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Prices for 1-carat stones rose for the first time in six months during November, buoyed by supply shortages in select categories and holiday demand.
New York--Prices for 1-carat diamonds were up for the first time in six months during November as polished prices firmed, supported by supply shortages in select categories and seasonal holiday demand.
According to the Rapaport Group’s monthly price report, the RapNet Diamond Index (RAPI) for 1-carat, GIA-graded diamonds rose 1 percent last month. The RAPI for 0.50-carat stones also was up 1 percent while RAPI for 0.30-carat diamonds increased 3 percent.
The RAPI for 3-carat diamonds declined 1 percent.
Prices for 1-carat diamonds remain down 7 percent since the beginning of the year, while prices for 3-carat stones have fallen 14 percent year-to-date and are down 17 percent for both 0.30-carat and 0.50-carat diamonds.
Trading improved during the month as dealers remained focused on filling U.S. holiday orders even as the same challenges remain--manufacturing is unprofitable at current rough price levels and the diamond distribution chain is overstocked.
“This is the first time in six months that there has been an increase in the benchmark 1-carat RAPI index and 17 months since the last increase in 30-pointers,” said Martin Rapaport, chairman of the Rapaport Group. “The worst may be over for declining polished prices, however, polished shortages are reducing sales volume and trade profitability.”
The monthly report stated that U.S. buyers were more aggressive during November as there were fewer goods available to fill orders for the holiday season, but added that the market still has realistic expectations about the challenging supply side situation and the limited impact that holiday sales will have on the market.
Rapaport said market sentiment remains weak despite the upward trend in November. Even though inventory levels have come down, they still remain higher than usual for this time of year, and there has been very few new goods coming into the market as manufacturers maintain reduce polished production, with factories in India closed for weeks due to Diwali.
Rough demand slumped to record lows, with the De Beers November sight valued at an estimated $70 million and projections for a very small December sight due to the company’s high rough price policy, the report stated.
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