Wholesale Diamond
Price Guide 2026
How the 4Cs interact to set wholesale diamond prices — with per-carat reference ranges for all shapes, a plain-language guide to the Rapaport system, and the market factors that move prices up or down. Updated June 2026.
Disclaimer: The price ranges on this page are illustrative wholesale reference figures based on Rapaport list pricing adjusted for typical market discounts as of mid-2026. Actual transaction prices vary by supplier relationship, certification body, market conditions, and individual stone characteristics. Contact us for live quotes.
How Wholesale Diamond Pricing Works
The diamond trade is built around the Rapaport Price List — a weekly asking-price grid published by Rapaport Group, indexed by shape (round or pear-shaped), colour grade (D–M), clarity grade (FL–I3), and carat-weight sieve. This is not a transaction price; it is a ceiling. Actual wholesale deals are quoted as a percentage discount or premium to Rap — for example, "minus 40%" means 40% below the listed Rap price.
Better-made stones in higher demand sell closer to Rap or even above it. Slow-moving goods, unusual silhouettes, or stones with borderline grading trade at deep discounts. Understanding where a parcel sits relative to Rap is the core skill of wholesale diamond buying.
How the 4Cs Drive Price
Cut Quality
GIA Excellent cut commands a 15–25% premium over Very Good, and up to 50% over Good. Triple Excellent (cut + polish + symmetry) is the benchmark for premium round brilliants. For fancy shapes, GIA grades only polish and symmetry — "ideal" proportions are defined by trade convention, not a formal grade.
Colour Grade
D–F are colourless and carry the highest premiums. G–H are near-colourless — the sweet spot for most retail jewellery, where colour is invisible to the eye yet the price is 20–40% below D. I–J are slightly warm but eye-acceptable in yellow gold settings. K–M trade at steep discounts.
Clarity Grade
FL–IF stones are exceptionally rare and command collector premiums. VVS1–VVS2 are the high-end retail sweet spot. VS1–VS2 are eye-clean and represent the deepest market liquidity. SI1–SI2 require stone-by-stone assessment — eye-clean SI1 goods are the highest-volume wholesale segment. I1–I3 are near-melee goods.
Carat Weight
Price per carat increases non-linearly with carat weight. Major threshold jumps occur at 0.50, 1.00, 1.50, 2.00, and 3.00 ct. A 0.98 ct stone may trade at a meaningful discount to a 1.00 ct stone of identical quality — savvy buyers target just-under-threshold stones for the best per-carat value.
Round Brilliant — Indicative Wholesale Ranges (USD / ct)
GIA-certified, Triple Excellent make. Prices are approximate and reflect mid-2026 market conditions.
| Clarity | D–F (0.50 ct) | G–H (0.50 ct) | D–F (1.00 ct) | G–H (1.00 ct) | D–F (2.00 ct) | G–H (2.00 ct) |
|---|---|---|---|---|---|---|
| IF / FL | $4,500–6,000 | $3,200–4,200 | $15,000–22,000 | $10,000–14,000 | $35,000–55,000 | $22,000–32,000 |
| VVS1–VVS2 | $3,200–4,800 | $2,400–3,400 | $10,000–15,000 | $7,000–10,000 | $24,000–36,000 | $16,000–23,000 |
| VS1–VS2 | $2,400–3,600 | $1,900–2,700 | $7,500–11,000 | $5,500–7,800 | $17,000–25,000 | $12,000–17,000 |
| SI1–SI2 | $1,600–2,400 | $1,300–1,900 | $5,000–7,500 | $3,800–5,500 | $10,000–15,000 | $7,500–11,000 |
Fancy Shape Discount to Round Brilliant
Typical percentage below round brilliant price for comparable quality. Ranges reflect market fluctuation; current trend shown.
| Shape | Typical Discount | Current Trend | Note |
|---|---|---|---|
| Oval | 10–20% | Premium narrowing | Strong fashion demand; lowest discount of all fancies |
| Cushion | 15–25% | Stable | High retail demand; cushion modified brilliant commands less discount than classic |
| Pear | 15–25% | Growing demand | Celebrity endorsement pushing pear premiums higher since 2023 |
| Princess | 10–20% | Softening | Demand has cooled vs. 2019–2022 peak; still strong volume |
| Emerald | 20–30% | Rising | High-clarity market strong; premium VS1+ goods trade closest to round |
| Marquise | 15–25% | Stable | Niche appeal; low rough wastage makes it good value for buyers |
| Radiant | 15–25% | Stable | Popular for coloured diamond settings; rectangular form commands premium over square |
| Heart | 15–25% | Stable | Gift jewellery segment; symmetry critical to command tighter discount |
| Asscher | 20–30% | Vintage revival | Royal Asscher brand commands premium; generic Asscher trades at wider discount |
| Ashoka | 10–20% | Luxury premium | Proprietary brand; high-end retail commands near-round pricing for finest examples |
| Rose Cut | 20–35% | Growing niche | Vintage jewellery revival driving demand; very low rough wastage |
| Briolette | Specialty | Request-based | Priced per unique stone; labour-intensive cut with bespoke pricing |
| Baguette | 40–60% | High volume | Side-stone market; matched pairs command narrow premium; step-cut shows inclusions |
| Trapezoid | 40–55% | Stable | Three-stone ring demand steady; matched pairs for flanking solitaires a consistent segment |
Other Factors That Move Price
Fluorescence
Strong blue fluorescence depresses price by 5–15% in D–H colour stones (it can cause a milky appearance). In I–M colours it can actually improve perceived whiteness and adds slight value. None/Faint fluorescence has negligible price impact.
Certification Body
GIA-certified stones trade at the tightest discount to Rap. IGI and HRD typically see 3–8% lower prices for the same stated grades because of perceived grading stringency differences. Uncertified stones trade at the deepest discounts regardless of quality.
Proportions & Make
Even within the same GIA cut grade, poorly windowed stones — where light leaks through the pavilion — trade at material discounts. "Super Ideal" Hearts & Arrows cut rounds can command a 10–20% premium over standard Excellent for buyers who prioritise optical perfection.
Market Liquidity
The most liquid goods — round brilliant, 0.90–1.09 ct, G–H, VS2–SI1 — trade within tight bid/offer spreads. Unusual sizes, uncommon colour-clarity combinations, and specialty cuts can take longer to move and require larger discounts to find buyers quickly.
Best Value by Buyer Type
Frequently Asked Questions
How is wholesale diamond price per carat calculated?
Wholesale price is based on the Rapaport Price List — a weekly benchmark indexed by shape, colour, clarity, and carat weight. Actual trades are quoted as a percentage discount to Rap. Better-made, higher-demand goods trade closest to Rap; commercial goods trade at deep discounts.
Why do round brilliants cost more per carat than fancy shapes?
Round brilliants lose 40–60% of rough material during cutting, compared to 20–40% for fancy shapes. Higher manufacturing waste combined with the highest consumer demand of any shape drives a consistent premium.
What clarity offers the best value for wholesale buyers?
Eye-clean SI1 in round brilliants represents the market's deepest liquidity and best per-carat value for most retail applications. VS2 is the step up for buyers who want certainty across all stone sizes without the significant premium of VVS goods.
How much does carat weight affect price per carat?
Price per carat jumps at key thresholds — 0.50, 1.00, 1.50, 2.00, and 3.00 ct. A 0.98 ct stone can trade at a meaningful discount to a 1.00 ct stone of identical quality. Just-under-threshold sizing is one of the most reliable value tactics in wholesale buying.
What is the Rapaport Price List?
The Rapaport Price List (Rap sheet) is a weekly diamond price benchmark published by Rapaport Group. It is an asking-price ceiling, not a transaction price. Most wholesale trades occur at a discount to Rap. It is the industry's primary pricing reference but should be combined with actual market quotes from suppliers.