Natural diamonds are finding a wholesale price floor and pulling away from lab-grown alternatives following a major trade policy shift by the Rapaport Group. According to data and announcements from April 2026, the market divide between mined and manufactured stones is reshaping dealer inventory strategies and pricing baselines across the global jewelry trade.
Rapaport’s Natural-Only Pivot Redefines Market Boundaries
The Rapaport Group announced on April 20, 2026, that it will exclusively support natural diamonds and will not engage with or promote synthetic alternatives, according to a policy statement released by Rapaport Group CEO Dan Mano. According to KrisDiamonds.be, Mano stated that the company has spent over four decades building integrity and trust that sustain the natural-diamond market and will not put that credibility at risk. The policy establishes a clear operational boundary, ensuring that Rapaport platforms, pricing systems, and services remain dedicated solely to natural stones. According to JewelersTrend, the move is editorial in form but commercial in consequence, altering how dealers manage mixed-inventory books and forcing an operational split between mined and manufactured products.
Small Round Diameters Find a Wholesale Price Floor
Commercial-sized natural rounds between 0.30 and 0.89 carats stabilized for the first time this quarter, marking a break from steady declines seen throughout early 2026, according to the April 23 Rapaport market comment cited by JewelersTrend. March RAPI data showed declines across multiple sizes, including 0.30ct down 1.1%, 0.50ct down 3.5%, 1ct down 1.7%, and 3ct down 0.5%. JewelersTrend reports that this stabilization represents a floor-finding signal rather than a recovery, indicating that lab-grown substitution pressure has found equilibrium at current natural pricing levels for commercial sizes.
Fancy Shapes Drive Large-Goods Demand and Quality Premiums
Buyers looking at stones of 2 carats and above are prioritizing shape specificity and rarity over size alone, with elongated cuts outperforming standard rounds, according to JewelersTrend. High-quality marquises, long radiants, and long cushions faced short supply in the market, with long cushions commanding a 20% to 25% premium over square cushions. JewelersTrend notes that marquises remained the most expensive fancy cut by category, while poorly proportioned fancies stayed functionally illiquid regardless of total carat weight.
Wholesale Floor Dynamics in the Lab-Grown Segment
Lab-grown wholesale prices remained stable at their floor for most of 2026, creating near-automatic substitution at retail points of sale for 0.30 to 1.00 carat engagement ring goods, according to JewelersTrend. When end consumers compare price tags at chain retailers, mass-market demand heavily favors the lab-grown option. This shift has reduced natural-stone velocity in commercial ranges without prompting a corresponding wholesale price reset, according to trade reports.
Regional Demand Divergence in China
Demand in China remained slow according to Rapaport’s market read, with regional consumers pivoting toward colored gemstones, gold, and synthetic diamonds, as reported by JewelersTrend. For buyers seeking natural stones in the Chinese market, demand concentrated primarily on high-end 3 to 5 carat D-G color, IF-VVS clarity goods accompanied by GIA certification.
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