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Polished diamond prices soften again in March
With demand weak both last month and in the first quarter, the price of polished diamonds of all sizes fell in March, according to Rapaport’s RapNet Diamond Index.
New York--With demand weak both last month and in the first quarter of the year, the price of polished diamonds of all sizes were down in March, according to Rapaport’s RapNet Diamond Index.
The RAPI for 1-carat laboratory-graded diamonds fell 3 percent in March, while the RAPI for 0.30-carat diamonds and half-carat stones declined by 2 percent.
The RAPI for 3-carat diamonds also was down 2 percent during the month.
The Rapaport Group said that the diamond market sentiment was weak during the first quarter of the year, with jewelry retailers steering clear of large inventory purchases and instead buying for a specific demand to fill existing orders.
During the first three months of 2015, the RAPI for 1-carat diamonds was flat but also continued to be 14 percent below the levels recorded at this time last year, as prices have been on a steady and constant decrease since the second quarter of 2014.
Rapaport’s Monthly Report for April, “Reducing Inventory,” states that retailers were mostly absent from the polished market during the first quarter, and that polished dealers were focused more on buying polished than manufacturing rough as they worked to get rid of their polished inventory.
According to the report, manufacturers have lowered polished diamond production by about 30 percent by volume and 50 percent in value since October 2014, and, as a result turnaround times at the Gemological Institute of America have improved dramatically because fewer stones are being submitted for grading.
Rough demand also drastically decreased in March. De Beers sightholders refused about 30 percent of their allocated supply at last month’s sight, which ended with an estimated $500 million value.
De Beers prices were mostly unchanged, and Alrosa also lowered supply and kept prices stable at the March contract sale.
Wholesale polished diamond demand is expected to stay weak during the second quarter, and as such manufacturers are wary of ramping up production. But a lower supply is expected to stabilize the market and create shortages, which will help demand in the future.
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