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RAPAPORT... The U.S. consumer price index (CPI) for jewelry dropped 3.4 percent year on year to 165.6 points in February, which was the lowest reading for the month since 2010. Comparatively, the CPI for watches rose 1.4 percent to 124.18 points in February, which resulted in a new index high for the month. Meanwhile, diamond prices during February contracted, according to the RapNet Diamond Index (RAPI), the global benchmark for polished prices. RAPI for 1.00-carat diamonds plunged 9.6 percent year on year, while RAPI for 0.30-carat stones fell 12.7 percent, RAPI for 0.50-carat dropped 6.5 percent and RAPI for 3.00-carat diamonds contracted 7.8 percent. Gold prices in February softened as the dollar rose against world currencies, leaving the metal about 8 percent lower than one year earlier. Platinum, on the other hand, remained under tremendous pressure, falling about 18 percent in February compared with 12 months ago. Silver plunged 15 percent. The CPI for all consumable product categories in February was basically unchanged from one year ago at 234.72 points.
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