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Diamond prices slip again in January
Prices for 1-carat laboratory-graded diamonds fell, albeit just slightly, in the month of January even as polished diamond demand improved, continuing a downward trend that began in April.
New York--Prices for 1-carat laboratory-graded diamonds fell, albeit just slightly, in the month of January even as polished diamond demand improved.
The Rapaport Group reported Wednesday that its RapNet Diamond Index (RAPI) for the month of January (which compares prices month-over-month) showed that the price of 1-carat diamonds fell 0.4 percent while the index for half-carat stones and 0.30-carat stones dropped 1 percent and 0.9 percent, respectively. Prices for 3-carat stones remained flat.
During the month, polished diamond demand improved but prices remained weighed down. The Rapaport Group stated in its monthly report, “A Slow Start,” that demand in the U.S. market was “stable” but that retailers weren’t rushing to replenish stock sold during the holiday season.
Diamond dealers are hoping that the upcoming Chinese New Year celebrations will help spur demand and prices for the remainder of the year, though, with economic growth in China slowing, dealers really are looking to U.S. to spur demand.
Year-over-year, polished diamond prices are down considerably. The RAPI for January is down 10 percent for 1-carat polished diamonds when compared with January 2014, and has declined 9 percent for 0.30-carat, 7 percent for 3-carat and 3 percent for 0.50-carat diamonds in that same time frame.
On the rough side, rough demand remains weak and manufacturers continue to feel squeezed.
According to A Slow Start, De Beers dropped its prices and allowed sightholders to defer up to 25 percent of their allocated January supply to February or March, the final sight of the current contract period, and most sightholders took advantage.
However, De Beers is expected to hold the line on polished prices in the coming months, which will place more pressure on market liquidity and profit margins given the relatively weak demand for polished diamonds globally.
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