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Certified Polished Diamond Prices -0.6% in June
Jul 3, 2013 8:08 AM
By Rapaport
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RAPAPORT... PRESS RELEASE, July 3, 2013, New York: Certified polished diamond prices softened in June as cutting centers came under financial pressure. Stable U.S. demand is supporting the market but Indian currency and liquidity difficulties and weak Chinese and Indian demand has reduced trading activity.
The sharp depreciation of the rupee to record lows beyond 60/$1 has diminished India’s appetite for diamonds.
The RapNet Diamond Index (RAPI™) for 1-carat certified polished diamonds fell 0.6 percent in June. RAPI for 0.30-carat diamonds declined 1 percent bucking the strong uptrend seen in this category in the first five months of the year. RAPI for 0.50-carat diamonds fell 0.7 percent and RAPI for 3-carat diamonds declined by 0.5 percent.
 Copyright © by Martin Rapaport
According to the just released Rapaport Monthly Report – July 2013, “Reasonable Caution,” diamond buying was conservative in June and polished prices continue to come under pressure. 25,000 diamond cutters have lost their jobs in Surat as the weak rupee is forcing diamond manufacturers to stop buying rough at unsustainable prices. In addition, China’s retail jewelry market is quiet with weak Far East demand.
While diamond markets were encouraged by positive U.S. sentiment, dealers maintained a cautious medium-term outlook, particularly as the Federal Reserve may scale back its economic stimulus program.
Diamond prices held relatively steady in the first half of 2013 but softened in June. The third quarter is expected to be difficult with tight cutting center liquidity in light of the weak rupee and high rough prices. In such an environment, diamond manufacturers are expected to reduce their rough purchases as polished buyer restraint will continue during the next few months.
Read the Rapaport Research Report, “Reasonable Caution,” at www.diamonds.net/report or email: specialreports@diamonds.net.
Rapaport Media Contacts: media@diamonds.net
International: Lisa Miller +1-702-425-9088; U.S.: Sherri Hendricks +1-702-893-9400; Mumbai: Manisha Mehta +91-97699-30065.
About the Rapaport - RapNet Diamond Index (RAPI™): The RAPI is based on the average asking price in hundred $/ct. for the top 25 quality 1 ct. round diamonds (D-H, IF-VS2, RapSpec-2 and better) with GIA grading reports offered for sale on RapNet – Rapaport Diamond Trading Network. The RAPI is provided for various sizes. www.RAPNET.com has daily listings of over 1 million diamonds valued over US$6.7 billion and more than 12,000 members in over 80 countries.
About the Rapaport Group: The Rapaport Group is an international network of companies providing added value services that support the development of fair, transparent, efficient, and competitive diamond and jewelry markets. Established in 1978, the Rapaport Diamond Report is the primary source of diamond price and market information. Group activities include Rapaport Information Services providing research, analysis and news; RapNet – the world's largest diamond trading network; Rapaport Laboratory Services provides GIA and gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services with monthly sales of over 50,000 carats. The Group employs 180 people with offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai, Hong Kong and Shanghai. Additional information is available at www.Rapaport.com.
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 © Martin Rapaport. All rights reserved.”
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Tags:
diamonds, Rapaport, RAPI, RapNet
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