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Polished diamond prices plummet in 2014
Slowing demand in China, reduced bank credit and tight profit margins led to a decrease in polished diamond prices last year, according to the Rapaport Group.
New York--Slowing demand in China, reduced bank credit and tight profit margins led to a decrease in polished diamond prices last year, according to the Rapaport Group.
The RapNet Diamond Index (RAPI) for 2014 showed that during the year, the price of 1-carat laboratory-graded diamonds was down the most, declining by 9 percent. This was followed by 3-carat diamonds and 0.30-carat diamonds, both of which saw price decreases of 7 percent.
According to RapNet, 0.50-carat diamonds were the only size for which prices didn’t fall; for the year, the RAPI for that size essentially was flat.
In December, the RAPI for 1-carat laboratory-graded diamonds fell 1 percent. Meanwhile, RAPI during the month dropped 4 percent for 0.30-carat diamonds, 2 percent for 0.50-carat diamonds, and 2 percent for 3-carat diamonds.
Inventory levels remained high during the month, and polished suppliers lowered prices in attempts to increase turnover and raise cash.
In its January report, called “High Inventory Levels,” Rapaport states that there was a correction in prices for 0.30-carat diamonds in 2014 due to both supply and demand factors. This included softening demand in China amid slowing economic growth, and the fact that retailers in the country continued to hold large inventories of 0.30-carat diamonds after having bought aggressively in 2013, which drove up prices.
The report also notes that the Gemological Institute of America decreased its backlog in 2014, releasing a large amount of both 0.30-carat and 0.50-carat diamonds from its laboratories in the fourth quarter, which led to an oversupply.
Market conditions are expected to remain cautious this month as retailers assess their inventory following the holiday season, but the diamond trade continues to be supported by the United States with strong economic growth, improved unemployment, rising consumer confidence and a strong dollar.
While India also is showing signs of improvement under its new government, China remains a cautious market ahead of its Chinese New Year on Feb. 19 as economic growth slows and the government continues to curb excessive spending.
Diamond dealers hope that trading activity will increase in the coming months, but RapNet notes in its report that other challenges must be addressed, including tight liquidity, reduced bank credit, low profit margins and high rough prices.
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