Diamond Market, Week 18, 2026

Nearly 1.5 million diamonds left the market in week 18, an 88% surge in removals compared to the prior week. That's the sharpest clearance I've tracked in recent weeks, and it drove active inventory down 4.4% to just over 25.5 million stones. New listings rose 8% to around 1.18 million, so supply was flowing in. But removals outpaced additions by almost 300,000 diamonds. The net effect: the pool is thinning.

Median price slipped to $1,085, its lowest point across the last seven weeks. That's a modest 1.6% drop from last week's $1,103, but it extends a gentle downward drift that's been running since week 16. Pricing per carat moved the other way, rising 2% to $1,069; the mix is shifting toward smaller stones as the median carat weight eased from 1.33 to 1.29. Buyers are finding more inventory under a carat in the pool than they were a month ago.

The shape story this week belongs to asschers and hearts. Asscher median prices doubled week on week, jumping from $1,131 to $2,275. Hearts climbed 72% to $1,774, and cushions rose 53% to $1,725. These aren't large volume shapes (rounds still command 48% of new listings), so the medians can swing on a relatively small batch of higher specification stones entering the market. Still, the direction is notable. Rounds came in at a median of $909, well below the overall market median, which tells you how much the shape premium matters once you step outside the default cut.

Natural diamonds had a strong week on price. Median listing price for naturals climbed 21% to $1,621, with per carat pricing at $2,387. New natural listings jumped 33% to nearly 475,000, but removals more than doubled to 543,000. That's a net drain on natural supply. Lab-grown stones saw a similar dynamic: new listings dipped 4% while removals surged 80% to over 928,000. Per carat pricing for lab-grown rose a striking 40% to $688, though median list price moved up a more measured 6% to $868. Share ticked down fractionally to 64.9%, barely changed from last week's 65.3%. Over the seven weeks I've been watching, that share has drifted up from 63.3%, so one quiet week doesn't shift the trajectory.

Cross-retailer spread compressed to 85%, its lowest reading in the seven week window and down from 87.5% the prior week. That means the gap between the cheapest and most expensive listing for the same diamond across retailers is narrowing. Overlap between retailers also hit a low at 46.9%, meaning fewer diamonds are appearing at multiple sellers simultaneously. Together, these two signals suggest the market is becoming slightly less commoditised; retailers are differentiating their inventory more, and pricing is converging where stones do overlap.

What I'm watching next: that massive clearance wave will either settle back to normal levels or signal a structural rebalancing. If removals stay elevated while new listings hold steady, active inventory could contract further, and the downward drift in median price may stall. For buyers, the narrowing spread is good news. Comparison shopping still matters, but the wildest pricing gaps are getting smaller. And if you're in the market for an asscher or a heart, act on current pricing with your eyes open; those medians can move quickly in either direction on relatively thin volume.

Diamond Market Charts, Week 18, 2026 (27 April to 4 May 2026)

The five charts below summarise what the diamond market did during 27 April to 4 May 2026. Each is a static image you can save or share. Together they cover where prices sit today, how inventory is moving, the lab-grown versus natural mix, where retailers raised or cut prices, and how much the same stone can vary across competing sellers.

Lucy Market Index

Ten numbers I record every snapshot.

Versus Week 17, 2026

Biggest shape movers

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.