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Diamond Prices Soften with Weaker Global Demand
One-Carat RAPI -0.3% in April
May 3, 2016 4:28 AM
By Rapaport
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PRESS
RELEASE, May 3, 2016, New York … Polished diamond trading slowed in April due
to sluggish demand at the start of a seasonally-quiet period. Sentiment weakened
as the positive momentum from the first quarter failed to gain traction. Supplies
significantly increased due to high rough sales and polished production in the
first quarter.
The RapNet
Diamond Index (RAPI™) for 1-carat, GIA-graded diamonds slipped 0.3%
in April. RAPI for 0.30-carat diamonds fell 1.3% and RAPI for 0.50-carat
diamonds also declined 0.3%. RAPI for 3-carat diamonds dropped 2.2%.
RAPI for
1-carat diamonds rose 1.2% in the first four months of the year, but is still down
4.6% from a year ago.
©
Copyright 2016, Rapaport USA Inc.
The Rapaport Monthly Report highlighted concern among diamond traders that
consumer demand is weak. While a steady U.S. market supported the diamond industry,
sentiment in the Far East and European markets remained cautious.
Polished
inventory levels rose during a period of restocking in the first three months. Jewelers avoided any unnecessary build-up of inventory
and took goods on memo, which put additional pressure on manufacturers’ liquidity.
Selective buyers offered lower prices for goods as new supply came on
stream in April. Suppliers held prices firm for better-quality RapSpec A2+
diamonds, but were more flexible on their older stock of lower-quality goods.
Demand for diamonds 3 carats and up was weaker.
Manufacturers’ profit margins were squeezed as rough prices remained high
during a period of weaker polished trading. Rough demand was robust even as De
Beers raised prices by an average of 2% in April, according to Rapaport
estimates. De Beers and ALROSA reduced inventory that was accumulated in 2015
as sales volume outpaced production.
Rough demand is expected to slow from May as manufacturing levels have
stabilized. Polished trading is also expected to remain slower this month. Amid
declining global demand, dealers have shifted focus to the U.S. ahead of the
Las Vegas shows that begin May 31.
See www.diamonds.net/Prices/RapaportSpecs.aspx
for full explanation of Rapaport Diamond Specifications.
# # #
The Rapaport
Monthly Report can be purchased at store.rapaport.com/monthly-report
Rapaport
Media Contacts: media@diamonds.net
U.S.: Sherri
Hendricks +1-702-893-9400
International:
Gabriella Laster +1-718-521-4976
Mumbai:
Manisha Mehta +91-97699-30065
About the
Rapaport RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct.
of the 10 percent best priced diamonds, for each of the top 25 quality round
diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on
RapNet - Rapaport Diamond Trading Network. www.RapNet.com
has daily listings of over 1 million diamonds valued at approximately $7.56
billion. Additional information is available at www.Diamonds.net.
About the Rapaport Group: The Rapaport Group
is an international network of companies providing added value services that
support the development of fair, transparent, competitive and efficient diamond
and jewelry markets. Established in 1978, the Rapaport Price List is the
primary source of diamond price and market information. Group activities
include Rapaport Information Services, Rapaport Magazine, and Diamonds.net,
providing research, analysis and news; RapNet – the world’s largest diamond
trading network; Rapaport Laboratory Services provides GIA gemological services
in India, Belgium and Israel; and Rapaport Trading and Auction Services
specializing in recycled diamonds and jewelry. The Group supports over 20,000
clients in 121 countries and has offices in New York, Las Vegas, Antwerp, Ramat
Gan, Mumbai, Surat, Dubai and Hong Kong. Additional information is available at
www.Diamonds.net.
Martin Rapaport (Publisher) grants limited permission to
use copyrighted data appearing in this press release in and in conjunction with
journalistic copy, reporting or articles concerning diamond pricing and
information in graph or data presentation format only. The following credit
notice must appear alongside, underneath, or in close proximity to any use of
the copyrighted data: “Used with permission of Rapaport USA, Inc. Copyright
2016 © Rapaport USA. All rights reserved.”
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Tags:
diamonds, Jewelry, Martin Rapaport, prices, Production, Rapaport, Rapaport News, RAPI, RapNet
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