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Polished diamond prices continue 8-month slide
Prices for 1-carat and 3-carat stones were down about 2 percent in November as suppliers, strapped by a lack of liquidity, lowered prices in an effort to generate cash.
Prices of 0.30-carat and 0.50-carat diamonds also fell approximately 2 percent month-over-month, according to the RapNet Diamond Index for November.
Year-to-date, prices of 0.30 carat stones have fallen 3 percent while 1-carat polished prices have declined 8 percent and 3-carat diamond prices 5 percent. The only diamonds on the RapNet Diamond Index to show any price appreciation this year have been half-carat stones. Prices have risen 2 percent year-to-date for these goods.
According to Rapaport’s monthly report, “Lower Prices,” diamond dealer and manufacturer sentiment remains “weak.” Though U.S. demand is stable, it is subdued in Far East markets due to economic and political uncertainties.
Polished inventory levels remain high. Profit margins are being squeezed as polished prices have been sliding since April, but the cost of rough has remained relatively steady.
RELATED CONTENT: Polished diamond prices expected to keep dropping
The report also noted that the holiday shopping season started on a “disappointing note,” with declining general retail sales over the Thanksgiving weekend and “important” shifts in consumer behavior. More people are avoiding the madness of Black Friday weekend and others are purchasing online.
The National Retail Federation reported that retail sales fell 11 percent over the holiday weekend. However, a number of retailer leaders have questioned that figure.
Bill Martin of ShopperTrak, a retail analytics firm that has devices that count people entering stores, said by his company’s estimates the sales decline was much lower, around 2 percent. He said he still expects overall holiday sales to grow about 4 percent year-over-year, with the biggest shopping day yet to come-- “Super Saturday,” the Saturday before Christmas.
Diamond dealers and manufacturers are hoping Martin’s right. According to the report, they are banking on strong finish to the holiday season to lift sentiment and provide some promise for improved trading and liquidity levels in 2015.
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