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Diamond Prices Stable in September
Oct 5, 2016 9:09 AM
By Rapaport News
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PRESS RELEASE, October 5, 2016, New York… Diamond markets were steady in September. Sentiment improved as trading at the Hong Kong Jewellery & Gem Fair, a bellwether for the industry, was better than expected even though buyers refrained from large inventory purchases. The polished market was supported by relatively high rough prices as suppliers held polished prices firm, preferring to delay sales rather than suffer losses from expensive rough.
The RapNet Diamond Index (RAPI™) for one-carat, GIA-graded polished diamonds declined 0.2% in September. The index dropped 2.7% in the third quarter and is down 2% since the beginning of the year.
©
Copyright 2016, Rapaport USA Inc.
The Hong
Kong show signaled three trends affecting the diamond market: Dealer demand
improved but sales were limited. Manufacturers increased polished production
even though profit margins tightened. Chinese demand stabilized at levels well
below those of the expansion years.
The diamond
market is readjusting to lower retail inventory requirements, particularly in
the Far East where jewelers have halted or scaled down their store expansion
programs. Chinese buyers shifted to lower price points and are more selective as
they restrict inventory purchases. U.S. retailers maintained inventory levels
consistent with last year ahead of the fourth-quarter selling season.
Polished
inventory is growing as manufacturers raise production before Indian factories
close for the Diwali festival, despite tight profit margins. The number of
diamonds listed on RapNet rose 4% in the third quarter and was up 22% from
January 1, 2016. Rough trading was buoyant in September with prices firming and
premiums rising on the secondary market.
Polished manufacturing
is expected to soften for the rest of the year as dealers concentrate on
filling final Christmas orders. A buildup of inventory is anticipated as demand
remains relatively sluggish. The season is not expected to be stellar as
consumer spending is cautious amid economic volatility and political
uncertainty while the industry’s generic marketing campaign is yet to gain
traction.
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
ethical, transparent, competitive and efficient diamond and jewelry markets.
Established in 1976, the Group has more than 20,000 clients in over 120
countries. Group activities include Rapaport Information Services, providing
the Rapaport Price List, research, analysis and news; RapNet – the world's
largest diamond trading network; Rapaport Laboratory Services provides GIA and
Rapaport gemological services in India, Belgium and Israel; and Rapaport
Trading and Auction Services specializing in recycled diamonds and jewelry.
Additional information is available at www.Diamonds.net.
Martin Rapaport 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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