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RAPAPORT... The U.S. consumer price index (CPI) for jewelry declined 2.6 percent year on year to 172.12 points in March, which was just a touch higher than February. Despite the decrease, the jewelry CPI in March marked the 38th consecutive month with a reading of more than 170 points, reflecting its continuing maintenance of a historically strong inflation trend.  The CPI for watches was basically flat in March, up by 0.6 percent to 122.97 points. Price pressures on industry commodities contributed to holding the CPI in check. The price for gold in March was down about 17 percent year on year, while platinum was down nearly 10 percent. The RapNet Diamond Index (RAPI), the global benchmark for polished prices, fell 2.6 percent year on year for 1-carat diamonds, while RAPI for 3-carat diamonds dropped 1.5 percent. However, RAPI for 0.30-carat diamonds jumped 13.1 percent and the index increased 5.4 percent for 0.50-carat stones. By comparison, the CPI for all product categories in March increased 1.5 percent year on year to set a new record high of 235.64 points.
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