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Diamond Prices Mixed in Slow August Trading

Sep 6, 2016 4:30 AM   By Rapaport
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RAPAPORT... PRESS RELEASE, September 6, 2016, New York… One-carat diamond prices remain under pressure with low trading volume during the August vacation period. Polished inventory is increasing with steady manufacturing and sluggish demand as dealers prepare for the fourth-quarter holiday season. Some improvement in under-the-carat goods as Chinese bridal demand stabilizes.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds fell 0.8% in August. RAPI for 0.30-carat was flat and RAPI for 0.50-carat rose 0.2%. RAPI for 3-carat increased 0.2%.


© Copyright 2016, Rapaport USA Inc.

Diamond markets are conservative with buyers selective and price-sensitive, according to the Rapaport Monthly Report – September 2016. Manufacturing profits are under pressure as polished production increases before Indian factories close for Diwali (October 30).

Steady rough demand is enabling mining companies to reduce inventory built up last year. De Beers and ALROSA reported strong earnings in the first half of 2016 and growth is projected for the second half given last year’s low comparisons. Rough demand is expected to slow in the coming months as polished inventories increase. The number of unique diamonds listed on RapNet rose 21% since the beginning of the year.

Suppliers are hoping the September Hong Kong Jewellery & Gem Fair will stimulate stronger trading. Chinese buyers are pushing for higher discounts as they prepare for the October 1 National Day. Dealers are holding prices firm as they anticipate stronger selling at the show, even if they’re cautious for Christmas and the Chinese New Year.

Hong Kong jewelers require less inventory as sales slumped due to the weak economy and lower tourist spending. Expectations for the U.S. diminished with disappointing sales at Signet Jewelers and Tiffany & Co.

The trade is deeply concerned about weak diamond demand following slow trading this summer. Large investments in marketing are required to boost consumer demand this holiday season. Attention will focus on Signet and De Beers branded campaigns, and the Diamond Producers Association’s generic campaign.

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The Rapaport Monthly Report can be purchased at store.rapaport.com/monthly-report.

Rapaport Media Contacts: media@diamonds.net
U.S.: Sherri Hendricks +1-702-893-9400
International: Gabriella Laster +1-718-521-4976
Mumbai: Manisha Mehta +91-97699-30065

About the Rapaport RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10 percent best priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet - Rapaport Diamond Trading Network. www.RapNet.com has daily listings of over 1.2 million diamonds valued at approximately $8 billion. Additional information is available at www.Diamonds.net.

About the Rapaport Group: The Rapaport Group is an international network of companies providing added value services that support the development of fair, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the Rapaport Price List is the primary source of diamond price and market information. Group activities include Rapaport Information Services, Rapaport Magazine, and Diamonds.net, providing research, analysis and news; RapNet – the world’s largest diamond trading network; Rapaport Laboratory Services provides GIA gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services specializing in recycled diamonds and jewelry. The Group supports over 20,000 clients in 121 countries and has offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong. Additional information is available at www.Diamonds.net.

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 © 2016 Rapaport USA inc. All rights reserved.”
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Tags: Alrosa, De Beers, Diamond prices, holiday season, Hong Kong, Hong Kong show, prices, Rapaport, Rapaport Monthly Report, RAPI, RapNet, RapNet Diamond Index, u.s.
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