The Antwerp diamond industry closed 2025 with a total trade value of USD 19.1 billion, reflecting a continued decline in global diamond trade, but also showing early signs of stabilisation in the second half of the year.
Trade figures: a smaller market
In 2025, the combined import and export of rough and polished natural diamonds, synthetic diamonds and industrial diamonds in Antwerp amounted to USD 19.07 billion. Polished diamonds accounted for the largest share at 65.6% (USD 12.5 billion), while rough diamonds represented 34% (USD 6.48 billion). Synthetic diamonds made up just 0.37% of total trade, with industrial diamonds accounting for 0.06%.
Compared with previous years, the figures confirm a prolonged downward trend. Total trade value fell from USD 24.5 billion in 2024 and USD 32.5 billion in 2023, down from a post-pandemic peak of nearly USD 41 billion in 2022. On a year-on-year basis, Antwerp’s diamond trade declined by 22.4% in 2025 compared with 2024.
Global production under pressure
According to Kimberley Process data, global natural diamond production continues to shrink. Estimated production for 2025 stands at 105 million carats, down 13% in volume compared with 2022. Even more striking is the drop in value: from USD 15.97 billion in 2022 to an estimated USD 8.5 billion in 2025, a decrease of 46.8%. This sharp fall in average price per carat has had a direct impact on the total trade value of all diamond hubs, including Antwerp.
Russian diamonds and shifting trade flows
Despite European and G7 sanctions, Russian diamond production has remained broadly stable. These diamonds are now primarily redirected to markets such as India and Dubai, where no sanctions apply. For Antwerp, where Russian diamonds have been banned since 1 January 2024, this has resulted in the loss of roughly 30% of rough diamond imports, as prior to sanctions about one third of Antwerp’s rough supply originated from Russia.
Notably, the sanctions have not reduced Russian diamond sales globally. On the contrary, the average price per carat of Russian rough diamonds rose from USD 67.6 in 2021 to USD 89.4 in 2025, underlining continued demand in alternative markets.
Signs of stabilisation
While the full-year figures remain negative, the pace of decline eased significantly from July 2025 onwards. Between July and December, the average decline amounted to –8.3%, compared with –22.4% for the year as a whole. December 2025 even recorded a 3% increase compared with December 2024. Although too early to call a turnaround, these figures suggest the market may be approaching a floor.
Key factors behind the downturn
Several structural factors continue to weigh on the sector:
- Lower global mining output, reducing the overall supply of natural diamonds.
- Weaker international demand for natural diamonds, partly due to the rise of cheaper synthetic alternatives.
- Falling prices for both rough and polished diamonds.
Sanctions on Russian diamonds, which have shifted significant trade flows away from Antwerp.
Hopeful signals for the future
Despite ongoing challenges, 2025 also laid important groundwork for a potential recovery.
One of the most significant developments was the exemption of diamonds polished in Europe from U.S. import tariffs, in place since September 2025. While this has not yet triggered a major relocation of polishing activities to Antwerp, clarity on future U.S. tariffs on Indian goods could change this dynamic.
In addition, the recognition of diamond polishers and sorters as shortage occupations in Belgium is expected to help attract specialised talent and strengthen local value creation.
Close and constructive cooperation with Flemish, Belgian and European authorities has further reinforced Antwerp’s position, particularly in areas such as customs procedures, sector supervision and access to banking services.
Natural versus synthetic diamonds
The steep decline in synthetic diamond prices, from USD 1,800 per carat in 2018 to just USD 73 today, is increasingly benefiting natural diamonds. As synthetics become mass-market products, consumer perception is shifting, clearly differentiating them from natural diamonds as luxury goods.
Antwerp has consistently focused on natural diamonds only, a strategy reflected in the minimal and declining share of synthetics in its trade figures. With nearly 580 years of expertise, the city remains uniquely positioned in sorting, valuing and polishing rare and heterogeneous natural diamonds—skills that are not required in the industrial production of synthetics.
Antwerp’s continued global leadership
In 2025, Antwerp once again handled some of the world’s most exceptional diamonds, including several record-breaking stones from Botswana’s Karowe mine and the largest polished black diamond ever created. The city also retained its status as the world’s leading marketplace for original “run of mine” productions. More than 45 diamond tenders took place during the year, resulting in the sale of over 5 million carats.
At the consumer end, the outlook is supported by the U.S. jewellery market, which grew by 5.6% in 2025. While consumers are buying fewer items, they are spending more per piece, an encouraging signal for high-value natural diamonds.
Conclusion
The Antwerp diamond industry remains under pressure, but the combination of easing declines, supportive policy measures and Antwerp’s enduring leadership in high-end natural diamonds provides cautious optimism for the years ahead.
