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Shortages following a “reasonably good holiday season” in the United States spurred another increase in polished diamond prices, Rapaport said Tuesday.
New York--Shortages following a “reasonably good holiday season” in the United States spurred another increase in polished diamond prices, Rapaport said Tuesday.
The Rapaport RapNet Diamond Index (RAPI) for 1-carat, GIA-graded diamonds rose 0.9 percent in January, while the RAPI increased 5 percent for both 0.30-carat and 0.50-carat diamonds.
The only size tracked by the RAPI to record a drop in January was 3-carat stones, with prices down 0.5 percent.
U.S. jewelers replenishing stock sold during the season, as well as making some additional inventory purchases, drove polished trading globally. However, uncertainty remains as consumer demand is sluggish in emerging markets and the strong U.S. dollar is putting a damper on consumer spending in the U.S.
In a statement released Jan. 28, Rapaport Group Chairman Martin Rapaport said the group expects a “healthy” diamond market to emerge as long as De Beers “continues on a responsible path”--keeping rough prices in line with market conditions.
He also said the group’s mid- to long-term outlook for both the global economy and the diamond market is positive, as long as consumer demand for diamonds remains stimulated.
Calculated monthly by Rapaport, the RAPI is based on the average asking price in hundred $/carat of the 10 best-priced diamonds, for the top 25 quality round diamonds (D-H, IF-VS2, RapSpec-A3 and better) offered for sale on the company’s diamond trading network, RapNet.
January marks the third month in a row that polished diamond prices have increased after slumping for the better part of a year. The RAPI for 1-carat diamonds increased about 2 percent in December and was up 1 percent in November.
Despite the three-month uptick in polished diamond prices, they still remain below what they were a year ago as manufacturers seek to reduce excess inventory.
The RAPI for 1-carat diamonds is down 4 percent year-over-year and it’s dropped 8 percent for 0.30-carat diamonds, 9 percent for half-caraters and 14 percent for 3-carat stones.
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