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Steady Demand Lifts Diamond Prices
Rapaport to Spotlight Bank Financing in June
Jun 1, 2021 5:00 AM
By Rapaport
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RAPAPORT PRESS RELEASE, June 1, 2021, Las Vegas… Diamond market sentiment was positive during May as the US and China saw upbeat jewelry sales. Supply shortages and a swift recovery in demand supported polished prices.
The RapNet Diamond Index (RAPI™) for 1-carat diamonds rose 0.8% in May.
| RapNet Diamond Index (RAPI™) |
|
May |
Year to date
Jan. 1 to Jun. 1 |
Year on year
Jun. 1, 2020, to Jun. 1, 2021 |
| RAPI 0.30 ct. |
0.9% |
0.6% |
8.0% |
| RAPI 0.50 ct. |
1.2% |
-1.3% |
15.4% |
| RAPI 1 ct. |
0.8% |
5.1% |
18.8% |
| RAPI 3 ct. |
1.6% |
4.5% |
13.9% |
© Copyright 2021, Rapaport USA Inc.
Scarcities stimulated rough-diamond buying at firm prices during the month. India continues to bring in large volumes of rough despite factories operating at lower capacity due to the surge in Covid-19 infections. India’s rough imports came to $1.7 billion in April, according to the latest data from the Gem & Jewellery Export Promotion Council (GJEPC). This was significantly higher than pre-pandemic levels.
Demand for 0.30- to 0.50-carat, D to H, IF to VS2 diamonds improved in May after a period of declining interest. Inventory levels in this range have fallen. The number of such stones on RapNet as of June 1 was about 23% lower than in the beginning of April. Manufacturers in India have shifted to larger sizes to maximize value while operations are limited.
Polished suppliers are filling orders. India’s polished exports grew in April even as the Gemological Institute of America (GIA) reported a one-month backlog at its labs in Mumbai and Surat. US and Chinese jewelers continue to replenish inventory. There are strong cash buyers boosting liquidity, although India is experiencing some pandemic-related payment concerns.
The trade emerged from the 2020 crisis with stronger liquidity and less reliance on banks for financing. Rapaport will explore that dynamic in the June issue of Rapaport Magazine, as well as on the Diamonds.net portal and in a series of podcasts during the month. Diamantaires are gaining confidence and keeping prices firm as orders flow in from the two largest diamond jewelry markets.
For in-depth diamond price, supply and demand data and analysis, subscribe to the Rapaport Research Report here.
Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Alex Shine +1-718-878-5138
Mumbai: Prashant Bhojani +91-97694-66855
About the Rapaport Research Report: The Rapaport Research Report provides subscribers with in-depth analysis of key themes affecting the diamond market. It also presents exclusive analytics for diamond prices in a variety of categories, based on sales and inventory data from RapNet®.
About the 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® (www.rapnet.com). 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; Rapaport Laboratory Services, providing Rapaport gemological services in India, Israel and New York; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year. Additional information is available at www.diamonds.net.
Image: Polished diamonds. (Shutterstock)
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Tags:
Alrosa, COVID-19, De Beers, Diamond prices, diamonds, financing, GIA, GJEPC, Jewelry, prices, Rapaport, Rapaport Magazine, RAPI, RapNet
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