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RAPAPORT... The U.S. consumer price index (CPI) for jewelry posted its largest increase in 16 months, rising 4.3 percent year on year to 180.9 points in July. However, for the first seven months of 2013, the jewelry CPI has fallen 0.8 percent primarily as a result of lower gold prices.
The CPI reading in July was the ninth to exceed 180 points and it continued to maintain a historically strong inflation trend, marking the 31st consecutive month with a reading of more than 170 points. 
The CPI for jewelry reached a record 183 points in January 2012, but then prices for polished diamonds, gold and platinum began to decline. The price of gold at the end of July was down about 18 percent year on year; however, platinum was gaining momentum as it was up 3 percent.
According to the RapNet Diamond Index (RAPI) in July, prices for 1-carat certified polished diamonds had plunged 6.5 percent year on year, while prices for 3-carat stones dropped 3.6 percent and 0.50-carat had fallen 5.8 percent. Prices for 0.30-carat diamonds rose 4.5 percent, according to RAPI.
Meanwhile, the CPI for all product categories combined jumped 2 percent year on year in July to 233.32 points, a record high. The previous index record was 232.94 points posted in June.
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