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RAPAPORT... The U.S. consumer price index (CPI) for jewelry eased again in March, falling 2.9 percent year on year to 176.1 points in response to weaker prices for precious metals. The index was a touch higher than February's reading of 175.9 points. Nonetheless, the CPI maintained a historically strong trend, with March representing the 27th consecutive month of a reading of more than 170 points. With the recent and dramatic drop in gold prices this month, that trend may break with April's report.
The CPI for jewelry reached a record 183 points in January 2012, but then prices for polished diamonds, gold and platinum remained under pressure throughout the year. Diamond prices, in particular, have since stabilized and are slowly recovering, according to Rapaport Research. But gold hit a 26-month low this week, trading for less than $1,400 per ounce.
The CPI for all product categories combined in March rose 1.5 percent year on year to 232.3 points, which was down just slightly from a record high of 232.77 points in February.
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