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Diamond prices were down again in August and industry sentiment weakened further as the weak global financial markets impacted discretionary spending.
New York--Affected by the world’s weak financial markets and their impact on discretionary spending, diamond prices were down again last month and industry sentiment weakened further, according to the Rapaport Group’s monthly price report.
The RapNet Diamond Index in August for 1-carat lab-graded diamonds was down 1 percent, while the RAPI for 0.30-carat stones declined 2 percent.
RAPI for 0.50-carat diamonds and 3-carat diamonds also were both down 2 percent during the month.
Through the first eight months of the year, prices for 1-carat diamonds are down 4 percent, and they have plummeted 13 percent from one year ago.
RELATED CONTENT: Diamond prices, market sentiment down in July
Dealer trading was quiet during August, the Rapaport Group said, as many in Belgium and Israel went on summer vacations. Additionally, cash buyers in New York and Israel are waiting for lower prices and filling specific orders; no one currently is buying for inventory.
According to the most recent Rapaport monthly report, U.S. consumer confidence has softened amid the global financial market volatility, but the market continues to be “sturdy.”
Diamond jewelry demand in China is lagging as the country’s economic growth slows; the recent stock market plunge there as well as the devaluation of the yuan currency has reduced consumer wealth ahead of the October Golden Week (beginning Oct. 1, the week celebrates the founding of the People’s Republic of China.)
Diamond manufacturers continue to keep their polished production levels low as rough demand remains weak, and also continue to turn down high-priced rough despite the fact that De Beers cut prices by an estimated 10 percent at its August sight.
Expectations are low for the September Hong Kong Jewellery & Gem Fair, the report states, as demand from the Far East is “specific” and inventory levels remain high, though it adds that many dealers are putting a lot of hope on holiday demand to stem the downward trend in prices.
While rough production is still expected to increase in 2015, mining companies have reduced supply and rather than lower their prices significantly, prefer to raise inventory levels instead.
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