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.
Correction, 19 October 2026: earlier versions said the bands were converted from the Rapaport and Idex lists at R18.50 to the dollar, that the retail figures came from anonymous walk-in enquiries, and that natural prices held steady. The SARB average for May 2026 was R16.48, Rapaport’s 1-carat index fell about 47 percent from its 2022 peak, and the bands are this column’s estimates, not list prices or observations.
Headline numbers, May 2026
Four numbers anchor the SA diamond market in May 2026: the dollar price per carat for a 1.00ct G/VS2 Excellent GIA round-brilliant, the ZAR/USD rate, the Bedfordview wholesale band, and the retail-channel markup. Everything else follows from these. The bands are this column’s estimates, not quotes or survey results.
| Variable | Value |
|---|---|
| Dollar equivalent, 1ct G/VS2 Excellent | about $4,550 to $6,675 per carat |
| ZAR/USD May 2026 average (SARB) | R16.48 |
| 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 | R7,000 to R9,000 |
| Lab as percent of natural wholesale | about 9 percent |
| Lab-grown wholesale decline since 2016 | about 90 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 | R3,000 to R4,500 | R4,500 to R7,500 |
| 0.70ct | R38,000 to R52,000 | R78,000 to R135,000 | R4,500 to R6,500 | R6,500 to R10,000 |
| 0.90ct | R56,000 to R78,000 | R115,000 to R205,000 | R6,000 to R8,000 | R8,000 to R13,000 |
| 1.00ct | R75,000 to R110,000 | R150,000 to R280,000 | R7,000 to R9,000 | R9,000 to R15,000 |
| 1.50ct | R150,000 to R225,000 | R310,000 to R580,000 | R12,000 to R18,000 | R18,000 to R30,000 |
| 2.00ct | R270,000 to R420,000 | R555,000 to R1,080,000 | R18,000 to R30,000 | R30,000 to R52,000 |
| 3.00ct | R650,000 to R1,050,000 | R1,330,000 to R2,680,000 | R38,000 to R65,000 | R65,000 to R120,000 |
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 2019 to 2026 lab-grown collapse
Lab-grown wholesale fell from about R55,000 in 2019 to about R10,000 in May 2026 on this column’s estimates, the tail of an about 90 percent collapse since 2016. Natural fell too, but far less: Rapaport’s 1-carat RAPI index dropped about 47 percent from its 2022 peak to September 2026.
The drivers, in order: CVD capacity additions in India and China through 2020 to 2022, a major diamond miner’s 2024 exit from its lab-grown jewellery brand 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 price has also fallen in US dollars since 2022; rand-converted figures move with that and with the ZAR/USD exchange rate.
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 |
|---|---|---|
| Dealer reference price, rand-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 estimates
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 | R55,000 to R82,000 | 20 to 28 percent |
| In-house dealer report | R42,000 to R68,000 | 40 to 50 percent |
EGL grading is widely understood in the SA trade to run 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. Other non-GIA reports trade at a discount because they carry less international weight. The bands in this table are this column’s estimates.
Methodology and sources
The wholesale and retail bands are this column’s estimates for each stated specification in May 2026. They are not quotes, survey results or readings of the Rapaport (RapNet) or Idex lists, which are subscription products. Dollar equivalents use the SARB average rand-dollar rate for May 2026, R16.48 (daily range R16.27 to R16.76).
Corrected 19 October 2026: earlier versions said the bands were converted from the Rapaport and Idex lists at R18.50 to the dollar and that the retail figures came from anonymous walk-in enquiries at four shopping centres. Neither was right, and both statements have been removed.
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/ [Corrected 19 October 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 is estimated to wholesale 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.
- 19 October 2026 (v1.0.1): Corrections: the May 2026 rand-dollar rate (R16.48, not R18.50), the basis of the bands (this column’s estimates, not Rapaport list prices or walk-in observations) and the natural-price trend (down about 47 percent from the 2022 peak on Rapaport’s RAPI, not stable).