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Diamond Prices Decline in September
1ct. RAPI Drops 2% in Third Quarter
Oct 3, 2017 4:00 AM
By Rapaport
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RAPAPORT PRESS RELEASE, October 3, 2017, New York… Diamond prices softened in September as suppliers worked to liquidate old stock. Sentiment improved as trading returned to normal at the Hong Kong Jewellery & Gem Fair, with steady demand for goods at lower prices.
The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 0.7% in September and 2% during the third quarter. The index is down 4.5% since January 1, and has dropped 7.4% in the past 12 months.
© Copyright 2017, Rapaport USA Inc.
The Rapaport Monthly Report – October 2017 notes that lower prices have presented buying opportunities for jewelers at a time when they require inventory for the holiday season.
Manufacturers’ profit margins remain squeezed, as Alrosa and De Beers have held rough prices steady while polished demand has been sluggish. Rough prices on the dealer market and at auctions were down in September as trading slowed ahead of the October 19 Diwali festival. Indian suppliers have enough inventory to maintain their operations until Diwali, when factories typically close for two to three weeks.
The rise in inventory levels and the occurrence of Diwali means rough trading is expected to remain quiet through October and November. The number of unique stones listed on RapNet rose 21% in the first nine months of the year to 1.43 million diamonds.
Dealers are now focused on filling US holiday orders. Jewelers require less stock than before as they adjust to a changing retail environment. Still, expectations are rising for the holiday season, as jewelry retail sales in both the US and China are showing signs of improvement. A strong season should translate to stronger diamond demand in the first quarter of 2018, providing much-needed support for polished prices.
The Rapaport Monthly Report is available at store.rapaport.com/monthly-report.
Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Gabriella Laster +1-718-521-4976
Mumbai: Karishma Nagpal +91-98206-60574
About the Rapaport RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10% 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 1.4 million diamonds valued at over $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 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet – the world’s largest diamond trading network, with over 15,000 members in 95 countries and daily listings of over 1.4 million carats valued at over $8 billion; Rapaport Laboratory Services, providing GIA and Rapaport gemological services in India, Israel and Belgium; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 500,000 carats of diamonds a year. Additional information is available at www.diamonds.net.
Image from Shutterstock (Luibov Luganskaia)
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Tags:
Alrosa, De Beers, diamonds, Jewelry, Rapaport, RAPI, RapNet
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