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RAPAPORT... The U.S. consumer price index (CPI) for jewelry declined 4.7 percent year on year to 171.87 points in August. The reading was one-tenth of a point lower than July, but still higher compared with the lowest reading of the year when the index was 169.36 points in May. The CPI for watches, meanwhile, rose 4.5 percent to 122.41 points, after marking its highest reading of the year at 123.58 points in July. Precious metals prices for the jewelry sector have come under pressure recently, contributing to a declining CPI in the past several months. The average price of gold was about 2 percent lower in August compared with one year ago and platinum was basically flat. However, polished diamond prices were mixed in August. The RapNet Diamond Index (RAPI), the global benchmark for polished diamond prices, fell 4.7 percent year on year for 1-carat diamonds in August, while RAPI for 3-carat diamonds dropped 2.6 percent. RAPI for 0.30-carat diamonds jumped 9.9 percent and the index increased 7.8 percent for 0.50-carat stones. By comparison, the CPI for all product categories in August increased 1.7 percent year on year to 237.43 points, or just one-half a point lower than the reading in July. The reading in August broke a 15-month long period of consecutive month to month increases.
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