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Diamond prices fell last month, as feelings about the industry slumped to levels not seen since the 2008 downturn, the Rapaport Group’s monthly price report states.
New York--Diamond prices fell last month, as feelings about the industry slumped to levels not seen since the 2008 downturn, the Rapaport Group’s monthly price report states.
In July, the RapNet Diamond Index (RAPI) fell 3 percent for 1-carat diamonds, 6 percent for 0.30-carat diamonds, and 5 percent for 0.50-carat stones. The RAPI for 3-carat diamonds decreased 2 percent.
In the first seven months of the year, the RAPI for 1-carat diamonds has fallen 3 percent and is down 14 percent from one year earlier on August 1.
According to the report, polished prices fell in July as manufacturers were pressured to reduce their inventory levels amid both sluggish Chinese demand and stable but cautious U.S. demand.
Additionally, manufacturers rejected large quantities of rough supply as trading and manufacturing activity both plummeted.
Rapaport notes that current rough prices are unsustainable because of the significant gap between rough and polished prices, and likely will fall again as sightholders are preparing to refuse unprofitable rough again in August.
In its recently released monthly August report, “A Market in Crisis,” Rapaport says that while polished inventory levels remain high, there are shortages seen in select goods as manufacturing activity declines.
Cutters, who usually make large rough purchases in July and August to prepare for the holiday season, are holding back from doing so this year, and manufacturers are refusing to buy rough that can’t be polished at a profit since both rough prices and polished inventory levels are too high.
The manufacturers, in fact, are happy to stay out of the rough market as they wait for their polished supply to diminish, Rapaport said. As a result, jewelers too will be getting their supply for the holidays mostly from existing excess polished inventory as almost no new rough is expected to enter the market.
In fact, De Beers, Alrosa, and Rio Tinto all reported a decline in first half sales. Sales for both De Beers and Alrosa are expected to decline in the second half of the year as oversupply and pricing issues remain.
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