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RAPAPORT... PRESS RELEASE, July 10, 2013, New York: The Rapaport Melee Index (RMI™) for small diamonds decreased by 1% to 134.24 during the second quarter of 2013. Year on year, the index is up 9.6% from its level of 122.48, recorded in June 2012. Overall, melee diamond prices increased during the first half of 2013 but have started to decline in the past two months due to tight liquidity and the sharp rupee depreciation. Indian diamond cutters, who are the primary manufacturers of small diamonds, have reduced production and are laying off workers.
“Diamond markets are cautious with prices under pressure as severe currency and credit issues in India reduce market liquidity and confidence. While Chinese and Far East growth has slowed, stable U.S. demand is holding up the market. We expect the market to pick up for small diamonds towards the end of the summer with healthy U.S. demand and as foreign buyers shifting to lower qualities and smaller sizes,” said Ezi Rapaport, the director of global trading for the Rapaport Group. Rapaport Diamond Auctions sold over 100,000 carats of diamonds for $19.9 million during the second quarter of 2013. Rapaport Auctions continue to provide a safe and reliable platform for sellers to achieve fair market value for their recycled diamonds while attracting the strongest buyers in the market. The consistency and broad reach of the auctions allow Rapaport to achieve steady cash flow and liquidity for clients, despite difficult market conditions.
Upcoming Rapaport Auctions:
• July 23 to 25, New York
• July 26 to August 8, New York and Atlanta
• August 20 to 28, New York and Israel
• August 26 to 29, New York
• September 4 to 15, New York and Hong Kong
• October 3 to 9, New York and Israel To participate in Rapaport Auctions, companies are invited to visit: www.rapaportauctions.com, contact Auction Support via email: auctions@rapaport.com or call their local Rapaport office.
The Rapaport Group operates in compliance with the U.S. Patriot Act and OFAC regulations and does not trade in diamonds from Marange, Zimbabwe. Rapaport Media Contacts:
Mumbai: Manisha Mehta +91-97699-30065 <> U.S.: Michelle Ickowics +1-917-833-8796 <> International: Lisa Miller +1-702-425-9088 About Rapaport Auctions: Rapaport Auctions provide an excellent opportunity for the diamond trade to buy and sell diamonds at cash prices. The large quantities and wide variety of merchandise offered attract competitive bids from a broad range of local and international buyers. Rapaport Auctions is committed to addressing the needs of the international diamond community for enhanced liquidity while presenting unprecedented buying opportunities. About the Rapaport Group: The Rapaport Group is an international network of companies providing added value services that support the development of fair, transparent, efficient and competitive diamond and jewelry markets. Established in 1978, the Rapaport Diamond Report is the primary source of diamond price and market information. Group activities include Rapaport Information Services providing research, analysis and news; RapNet - the world's largest diamond trading network; Rapaport Laboratory Services provides GIA and gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services with monthly services of over 50,000 carats. The Group employs 180 people with offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai, Hong Kong and Shanghai. Additional information is available at www.Rapaport.com. 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 © Martin Rapaport. All rights reserved.”
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