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Trading remained muted during the month, though prices began to stabilize and activity is expected to pick up as summer wedding season approaches, the Rapaport Group said.
After sliding for months, polished diamond prices showed signs of stabilizing in April, with the RapNet Diamond Index for 1-carat goods even increasing slightly.
New York--Diamond trading remained muted in April, though prices stabilized toward the end of the month and activity is expected to pick up as summer wedding season approaches, the Rapaport Group stated in its monthly price report.
In April, the RapNet Diamond Index (RAPI), an index compiled using the average asking price for certain diamonds listed on RapNet, rose 0.4 percent for 1-carat laboratory-graded diamonds after sliding for months.
However, these stones still remain considerably cheaper than they were at this time last year. The RAPI for 1-carat diamond is down 14 percent when compared with May 1 of last year.
While 1-carat diamonds showed some price recovery, the RAPI for other sizes continued to slide in April.
The index was down 1 percent for half-carat diamonds, 2 percent for 0.30-carat stones and nearly the same amount for 3-carat diamonds. Compared to the same time last year, the RAPI is down 21 percent for 0.30-carat diamonds, 15 percent for 3-carat diamonds and 10 percent for half-carat stones.
In its monthly release, the Rapaport Group described diamond markets as “quiet” in April, with sentiment improving slightly toward the end of the month as a shortage of polished diamonds helped stabilize prices.
According to the Rapaport Monthly Report, “Muted Markets,” very few new polished diamonds have been entering the market. Diamond manufacturers refused about 30 percent of rough supply in the first quarter as they still are losing money on “overpriced” rough, an issue Rapaport Group Chairman Martin Rapaport personally addressed more thoroughly in his latest editorial, “Market Correction.”
In it, he stated that rough prices need to go down and polished prices have to rise so manufacturers can make a profit. He called on banks to quit financing “unprofitable” diamond manufacturing and the trade to establish firm “price floors” for polished diamonds.
To the buyers of polished diamonds, including retailers, Rapaport advised that they “relax and ignore all the noise coming from the suppliers.”
“Concentrate on buying what you need when you need it. Expect shortages as the quantity of new diamonds being produced declines. Talk to your merchandisers about being more flexible and designing jewelry that uses a broader range of sizes and qualities,” Rapaport wrote.
The entire editorial can downloaded as PDF on Diamonds.net and comments can be emailed directly to Martin Rapaport at martin@diamonds.net.
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