Wholesale pricing is never an easy task to begin with. Not to mention, the product in question here is diamond. As a highly subjective commodity, the price of diamonds is based on not only standardized grading but also how buyers perceive their value. For that reason, what might already seem complicated now becomes even trickier. Struggling with where to start? In the following guide, we will break down diamond wholesale pricing in great detail and give you some practical pricing examples for a clearer look.
>> Read more: How To Calculate Your Wholesale Pricing: Formulas & Tips To Set Up
Introduction to Diamond Wholesale Pricing
For starters, let all have a look at the basics of diamond wholesale pricing. On the wholesale level, pricing diamond is simply the practice of determining diamond costs in business-to-business transactions. In other words, it’s all about how suppliers and dealers price diamonds when selling to retailers or other intermediaries.
Compared to retail pricing, diamond wholesale pricing is more cost-efficient and structured around market benchmarks. Statistically speaking, wholesale diamonds are 50–70% cheaper. This is because of the absence of retail markups, branding costs, and overhead expenses like storefronts or marketing. In addition, wholesale buyers typically buy in larger volumes. So, aside from the tax advantages when purchasing diamonds in bulk, it’s often easier to negotiate for a lower price.

Key Factors Affecting Wholesale Diamond Prices
Pricing diamonds is not close to pricing just any wholesale product since diamonds are valued based on both subjective perception and objective grading. Due to the valuation depth, the process of evaluating diamond prices for wholesale transactions involves more than just basic weight or size.
In general, there are the four key areas in diamond wholesale pricing as follows:
1. The 4 Cs (Carat, Cut, Color, Clarity)
The 4Cs are short for Carat, Cut, Color, and Clarity. These are the core characteristics in assessing a diamond’s quality and pricing. Here’s a detailed breakdown:
1.1. Carat
Carat (ct) is the weight of the diamond. One carat equals 200 milligrams and is often a benchmark for size in wedding or engagement rings. The higher the carat, the more valuable the diamond tends to be. But carat alone cannot decide the overall value.

1.2. Cut
This C is about how well a diamond has been shaped and faceted. It directly influences how light reflects through the stone. The better the cut, the more brilliance and visual fire the diamond shows. The more brilliance it shows, the more expensive it becomes.
1.3. Color
The color grade of a diamond is based on the GIA scale from D to Z. The less color, the higher the value. D is completely colorless, and Z has a noticeable yellow or brown tint.

1.4. Clarity
The final C refers to the presence of internal flaws (inclusions) or external blemishes. Fewer visible flaws mean higher value. The grading scale decreases in clarity from F to I. In which, Grade F or FL (Flawless) is the highest clarity grade, and Grade I (Included) indicates visible flaws under 10x magnification.
Here’s a breakdown of diamond clarity from highest to lowest clarity based on the Gemological Institute of America (GIA) scale:
- FL, IF – Flawless: No inclusions under 10× magnification
- VVS1, VVS2 – Very Very Slightly Included: Inclusions extremely hard to detect
- VS1, VS2 – Very Slightly Included: Minor inclusions, difficult to see
SI1, SI2 – Slightly Included: Noticeable inclusions, may be eye-visible - I1, I2, I3 – Included: Obvious flaws, often visible to the eye

A general rule of thumb is: the rarer, the cleaner, and the more brilliant the diamond, the higher its price. Conversely, the more tinted, included, or poorly cut a diamond is, the lower its value.
2. Shape and rarity of the diamond
In its original form, diamonds are just rough, irregular crystals. To make the polished gemstones we see in jewelry, cutters have to intentionally cut and shape them into standard forms. Because some shapes are harder to cut, diamonds of certain shapes are rarer to find and come out as more expensive.

Below are 10 popular diamond shapes, ranked from most to least pricey:
- Round Brilliant: Highest price due to cutting waste and universal demand
- Princess: Modern, sharp edges, retains more weight
- Oval: Stylish and elongating, slightly cheaper than round
- Marquise: Maximizes surface area, but less popular
- Heart Shape: Technically hard to cut; price depends on symmetry
- Pear Shape: Unique teardrop form; mid-tier pricing
- Cushion: Soft vintage shape, affordable and classic
- Radiant: Versatile, blends brilliance and shape
- Emerald Cut: Step-cut clarity-focused; lower demand
- Asscher: Deep pavilion, similar to emerald but less market traction
3. Market demand and supply trends
The next major factor in pricing diamonds for wholesale is the overall market dynamics. Basically, the stronger the demand and the tighter the supply, the higher the price. This principle applies universally across all commodities and does not exclude how diamonds are sourced and priced.
The price of diamonds also depends on consumer behavior and seasonal trends. For example, demand typically spikes during engagement seasons or global holidays like Valentine’s Day and Christmas. During such peak periods, diamond prices often witness a short-term surge. Other important variables to factor in are economic events and shifts in global trade, such as currency fluctuations, inflation, or sanctions.
4. Certification and grading
Last but not least is certification and grading. This is the official documentation of a diamond’s quality based on the 4Cs.
Some of the most trusted certification bodies in the diamond industry are:
- GIA (Gemological Institute of America): Widely considered the gold standard for diamond grading; highly respected for consistency and accuracy.
- IGI (International Gemological Institute): Popular in both natural and lab-grown diamond markets; slightly more lenient than GIA.
- HRD (Hoge Raad voor Diamant): Based in Antwerp, known for European market grading.
- AGS (American Gem Society): Known for its scientific approach, especially in grading cut quality.
- GCAL (Gem Certification & Assurance Lab): Offers guaranteed grading reports with high consumer focus.

Besides the four core factors mentioned above, it’s also essential to take into account elements like fluorescence, symmetry, and polish. How these characteristics are graded will also affect the final diamond price.
Another consideration is the distinction between lab-grown and natural diamonds. Since lab-grown diamonds can be produced more quickly and at a lower cost, they are usually 60-80% cheaper than the natural ones.
Diamond Industry Standard: The Rapaport Price List
Regarding diamond wholesale pricing, there is a well-established industry standard used by diamond dealers, wholesalers, and traders worldwide. It is the Rapaport Price List. Published by the Rapaport Group in 1978, its ultimate purpose is to serve as a reference point to assess and negotiate diamond values.
The list provides standardized pricing data on diamonds based on shape, carat weight, color, and clarity. A basic sheet consists of:
- Price per carat in USD
- Grids categorized by carat ranges (e.g., 0.30–0.39 ct, 0.90–0.99 ct, 1.00–1.49 ct, etc.)
- Color grades from D (colorless) to M (tinted)
- Clarity grades from IF (Internally Flawless) to I3 (Included)
- Separate pricing tables for round brilliant diamonds only

It’s important to note that the Rapaport Diamond Price List represents suggested asking prices only, not final sale prices. Most of the time, wholesalers rely on this list as a base price. From there, they will consider key factors earlier discussed and decide to apply discounts or premiums accordingly. We will discuss this in great detail in the following section.
Updated on a weekly basis, diamond pricing in the Rapaport Price List stays aligned with real-time market trends and fluctuations. However, one will need to pay around $250 to $400 per year to access the data.
The Calculation Formula for Wholesale Diamond Pricing
That’s about the fundamentals of diamond valuation. In wholesale, there is a general formula for calculating diamond price.
Diamond Wholesale Pricing = Carat Weight × Price Per Carat
In which:
- Carat Weight: The actual weight of the stone. The standard unit is the carat, where 1 carat = 200 milligrams or 0.2 grams.
- Price Per Carat: The market rate per carat for a diamond with specific characteristics, usually taken from the Rapaport Price List.
For example, you have a diamond that weighs 1.00 carat. The Rapaport price per carat for a K+-color, SI2+-clarity round diamond is $7,600. This should not be the final price, though. The price can be further modified based on the shape of the diamond and negotiation.
Shape-Based Adjustments
Round brilliant cuts typically hold the highest value, while fancy shapes like cushion, emerald, or oval tend to trade at a discount. In this case, let’s assume it is round. So, you may want to use the full Rapaport price without applying any shape-based discount.
Here’s a general guide to typical shape-based cuts:
Diamond Shape | 1-Carat Price Range | 2-Carat Price Range |
Round Brilliant | $2,500 ($3,000) – $16,500 | $7,400 ($9,000) – $55,000 |
Princess | $1,600 ($2,000) – $11,000 | $6,700 ($7,500) – $31,500 |
Cushion | $1,500 ($2,000) – $9,500 | $5,600 ($7,500) – $28,300 |
Emerald | $1,400 ($1,750) – $10,500 | $5,700 ($8,500) – $33,270 |
Oval | $1,600 ($2,000) – $10,000 | $7,200 ($8,300) – $33,000 |
Radiant | $1,600 ($1,800) – $7,000 | $6,500 ($7,000) – $29,500 |
Asscher | $1,600 ($2,100) – $6,900 | $7,700 ($8,000) – $35,700 |
Marquise | $1,700 ($2,300) – $10,000 | $9,400 ($10,500) – $36,900 |
Heart | $1,700 ($1,900) – $12,000 | $7,600 ($8,000) – $33,800 |
Pear | $1,700 ($1,900) – $11,400 | $7,400 ($8,000) – $42,400 |
(Prices in USD – based on SI2+ clarity and K+ color minimums)
Applying Negotiated Discounts
This step is about adjusting the base Rapaport price using the standard industry method known as “Rap Price minus X%.” What is this discount actually? Simply put, it’s a percentage reduction off the Rapaport per-carat price.
In most wholesale deals, a negotiated discount is applied. The discount depends on real-world trading conditions, the specific characteristics of the diamond (4Cs), buyer-seller negotiations, and among others.
For example, the diamond is round, so you start with the full Rapaport price. But it is readily available in the market and supply is high at that point. Then you may want to offer a discount of 15%. The final adjusted price per carat would be: $7,600 × (1 – 0.15) = $6,460.
Tools and Resources for Calculating Wholesale Diamond Prices
In order to ease the process of diamond price estimation, some turn to diamond wholesale pricing calculator solutions. Following are some tools widely trusted and used by industry players:
- RapNet Price List Tool: Based on the Rapaport List, this calculator provides live pricing with the option to apply discounts and filters by 4Cs.
- IDEX Diamond Price Report: Provides real-time diamond price indices across shapes and qualities, with simple UI and batch search features.
- Blue Nile Diamond Price Estimator: More buyer-facing, but useful for checking shape-based price variances quickly.
- StoneAlgo: Uses proprietary data modeling to provide precise retail and wholesale diamond pricing estimates. There are also advanced search filters and transparency tools for better market analysis and decision-making.
It’s important that you check whether these tools are using up-to-date market data, as the Rapaport List is updated weekly. Also look at how each tool incorporates variables like shape, fluorescence, polish, or lab-grown status.
For online wholesale stores, you may want to combine pricing calculators with wholesale pricing tools to accelerate the workflow. The all-in-one Shopify wholesale pricing tool B2Bridge – All-in-One app includes a dynamic pricing automation feature that assists businesses in setting tiered pricing, customer-specific rates, and syncing prices across catalogs. It also helps with volume/quantity-break discounts, scheduled bulk price changes and periodic rule execution, and custom price lists per customer or company.
In regard to complex or high-volume cases, reaching out to certified gemologists or diamond wholesalers is recommended. This avoids costly mispricing. It also ensures that the trade decisions are based on real-world valuation expertise.
Practical Examples and Case Studies
That’s the essentials about wholesale diamond pricing theory. In this section, we’ll walk through some examples to further understand how these principles apply in real-world scenarios.
Let’s say you’re evaluating a 1.20-carat, G-color, VS2-clarity cushion-cut diamond. The current price per carat for that quality range in the Rapaport Price List is $7,200/ct. Following the standard formula for wholesale diamond pricing, we have the Base price = 1.20 × $7,200 = $8,640.

The next step is shape adjustment. Because cushion cuts typically sell for 10–20% less than round (which is the Rapaport benchmark), the price should be modified downward. Let’s assume a 15% shape discount: $8,640 × (1 – 0.15) = $7,344
Coming to the negotiation discount, it’s high time to examine the four key considerations in real-world trading. The first is the 4Cs, which we’ve already accounted for via the Rapaport price. The second factor is market demand. Suppose cushion cuts are currently in low demand. In terms of certification, this diamond is GIA-certified, which maintains value and transparency.
In this case, the seller might still accept a 10% additional discount because of low demand. The final wholesale price for this natural cushion-cut diamond would be $7,344 × (1 – 0.10) = $6,609.60.
Now, how about lab-grown diamonds? In this case, the same diamond would be significantly cheaper. Let’s assume the lab-grown equivalent lists at $2,000/ct. The base price would be $2,000 × 1.20 = $2,400.
Applying a standard market discount of 10%, the final price for lab-grown diamond would be $2,400 × (1 – 0.10) = $2,160.
Conclusion
So there you have it, an ultimate guide on how to get started with diamond wholesale pricing. The bottom line is, always start with the Rapaport price per carat. Then make further adjustments based on shape, market demand, certification, and negotiated discounts. In case the deal gets complex or the stone has unusual characteristics, don’t hesitate to reach out to certified gemologists or diamond trading professionals.
Find this article helpful? Visit B2Bridge.io for more in-depth resources, market reports, and step-by-step pricing guides.

Hi, I’m Tri, a tech enthusiast. With over 4 years of hands-on experience with Shopify and a total of eight years in technology and ecommerce, I currently serve as a Technical Leader on Shopify app development projects. My goal is to contribute solutions that are user-friendly, stable, and scalable within the Shopify App ecosystem.