Natural Diamond Prices – May 2022

Due to geopolitical tensions between Russia and Ukraine and the seasonal influences of the Passover and Easter holidays, the diamond market slowed in April 2022. The natural diamond trade was underpinned by steady US retail demand, but dealer activity was slow due to price uncertainty, Chinese lockdowns, and Russian sanctions. Let’s take a closer look at how the occurrences of April 2022 had an effect on the Top 5 Popular Diamond Shapes and the state of Natural Diamond Prices for May 2022: 


Top 5 Popular Diamond Shapes.

Round diamonds continue to be the most popular shape of diamond on the market making up 74.66% (popularity) and increasing by 3.29% in popularity since April 2022. Oval sits in second place making up 7.85% (popularity) and rising by 8.13% in popularity since last month. Cushion remains in third place making up 4.71% (popularity), and decreasing in popularity by 16.78% since last month. Emerald and radiant continue to sit in fourth and fifth place of the Top 5 Popular Diamond Shapes since February 2022.   


Diamond Prices May 2022

The table below gives you the rundown and details of the changes for the last three months.

Round Diamond Price Changes For The Last 3 months
Diamond Carat Sizes3/1/20224/1/20225/1/2022
0.0 – 0.56 % 2 % -6 % 
0.5 – 1.07 % 2 % -6 % 
1.0 – 2.04 % 4 % -3 % 
2.0 – 3.03 % 3 % -2 % 
3.0 – 4.03 % 3 % -2 % 
4.0 – 991 % 2 % -1 % 

Average Price of Round Diamonds (1 - 1.19 ct).

This May the average price per carat for a round diamond of 1 – 1.19 carat G color VS1 clarity is $9,792 compared to April 2022 which was an average price of $9,921. The average price per carat for round diamonds has increased by 13.44% since the 2022 Russian invasion of Ukraine in late February of this year. 

The current average and lowest prices per carat are shown in PriceScope’s diamond price charts by carat and their corresponding color and clarity.

We advise consumers to keep in mind that cut quality and vendor services such as upgrades and returns can make a significant difference in the price point when shopping for loose diamonds. PriceScope has been collecting retail diamond prices since 2007 of over 1,000,000 diamonds currently in the database. PriceScope diamond price chart page shows the full diamond price charts for rounds and other fancy shapes. We update the diamond prices on a monthly basis. Keep an eye out for June’s diamond prices.

What will the medium to the long-term effect of the 2022 Russian sanctions be on the global supply of natural diamonds? Has Mother’s Day had a positive influence on the price of natural diamonds for June 2022? We would love to know your natural diamond industry predictions – Click the comments button below.

Whether you’re actively shopping for natural diamonds or just browsing – Check out the PriceScope Diamond Search.

Latest Publications on Diamond Prices May 2022:


Diamond market split. Suppliers to large US jewelers doing well but dealer trading cautious following recent price declines.
De Beers reported strong sales at its April sight but warned of a slowdown due to the war in Ukraine and coronavirus lockdowns in China.
With the US imposing sanctions on Alrosa and other Russian entities, there is rising concern about the impact on the diamond market, considering the vast rough supplies from the country. The following is a resource center to help the trade gain clarity on the crisis and its effects on the industry.

US Diamond Sanctions Bite in India

The IDEX Polished Price Index rose steeply over a couple of days early in March, but declined steadily day by day during the rest of the month. 

IDEX Polished Price Index in Steady Decline

Prices kept rising overall during March, but there were more price drops among both rounds and fancies than we have seen of late.


There’s been a lot of talk about how current sanctions language allows for Russian diamonds “substantially transformed” (i.e., cut and polished) elsewhere to enter the United States—which, some say, makes current regulations “worthless.”
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