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RAPAPORT... The U.S. consumer price index (CPI) for jewelry declined 4.5 percent year on year to 171.97 points in July. However, the reading has been slowly inching higher since the index reached the lowest point of the year so far at 169.36 points in May. The CPI for watches, meanwhile, was down 0.5 percent year on year to 123.58 points. Somewhat stable to slightly lower prices for jewelry industry commodities have contributed to a declining CPI in the past several months. The average price of gold in July was about 3 percent lower and platinum was about 2 percent lower compared with July 2013. The RapNet Diamond Index (RAPI), the global benchmark for polished diamond prices, fell 3.5 percent year on year for 1-carat diamonds in July, while RAPI for 3-carat diamonds dropped 1.9 percent. However, RAPI for 0.30-carat diamonds jumped 13 percent and the index increased 9.8 percent for 0.50-carat stones. By comparison, the CPI for all product categories in July increased 2 percent year on year to set a new record high of 237.91 points. The U.S. CPI has experienced 15 consecutive monthly increases as energy and food producers, in particular, continued to pass on price increases to consumers.
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