Diamond Wholesale Pricing Explained: Rapaport, Discounts and Landed Cost

Natural-diamond wholesale pricing cannot be reduced to one price list or discount percentage. Professional quotations may refer to a benchmark, but the price ultimately offered depends on the individual diamond, grading information, visual appearance, order quantity, payment terms, availability and delivery conditions.

A trade buyer must also distinguish the supplier’s headline price from the full landed acquisition cost. Shipping, insurance, currency conversion, banking, customs procedures, taxes and inspection can all affect the commercial result.

This guide explains the pricing framework without publishing proprietary list values or confidential Dalila Diamonds quotations.

Last reviewed: 6 September 2026

Quick answer: how does diamond wholesale pricing work?

Natural-diamond wholesale pricing may use the Rapaport Price List as a reference point. A supplier can express an offer as a percentage below or above the relevant benchmark, as a price per carat or as a total price.

The benchmark is not the final transaction price. Buyers must evaluate the actual diamond, comparable supply, grading details, quantity, payment terms and complete landed cost.

A larger percentage discount does not automatically identify the better purchase. The reason for the discount and the diamond’s commercial suitability matter more than the percentage alone.

Wholesale pricing terms at a glance

What is the Rapaport Price List?

The Rapaport Price List is a professional natural-diamond pricing reference. Rapaport describes it as an international benchmark used by diamond dealers to compare and negotiate prices.

Rapaport states that its list figures represent its opinion of high cash asking prices for qualifying diamonds. It also warns that those figures may be substantially higher than actual transaction prices.

The list organises reference information using categories including:

• Shape or list category.
• Carat range.
• Colour.
• Clarity.

The current list structure and usage conditions should always be checked directly with Rapaport because products, tools and coverage can change. See the official Rapaport Price List overview and Rapaport’s guide to its Price Lists.

The Rapaport Price List is proprietary. Do not reproduce its tables, subscriber screenshots or current list values on this page.

The benchmark is not the transaction price

A benchmark provides a common reference from which trade buyers and sellers can discuss price. It does not determine what a particular diamond must sell for.

The actual quotation may be affected by:

• Exact carat weight.
• Colour and clarity.
• Cut quality.
• Measurements and proportions.
• Polish and symmetry.
• Fluorescence.
• Inclusion type and position.
• Transparency.
• Face-up appearance.
• Shape and outline.
• Grading laboratory.
• Report status.
• Current comparable supply.
• Payment terms.
• Availability.
• Order quantity.
• Matching or sorting requirements.
• Location and delivery terms.

Two diamonds can occupy the same broad benchmark cell while having different commercial prices.

How to calculate a Rapaport discount

The public page should explain the calculation using fictional numbers rather than current proprietary data.

Hypothetical calculation

The following figures are an arithmetic example prepared on 6 September 2026. They are not current Rapaport values, Dalila prices, market averages or offers.

Assume:

• Fictional reference price: $8,000 per carat.
• Diamond weight: 1.10 ct.
• Hypothetical discount: 20% below the reference.

First calculate the fictional full reference amount:

$8,000 × 1.10 \= $8,800

Then apply the 20% discount:

$8,800 × 0.80 \= $7,040

The hypothetical quoted price is therefore:

$7,040 total

The hypothetical quoted price per carat remains:

$6,400 per carat

This example teaches the formula only. It must not be used as a purchasing benchmark.

What does “Rap -20” mean?

“Rap -20,” “20 back” and “20% below Rap” generally describe a quotation positioned 20% below the relevant Rapaport reference.

The basic formula is:

Quoted price \= reference price × (1 − discount percentage)

For a 20% discount:

Quoted price \= reference price × 0.80

For a 12% discount:

Quoted price \= reference price × 0.88

If a quotation is above the reference, the premium is added:

Quoted price \= reference price × (1 + premium percentage)

The buyer must confirm whether the quoted percentage applies to:

• Price per carat.
• Total price.
• A single diamond.
• Every diamond in a list.
• A parcel average.
• Cash terms.
• Memo or credit terms.

Never assume that shorthand contains the complete commercial agreement.

Why a larger discount is not automatically better

Consider two diamonds described with the same basic carat, colour and clarity combination.

One may have:

• Strong dimensions.
• Attractive proportions.
• Compatible fluorescence.
• A well-positioned inclusion.
• Strong visual performance.
• Current and verifiable documentation.

Another may have:

• Excessive depth.
• Smaller face-up dimensions.
• A dark central inclusion.
• Noticeable haze.
• An irregular fancy-shape outline.
• Characteristics that reduce buyer demand.

The second diamond may be offered at a larger discount because the market recognises those differences.

A trade buyer should ask:

Why is this diamond priced at this discount?

The discount is a result to investigate—not a quality grade.

How grading affects wholesale pricing

The benchmark matrix covers only a limited set of variables. The complete diamond report and the physical stone contain additional information.

GIA explains that natural-diamond reports can include carat, colour, clarity, cut where applicable, polish, symmetry, proportions and fluorescence. See GIA Natural Diamond Reports.

Wholesale buyers should review:

• Laboratory.
• Report number.
• Report date.
• Natural-diamond identification.
• Treatment disclosures.
• Exact measurements.
• Carat weight.
• Colour.
• Clarity.
• Cut grade where applicable.
• Polish.
• Symmetry.
• Fluorescence.
• Proportion diagram.
• Clarity characteristics.
• Inscription where present.

A grading report does not set the diamond’s price, prove geographic origin unless it is a specific origin service, or guarantee future resale.

Do not create automatic grade-conversion tables between GIA, IGI, HRD or other laboratories. A grade issued by one laboratory should not be silently rewritten as the assumed equivalent from another.

Use the Diamond Grading Report Guide for laboratory and verification guidance.

Why diamonds with the same headline grades can differ

The 4Cs provide a foundation for diamond description, but a wholesale price may also reflect:

• Diameter or face-up spread.
• Table and depth.
• Crown and pavilion relationships.
• Girdle.
• Inclusion relief and position.
• Transparency.
• Fluorescence.
• Brown, grey or greenish nuances.
• Fancy-shape ratio.
• Bow-tie visibility.
• Windowing.
• Outline appeal.
• Market availability.

A round brilliant described as Triple Excellent has Excellent grades for cut, polish and symmetry from the relevant laboratory. It does not mean that every Triple Excellent diamond has identical proportions or appearance.

Link to Advanced Diamond Grading Factors instead of expanding this pricing page into another grading pillar.

Price per carat versus total price

Price per carat is calculated as:

Price per carat \= total diamond price ÷ carat weight

Total price is calculated as:

Total diamond price \= price per carat × carat weight

A buyer must examine both numbers.

A heavier diamond may have:

• A higher price per carat.
• More carat weight.
• A substantially higher total price.

Carat thresholds can also affect the reference category. Confirm that the correct carat bracket was used rather than applying a rate from a neighbouring category.

The Diamond Price Guide owns the general price-per-carat and threshold explanation.

Fancy-shape pricing needs additional caution

Do not assume that every fancy shape has a separate benchmark representing its exact market.

Oval, cushion, emerald, radiant, marquise, pear, princess and other shapes can differ materially in:

• Supply.
• Demand.
• Cutting yield.
• Length-to-width ratio.
• Outline.
• Visible size.
• Bow-tie effect.
• Facet pattern.
• Colour concentration.

A percentage derived from a broad reference does not replace a comparison of genuinely similar fancy-shaped diamonds.

The buyer should use current comparable supply and individual visual inspection alongside any benchmark.

Asking prices are not completed sales

Rapaport Trade and other professional inventory platforms may show diamonds currently offered for sale. These listings can help a buyer understand available supply and asking-price competition.

However:

• An asking price is not proof of a completed transaction.
• The lowest listing may be unavailable.
• A listed stone may not meet the buyer’s quality standard.
• Similar headline grades may conceal important differences.
• Delivery and payment terms may differ.
• Search results may not represent the complete market.

Rapaport’s TradeScreen documentation distinguishes current best and average asking prices for listed categories. See the official TradeScreen explanation.

Use listed comparables as context, not as automatic valuation.

How quantity affects wholesale pricing

A larger order does not guarantee a lower price per carat.

Quantity pricing depends on what the buyer is ordering.

Repeated single diamonds

A list of individually graded diamonds should usually be evaluated stone by stone. A supplier may agree on commercial terms for the combined order, but one percentage may hide differences between the stones.

Matched pairs

Matched pairs may require additional selection for:

• Dimensions.
• Colour.
• Clarity appearance.
• Cut.
• Fluorescence.
• Shape.
• Visual compatibility.

Matching work and limited availability can affect price.

Calibrated parcels

A parcel sorted into a narrow size and quality range may require more selection than a broadly mixed parcel. The buyer should compare:

• Total carat weight.
• Stone count where available.
• Size range.
• Colour range.
• Clarity range.
• Natural-diamond verification.
• Treatment policy.
• Rejection tolerance.
• Replacement allowance.

Repeat-production supply

A jewellery manufacturer may value consistent future supply more than the cheapest first shipment. Pricing may reflect reserved stock, recurring sorting, quality control, agreed delivery schedules or replacement requirements.

The buyer should ask whether the quote is:

• Per carat.
• Per stone.
• Per pair.
• Per parcel.
• Per finished jewellery item.
• Based on a minimum quantity.
• Valid for one order or recurring orders.

Do not publish Dalila’s minimum order quantities or volume discount levels unless the company has expressly approved those terms for public disclosure.

Quantity-discount questions to ask

Before accepting a quantity quotation, confirm:

1. What exact specification is included?
2. Is pricing stone-specific or averaged across a parcel?
3. What quantity activates the quoted terms?
4. Is the quantity measured by pieces, pairs or total carat weight?
5. What size, colour and clarity tolerances apply?
6. Is sorting included?
7. Is natural-diamond screening included?
8. Are rejected stones replaceable?
9. Is future supply promised or merely subject to availability?
10. Does the price change with payment or delivery terms?
11. How long is the quotation valid?
12. Are partial deliveries permitted?
13. Who carries the risk during transport?
14. Are shipping and insurance included?

The Calibrated Diamonds Wholesale Guide owns the full parcel-tolerance and repeat-production process.

Payment terms can change the commercial price

A cash quotation, advance-payment quotation, credit quotation and memo quotation may not represent equivalent commercial terms.

The supplier may consider:

• Payment timing.
• Credit risk.
• Financing period.
• Currency.
• Return rights.
• Ownership during possession.
• Insurance responsibility.
• Inspection period.
• Quantity commitment.
• Relationship history.

A buyer should not compare “Rap -20 cash” with “Rap -20 on memo” as if the transactions were identical.

Use the Diamond Memo, Consignment and Purchase Guide for the complete distinction.

What is landed diamond cost?

Landed acquisition cost is the cost of bringing the diamond into the buyer’s possession under the agreed terms.

A practical internal formula is:

Supplier invoice price

+ freight

+ insurance

+ banking and currency-conversion costs

+ customs brokerage and applicable duties

+ non-recoverable taxes

+ agreed inspection, screening or report costs

+ other directly attributable acquisition expenses

\= landed acquisition cost

The exact calculation depends on destination, Incoterms, tax status and accounting policy.

For EU transactions, VAT treatment varies according to the buyer, seller, countries and transaction structure. EU guidance explains that businesses can often deduct eligible input VAT, but national rules and exceptions apply. Recoverable VAT may create a cash-flow requirement without necessarily becoming a permanent inventory cost. See the European Commission’s cross-border VAT guidance and VAT deduction guidance.

This article must not publish a universal VAT or duty rate. Buyers should obtain transaction-specific advice from their accountant, customs representative or tax authority.

Landed cost is not retail-ready cost

A loose diamond’s landed cost may not include everything required to sell the final jewellery.

Retail-ready cost can additionally include:

• Setting or mounting.
• Manufacturing labour.
• Additional quality control.
• Hallmarking.
• Packaging.
• Payment-processing expense.
• Photography.
• Delivery to the final customer.
• After-sales provision.

Keep landed acquisition cost and retail-ready cost as separate internal fields. This makes quotation comparison more consistent.

Markup and gross margin are different

Markup measures gross profit against cost:

Markup \= (selling price − cost) ÷ cost

Gross margin measures gross profit against selling price:

Gross margin \= (selling price − cost) ÷ selling price

Hypothetical example

Assume:

• Fictional landed cost: €4,000.
• Fictional selling price: €6,000.
• Fictional gross profit: €2,000.

Markup:

€2,000 ÷ €4,000 \= 50%

Gross margin:

€2,000 ÷ €6,000 \= 33.3%

These figures demonstrate the calculation only. They are not recommended jewellery margins, Dalila costs or customer prices.

There is no universal correct margin for every diamond or retailer.

Protecting confidential pricing

The public article should explain the system without exposing commercial data.

Do not publish:

• Current Rapaport list cells.
• Subscriber-only screenshots.
• Downloaded proprietary tables.
• Dalila supplier costs.
• Dalila customer quotations.
• Customer names.
• Supplier identities.
• Negotiated discount schedules.
• Credit limits.
• Memo terms.
• Payment histories.
• Internal margins.
• Inventory acquisition costs.
• Contracted logistics or insurance rates.
• Private stock spreadsheets.

When demonstrating a calculation:

• Use clearly fictional numbers.
• Label the example as hypothetical.
• State the preparation date.
• Confirm that it is not a quote or market average.
• Avoid copying a current real category value.

Confidential quotations should be supplied directly to verified trade customers rather than embedded in indexable website content.

Wholesale quotation comparison table

Do not select the lowest percentage until the complete comparison is finished.

Wholesale pricing checklist

Before accepting a quotation, confirm:

• Exact diamond specification.
• Natural-diamond status.
• Report verified where applicable.
• Correct benchmark category.
• Quoted discount or premium.
• Actual price per carat.
• Actual total price.
• Arithmetic independently checked.
• Comparable stones genuinely match the specification.
• Diamond visually inspected or approved through suitable media.
• Quantity and sorting requirements defined.
• Cash, credit or memo terms confirmed.
• Quote-validity period recorded.
• Currency and exchange-rate basis recorded.
• Shipping and insurance responsibility confirmed.
• Customs, brokerage and tax treatment checked.
• Landed acquisition cost calculated.
• Retail-ready costs kept separately.
• Inspection and return conditions documented.
• Confidential data stored outside public website content.

Frequently asked questions

Request a natural-diamond wholesale quotation

A useful wholesale comparison requires more than a carat, colour, clarity and discount percentage.

Browse Dalila’s natural-diamond inventory or submit a detailed sourcing requirement through DS4U custom diamond sourcing. Current price, availability, documentation, delivery and payment terms will be confirmed directly.

AUTHORITATIVE SOURCES

• Rapaport Diamond Price List overview
• Rapaport Guide to the Price Lists
• Rapaport Diamond Price Calculator documentation
• Rapaport TradeScreen documentation
• GIA Natural Diamond Reports
• GIA Diamond Quality Factors
• European Commission cross-border VAT guidance
• European Commission VAT deduction guidance
• EU import VAT taxable-amount guidance