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Diamond prices remain ‘under pressure’
Polished diamond prices continued to slip in February though the market did see a bit of a lift for 1-carat stones, Rapaport’s RapNet Diamond Index shows.
New York--Polished diamond prices continued to slip in February though the market did see a bit of a lift for 1-carat stones, Rapaport’s RapNet Diamond Index shows.
The RapNet Diamond Index for 1-carat laboratory-graded diamonds increased 1 percent last month while the index fell 1 percent for 0.30-carat and 0.50-carat diamonds and dropped 0.5 percent for 3-carat stones.
All told, 1-carat diamond prices have risen 0.6 percent year-to-date, while prices for 0.30- and 0.50-carat diamonds are down 2 percent and the index for 3-carat diamonds has dropped 0.5 percent.
In its monthly report, the Rapaport Group noted that there is a feeling that prices in the polished diamond market haven’t bottomed out yet.
Adding to the uncertainty were slumping demand in Russia and the Middle East due to falling ruble and oil prices, respectively, and weakening demand in China because of the government’s campaign against corruption and conspicuous consumption.
In the United States, there was “good demand” for SI-I2 clarity diamonds and diamantaires looked to the U.S. market for support as demand weakened in other key markets.
On the rough side, Rapaport said trading improved slightly but there is still caution in the market and manufacturers are struggling to profit.
Manufacturers have reduced polished production by about 30 percent in volume terms and 50 percent in value terms, reducing the supply of laboratory-graded diamonds. Traders hope a shortage will stabilize prices so they don’t keep dropping.
“Indian diamond manufacturers are under unacceptable stress as high rough prices and weak polished demand have destroyed their liquidity and profitability,” Rapaport Group Chairman Martin Rapaport said. “Cutters are running out of money. Dealer trading volume is plummeting. If traders can’t sell, they can’t buy.”
Rapaport’s entire monthly report, “Struggling to Profit,” can be read online at Diamonds.net/Report.
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