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RAPAPORT... The U.S. consumer price index (CPI) for jewelry dropped 3.6 percent year on year to 161.77 points in May, which was the lowest reading posted since December. Comparatively, the CPI for watches rose 1.8 percent to 122.51 points, reflecting a new high for the month of May. Meanwhile, prices for diamonds and precious metals experienced broad declines, which contributed to the overall CPI decline. The RapNet Diamond Index (RAPI), the global benchmark for polished prices, dropped 13.6 percent year on year for 1.00-carat certified diamonds, while RAPI for 0.30-carat plunged 22.2 percent, RAPI for 0.50-carat contracted 12 percent and RAPI for 3.00-carat diamonds declined 14.3 percent. Gold prices in May averaged about 8 percent lower from one year ago. Platinum, on the other hand, remained under tremendous pressure and fell 21 percent, while silver declined 18 percent compared with May 2014. The CPI for all consumable product categories in May was basically unchanged, down just 0.04 percent from one year ago, at 237.81 points.
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