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RAPAPORT... The U.S. consumer price index (CPI) for jewelry declined 0.7 percent year on year to 175.59 points in December, a full 6.5 points lower than the highest reading of the year, which was above 182 points in August. The highest CPI for jewelry so far has been 183.19 points in January 2012. The average CPI for 2013 was 177.6 points, down 0.4 percent from the average in 2012.  Nonetheless, the jewelry CPI reading in December marked a 35th consecutive month with a reading of more than 170 points, continuing to maintain a historically strong inflation trend. After reaching its record high in early 2012, the prices of gold, platinum and diamonds have remained under pressure, contributing to a slow decline in price inflation at the jewelry counter. Gold was about 27 percent lower year on year in December, while platinum was down by nearly 20 percent. The RapNet Diamond Index (RAPI), the global benchmark for polished diamond prices, was basically flat in December for 1-carat diamonds, or up just 0.2 percent, while the index for 0.50-carat diamonds rose 1.1 percent and it improved 2.8 percent for 0.30-carat stones. However, RAPI for 3-carat diamonds fell 0.8 percent. Meanwhile, the CPI for all product categories combined increased 1.5 percent year on year in December to 234.58 points, the highest reading on record, surpassing the previous record of 233.95 points in September.
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