Report
South African Diamond Price Report 2026
South African diamond price report May 2026: the canonical per-carat ZAR reference for wholesale and retail across natural and lab-grown stones, with raw CSV and the seven-year price-collapse chart.
Headline numbers, May 2026
Four numbers anchor the SA diamond market in May 2026: the Rapaport per-carat USD tape for a 1.00ct G/VS2 Excellent GIA round-brilliant, the ZAR/USD spot rate, the Bedfordview wholesale band, and the retail-channel markup. Everything else follows from these.
| Variable | Value |
|---|---|
| Rapaport tape, 1ct G/VS2 Excellent | $4,054 to $5,946 per carat |
| ZAR/USD May 2026 mid | R18.50 |
| Bedfordview wholesale, 1ct natural G/VS2 EX GIA | R75,000 to R110,000 |
| Sandton chain retail, same spec | R150,000 to R280,000 |
| Wholesale-to-retail multiple, same stone | 1.7x to 3.4x |
| Lab-grown wholesale, 1ct G/VS2 EX | R12,000 to R22,000 |
| Lab as percent of natural wholesale | 17 percent |
| Lab-grown wholesale decline since 2019 | 73 percent |
Per-carat ZAR index by 4Cs spec
The full index. All ranges hold spec constant at G colour, VS2 clarity, GIA Excellent cut, no fluorescence, GIA-certified, round-brilliant. Lab-grown column assumes CVD growth method.
| Weight | Natural wholesale | Natural retail | Lab-grown wholesale | Lab-grown retail |
|---|---|---|---|---|
| 0.50ct | R22,000 to R32,000 | R48,000 to R85,000 | R3,500 to R6,000 | R9,000 to R16,000 |
| 0.70ct | R38,000 to R52,000 | R78,000 to R135,000 | R6,000 to R10,000 | R15,000 to R28,000 |
| 0.90ct | R56,000 to R78,000 | R115,000 to R205,000 | R9,000 to R15,000 | R22,000 to R42,000 |
| 1.00ct | R75,000 to R110,000 | R150,000 to R280,000 | R12,000 to R22,000 | R28,000 to R55,000 |
| 1.50ct | R150,000 to R225,000 | R310,000 to R580,000 | R22,000 to R38,000 | R52,000 to R98,000 |
| 2.00ct | R270,000 to R420,000 | R555,000 to R1,080,000 | R35,000 to R62,000 | R85,000 to R155,000 |
| 3.00ct | R650,000 to R1,050,000 | R1,330,000 to R2,680,000 | R72,000 to R130,000 | R175,000 to R330,000 |
The 1.00ct “magic carat” threshold adds 15 to 25 percent to per-carat price over a 0.90ct stone at otherwise-identical spec, reflecting psychological demand at the round-number weight. Sub-1.00ct stones (0.92ct to 0.98ct) deliver visibly identical finger presence at meaningful saving.
The 2018 to 2026 lab-grown collapse
The seven-year wholesale-tape trajectory. Natural held a R88,000 to R98,000 band. Lab-grown fell from R55,000 in 2019 to R15,000 in May 2026, a 73 percent decline.
The drivers, in order: CVD capacity additions in India and China through 2020 to 2022, the De Beers Lightbox exit in 2024 signalling structural acceptance of lab-grown as the entry-tier category, and IGI lab-grown grading volume surpassing GIA natural grading volume in 2023. The natural wholesale floor has been broadly stable in USD terms; rand-converted figures move with the ZAR/USD exchange rate, not with underlying demand.
Channel markup: wholesale vs retail
Same physical 1.00ct GIA G/VS2 Excellent stone, moving through the SA channel chain in May 2026:
| Channel | Typical ZAR | Markup over wholesale floor |
|---|---|---|
| Rapaport tape, USD-converted | R75,000 to R110,000 | 0 percent (the reference floor) |
| Bedfordview manufacturer-direct, on appointment | R78,000 to R115,000 | 3 to 6 percent |
| Mid-tier independent retail (Hyde Park, Rosebank) | R140,000 to R210,000 | 80 to 100 percent |
| Chain mall retail (Sandton, V&A Waterfront) | R200,000 to R285,000 | 140 to 200 percent |
| Tourist-tier (cruise ports, airport) | R250,000 to R380,000 | 200 to 300 percent |
The markup at each layer funds different costs: chain retail funds the prime mall lease, the trained staff, the brand marketing, the in-store financing. Tourist-tier funds short-stay impulse-purchase capture. Bedfordview wholesale funds workshop overhead and dealer margin only. None of these channels is dishonest; they price different products with different cost stacks.
City-by-city retail observations
Retail markup varies by SA city, driven by lease costs, foot traffic, and tourist exposure. The 2026 pattern:
| City / Cluster | Typical chain retail ZAR | Notes |
|---|---|---|
| Sandton (Sandton City, Hyde Park, Mall of Africa) | R200,000 to R285,000 | Highest mainstream retail. Lease-driven. |
| V&A Waterfront, Cape Town | R215,000 to R310,000 | Tourist premium adds 5 to 10 percent over Sandton. |
| Pretoria (Brooklyn Mall, Menlyn Park) | R175,000 to R245,000 | 5 to 15 percent below Sandton. |
| Durban (Gateway, Pavilion) | R170,000 to R235,000 | Lower mall lease costs. |
| Mid-tier independent (Hyde Park, Rosebank, Melrose Arch) | R140,000 to R210,000 | Lower brand premium, same wholesale source. |
| Bedfordview manufacturer-direct | R78,000 to R115,000 | Wholesale floor. Appointment only. |
Certificate effect on price
The certificate-issuing laboratory materially affects the price band even when the printed 4Cs are identical. SA market in May 2026:
| Certificate | Wholesale band | Discount to GIA |
|---|---|---|
| GIA (the reference) | R75,000 to R110,000 | 0 percent (baseline) |
| IGI | R65,000 to R95,000 | 10 to 15 percent |
| EGL | R52,000 to R78,000 | 25 to 30 percent |
| SGL (South African Gemmological Laboratory) | R55,000 to R82,000 | 20 to 28 percent |
| In-house dealer report | R42,000 to R68,000 | 40 to 50 percent |
EGL and SGL grading is widely understood in the SA trade to be 1 to 2 grades looser than GIA at the same printed colour and clarity. A G/VS2 on EGL frequently grades H/SI1 if sent to GIA. The wholesale price band reflects that.
Methodology and sources
Wholesale figures are sourced from the Rapaport (RapNet) per-carat USD tape and the Idex Online tape, both published in US dollars per carat segmented by carat band, colour, clarity, and shape. Tape figures are converted to ZAR at the SARB-published daily mid-rate ZAR/USD across May 2026 (R18.42 to R18.61, mid R18.50).
Retail figures are observed across Sandton City + V&A Waterfront + Pretoria Brooklyn Mall + Durban Gateway through anonymous walk-in enquiries with a constant brief (1.00ct round-brilliant, G colour, VS2 clarity, GIA Excellent cut preferred, platinum or 18ct white-gold solitaire, R85,000 budget anchor). Observed-ticket ranges across multiple stores per cluster.
The 2019 to 2026 historical series for the lab-grown wholesale tape uses annual averages from the Rapaport and Idex lab-grown reports, converted at the SARB monthly average ZAR/USD for that year.
This dataset is published under Creative Commons Attribution 4.0 (CC BY 4.0). You may cite, redistribute, embed, or build derivative works provided you attribute “The Diamond Edit, South African Diamond Price Report 2026” with a link back to this page.
How to cite this report
APA: Mokoena, T. (2026). South African Diamond Price Report 2026 (May). The Diamond Edit. https://diamondedit.co.za/sa-diamond-price-report-2026/
Harvard: Mokoena, T., 2026. South African Diamond Price Report 2026 (May). [online] The Diamond Edit. Available at: https://diamondedit.co.za/sa-diamond-price-report-2026/ [Last verified 27 May 2026].
Inline (journalism): According to The Diamond Edit’s 2026 SA Diamond Price Report (https://diamondedit.co.za/sa-diamond-price-report-2026/), a 1.00ct GIA G/VS2 Excellent wholesales at R75,000 to R110,000 in May 2026.
Update log
- 27 May 2026 (v1.0): Initial publication. Headline numbers, per-carat index, channel markup chain, city-by-city retail, certificate effect, methodology, downloadable CSV.
- Planned 1 July 2026 (v1.1): Refreshed Rapaport tape, refreshed retail observations, July ZAR/USD mid-rate.