The Q1 2026 Lab-Grown Diamond Wholesale Price List is in, and it points to a further 14% decline in LGD prices. In this quarterly roundup, we break down what’s driving the continued slide, from soft trading activity to mounting inventory pressures, and what it means across the pipeline. We also flag the launch of the Diamond Dudes podcast for a more informal read of the same market shifts.
The Broad View
It’s no longer just diamonds feeling the pressure, the broader jewelry market is tightening as well. The war in the Middle East is weighing on global trade, adding another layer of uncertainty. The effects are already visible: store closures in parts of the Gulf, shipping disruptions, weaker tourism, and softer airport sales.
This is likely temporary, but it’s hitting the diamond industry at a particularly sensitive moment. March trade figures are extremely weak, and even Hermès has flagged an impact.
Below are the latest figures, along with the Q1 2026 Lab-Grown Diamond Wholesale Price List. If nothing else, skip straight to that.
After checking out the wholesale prices, check out a new podcast, The Diamond Dudes. A great commute listen.
Q1 2026 Global Diamond Activity Figures
- United States: Diamond jewelry revenue rose 2.5%, while unit sales fell 11%. Growth is concentrated in higher-priced items above $2,500. Early outlook: total US jewelry sales may rise 5–6% in 2026.
- US Trade: Polished diamond imports fell 86% year to date and rough diamond imports dropped 98%, according to US government data. Economic uncertainty, stock market volatility, tariffs, and supply chain friction are all weighing on activity.
- India: Considering the drop in US imports, polished exports declined only 10.4% in Q1 2026, suggesting diversification toward China, Japan, domestic markets, and some other creative solutions. Rough imports fell 22%, with average value per carat down 15.4%.
- Lab-Grown (India): Polished export value fell 11% on a 13% drop in average price, even as volume rose 3%.
- Belgium: Antwerp outperformed other centers but still declined. Polished exports fell 17%, rough exports 23%, while rough import volumes rose sharply (+76%).
- Israel: Slowly becoming a less significant player but remains relevant in larger and niche stones. Polished diamond exports declined 10%, with rough diamond trade down double digits early in the quarter. March data is still pending due to the war but is expected to show a sharp drop.
- Japan: Despite its popularity as a travel destination, Japan isn’t seeing a meaningful lift in diamond demand. Lab-grown diamonds are still not widely available, and overall appetite remains soft. As a result, polished diamond imports are down 22% year to date.
Jewelry Retail Market
US jewelry sales continue to grow, driven largely by higher average transaction values. At the same time, engagement ring unit sales are gradually declining, together with the cultural importance of the category. A notable counter-trend is the rise in lab-grown diamond engagement rings.
Among luxury groups:
- LVMH reported jewelry and watch sales down 1.6% (reported), but up 7% in constant currency, highlighting Tiffany’s “excellent performance.”
- Hermès reported a 4% decline in watch sales, while jewelry “continued their Momentum,” albeit without detailed disclosure.
Wholesale Lab-Grown Diamond Prices Down 14%
Wholesale prices for polished lab-grown diamonds continue to trend downward, with no clear floor yet.
According to the Q1 2026 Lab-Grown Wholesale Price List, midstream prices for loose LGD declined another 14% during the quarter. The pace of decline is easing, but prices are still declining.
The weakest segment remains 3-carat rounds, down 28% year over year. While still steep, this is an improvement from the 40%+ annual decline seen in Q1 2025. As with overall prices, while a deep wholesale price decline moderated from the +40% year-over-year declines of the past year.
One-carat round lab diamonds declined 15% year over year.
On the rough side, prices remain under pressure. CVD rough diamonds are trading around $20–25 per carat in Dubai and India, with reports of loss-making transactions.
Notably, SI clarities have been removed from the price list. Production has shifted toward higher color and clarity, as growers push for a more uniform, higher-quality output.
Lab-Grown Diamond Retail Market
Consumer demand for LGD remained strong in the March quarter. Unit sales grew at a double-digit pace, but average spend stayed flat.
This suggests a consistent consumer budget: buyers are not chasing lower prices, but rather maximizing value, opting for larger stones or better specifications within the same spend.
As reported by Tenoris, inventory levels continue to build in US jewelry retail stores. Both loose stones and LGD-set jewelry are accumulating, raising concerns about sell-through and tying up capital.
In the midstream, reliance on memo goods is reinforcing a structural imbalance, with potential bullwhip effects across the lab diamond supply chain effecting traders, manufacturers, and growers.
The Bottom Line
The Q1 2026 Lab-Grown Wholesale Price List reinforces a clear trend: growers and traders are adjusting, cutting prices and improving quality, but oversupply continues to dominate.
The removal of SI goods reflects a shift toward standardized, higher-quality production.
Meanwhile, overall trading activity dropped sharply in Q1 2026, influenced in part by geopolitical disruption following the outbreak of war in late February.
The Diamond Dudes Podcast
Rob Bates somehow managed to convince Avi Krawitz and me to start a podcast.
If you’re looking for a concise monthly take on what’s actually happening in the market, beyond the headlines, give it a listen. The first episode is now live.
The first episode is now online: YouTube, Apple, Amazon Music, and Spotify.
Cut the Complexity with High Precision Diamond Intelligence, start with the Q1 2026 Lab-Grown Diamond Wholesale Price List and don’t miss the Q1 2026 rundown of the diamond value chain.
