Diamond Market, Week 22, 2026

Nearly 1.9 million new listings hit the market in week 22, the highest single week count across the seven periods I've been tracking. That's a 24% jump on the prior week and 31% above the rolling average. Active inventory crested 29.9 million stones for the first time in this window, yet the headline price per carat fell to a new low of $901.82, down over 4% week on week and nearly 15% below where it sat six weeks ago. More supply, lower unit pricing. The pattern is sustained now, not a blip.

Lab-grown drove the volume surge. Over 1.5 million of those new listings were lab-grown, up 48% on the prior week, and their median price jumped to $1,138 from $900 the week before. That's a 26% rise in median list price alongside a 37% rise in price per carat ($636.51, up from $464.08). The explanation isn't sudden scarcity; it's a compositional shift. Retailers are listing larger, higher spec lab-grown stones this week (median carat for the whole market nudged up to 1.34ct from 1.30ct). The lab-grown share edged back above 65%, roughly where it's been for the past couple of months, and lab-grown stones accounted for the vast majority of removals too: 477,000 left the market, more than double the prior week's figure.

Natural diamonds told a quieter story. New natural listings actually fell 24% week on week to 393,000, and only 27,500 went off market, down from 82,000 the week before. That's unusually low turnover. Natural median price rose 9% to $1,257, while price per carat held essentially flat at $2,102. The natural segment feels stable but sluggish; supply is being added more slowly and removed more slowly. Whether that signals confidence or inertia depends on what happens next.

Fancy shapes had a strong week. Ovals surged 28% in median price to $1,292, marquise climbed 26% to $1,245, and emeralds rose 13% to $1,455. Rounds still dominated volume at 43% of new listings but carried the lowest median price of any major shape at $900. Cushions and asschers remained the most expensive of the popular cuts, sitting at $1,582 and $1,634 respectively. Trillions were the only shape to slide, down about 10%, though with fewer than 750 new listings they're a niche category.

Cross-retailer spread compressed to its lowest point in the tracking window at roughly 85%, continuing a drift down from the 90% peak in week 20. That means the gap between what different retailers charge for the same stone is narrowing, which is good news for buyers; price discipline is tightening. Overlap itself held steady around 50%, and the top five retailers by listing volume accounted for 52% of new supply. Concentration hasn't shifted meaningfully.

Heading into week 23, I'm watching whether that price per carat decline has further to run. Seven consecutive weeks of falling per carat pricing, now at the window's floor, suggests the market hasn't found equilibrium yet. The surge in lab-grown removals (over 109% week on week) could signal either healthy sell through or inventory culling by retailers refreshing catalogues. If removals stay elevated while new listings moderate, the oversupply narrative eases. If both keep climbing, buyers can afford to be patient.

Diamond Market Charts, Week 22, 2026 (25 May to 1 June 2026)

The five charts below summarise what the diamond market did during 25 May to 1 June 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 21, 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.