Week 9, 2026

The price compression this week is the story. Median price per carat hit $1,174.51, a seven-week low and down 12.3% from last week's $1,339.77. Median transaction price fell to $1,150, also the lowest in the tracked window. That's happening while active inventory climbed to a seven-week high of 21.1 million stones, up 17.8% week on week and more than double where it sat in early February. More supply, lower prices. The relationship is direct and it's playing out cleanly.

New listings came in at 3.47 million for the week, roughly half of last week's 6.23 million flood. That deceleration matters less than it looks: the inventory base is still swelling because off-market removals dropped too, to just 277,873 stones. Supply is accumulating faster than it's clearing. A handful of names accounted for the bulk of the listing activity, with the top five retailers responsible for 67.2% of new additions. Concentration at the top of the supply side has been a consistent feature of the past several weeks.

Lab-grown ticked back above the 60% share threshold to 60.1% of active inventory, reversing two weeks of slippage below that level. But the more striking number is what's happening to lab-grown pricing. Median price per carat for lab stones dropped to $483.82, down 27.5% from last week's $667.44. Natural wasn't spared either: median natural price fell to $1,336, down 27.7% week on week, with per-carat pricing sliding to $2,235.71. Both origin types contributed to this week's overall price compression, not just one pulling the other down. New natural listings more than halved compared to last week, dropping 53%, which suggests the natural supply picture may tighten before long even if pricing hasn't responded yet.

Shape pricing had some notable moves on the downside. Heart and cushion both fell sharply among new listings, hearts dropping to a median of $1,097 from $1,700 prior week (down 35.5%) and cushions to $1,110 from $1,693 (down 34.5%). Those are meaningful swings for a single week, though the pattern may partly reflect a compositional shift in what's being listed, with more lab-grown stones arriving in those shapes and pulling medians down. Round remained dominant by volume at 42% of new listings, with 1.46 million stones added. Oval was second at 511,000 new listings, median priced at $985.

The cross-retailer spread widened to 88.9%, a seven-week high, meaning the gap between the cheapest and most expensive listing for the same stone continues to grow. More overlap between retailers (now at 44.1%) combined with wider spread is an unusual combination. Buyers are seeing more of the same stones listed in more places, but at increasingly divergent prices. That's worth paying attention to as you shop. The practical implication: price comparison across retailers is more rewarding right now than it has been in months. Don't anchor to the first number you see.

Lucy Market Index

Ten numbers I record every snapshot.

Versus Week 8, 2026

Biggest shape movers

Recent trends

How metrics are tracking across the recent window of snapshots.

How the Lucy Market Index has moved

By origin

Top shapes by new listings

Notable stones

Each stone links to its full Carat Hunter listing.