschewing Russian stones.

Diamond dealers said their shipments have been held up for over a week at customs even if the gems were straight from African producers.

The Belgian government official said shipments pending would be processed within 24 hours.

“The indirect ban coincided with the Hong Kong Diamond Fair which is an annual peak period… This, in combination with the expected teething problems caused some initial delay in processing of shipments during the first days,” he said.

Diamond dealers say they expect more problems when the additional tracing requirements take effect from September.

“We see the procedures will cause Antwerp to further lose competitive advantage… rather than deal a meaningful blow to any sanctioned products,” the letter said.

“The current trajectory threatens the existence of Antwerp’s diamond industry, a heritage of six centuries.”

The head of the AWDC, Ari Epstein, said the group would soon present the new measures, adding it was “acutely aware of the challenges and disruptions this timing may have caused”.

“Let me be unequivocally clear: the violation of sanctions is criminal in nature and not taken lightly by governments or our organization. Our commitment to compliance… is unwavering and absolute,” Epstein said in a statement.

Source: DCLA

Belgium’s Diamond Shipments Drop Further

Belgium’s diamond trade slowed in June, with polished exports down 44% year on year to $469 million, according to data from the Antwerp World Diamond Centre (AWDC). However, the rate of decline eased following heavier drops in April and May, when the global industry shut due to the coronavirus. US orders rose 4% to $173 million in June, indicating a gradual recovery as the important retail market reopened.

Belgium Trade Data for June 2020
	June 2020	Year-on-year change
Polished exports	$469M	-44%
Polished imports	$350M	-66%
Net polished exports	$120M	2019: Deficit of $185M
Rough imports	$351M	-48%
Rough exports	$237M	-71%
Net rough imports	$114M	2019: Deficit of $125M
Net diamond account	$6M	2019: Deficit of $60M
Polished exports: volume	146,350 carats	-60%
Average price of polished exports	$3,206/carat	40%
	1H 2020	Year-on-year change
Polished exports	$2.49B	-58%
Polished imports	$2.51B	-59%
Net polished exports	-$14M	Deficit decreased 95%
Rough imports	$2.75B	-37%
Rough exports	$2.25B	-55%
Net rough imports	$494M	2019: Deficit of $621M
Net diamond account	-$508M	2019: Surplus of $360M
Polished exports: volume	1.2 million carats	-46%
Average price of polished exports	$2,097/carat	-21%

Source: Antwerp World Diamond Centre; Rapaport archives

About the data: Belgium is usually a net exporter of polished diamonds. As such, net polished exports — representing polished exports minus polished imports — will normally be a positive number. The nation is also a net exporter of rough. While Antwerp is home to some high-value manufacturing, its main role in the market is as a facilitator of rough-diamond trading, with companies from around the world coming to the city to buy rough. The net diamond account is total rough and polished exports minus total imports. It is Belgium’s diamond trade balance, and shows the added value the nation creates by exporting rough or manufacturing it into polished.

Source: DCLA

Belgium’s Diamond Shipments Drop Further

Belgium’s diamond trade slowed in June, with polished exports down 44% year on year to $469 million, according to data from the Antwerp World Diamond Centre (AWDC). However, the rate of decline eased following heavier drops in April and May, when the global industry shut due to the coronavirus. US orders rose 4% to $173 million in June, indicating a gradual recovery as the important retail market reopened.

Belgium Trade Data for June 2020
	June 2020	Year-on-year change
Polished exports	$469M	-44%
Polished imports	$350M	-66%
Net polished exports	$120M	2019: Deficit of $185M
Rough imports	$351M	-48%
Rough exports	$237M	-71%
Net rough imports	$114M	2019: Deficit of $125M
Net diamond account	$6M	2019: Deficit of $60M
Polished exports: volume	146,350 carats	-60%
Average price of polished exports	$3,206/carat	40%
	1H 2020	Year-on-year change
Polished exports	$2.49B	-58%
Polished imports	$2.51B	-59%
Net polished exports	-$14M	Deficit decreased 95%
Rough imports	$2.75B	-37%
Rough exports	$2.25B	-55%
Net rough imports	$494M	2019: Deficit of $621M
Net diamond account	-$508M	2019: Surplus of $360M
Polished exports: volume	1.2 million carats	-46%
Average price of polished exports	$2,097/carat	-21%

Source: Antwerp World Diamond Centre; Rapaport archives

About the data: Belgium is usually a net exporter of polished diamonds. As such, net polished exports — representing polished exports minus polished imports — will normally be a positive number. The nation is also a net exporter of rough. While Antwerp is home to some high-value manufacturing, its main role in the market is as a facilitator of rough-diamond trading, with companies from around the world coming to the city to buy rough. The net diamond account is total rough and polished exports minus total imports. It is Belgium’s diamond trade balance, and shows the added value the nation creates by exporting rough or manufacturing it into polished.

Source: DCLA