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RAPAPORT... The U.S. consumer price index (CPI) for jewelry dropped 3.5 percent year on year to 165.6 points in March, which was basically unchanged from February. Comparatively, the CPI for watches was basically flat, or up 0.2 percent year on year, to 123.23 points in March, which resulted in a new index high for the month. Meanwhile, prices for diamonds and precious metals experienced broad declines in March. The RapNet Diamond Index (RAPI), the global benchmark for polished prices, plunged 14.4 percent for 1.00-carat certified diamonds, while RAPI for 0.30-carat contracted 19.8 percent, RAPI for 0.50-carat fell 8 percent and RAPI for 3.00-carat diamonds declined 14.7 percent. Gold prices in March came under pressure as the dollar firmed against world currencies, leaving the metal about 8 percent lower than one year earlier. Platinum, on the other hand, remained under tremendous pressure, falling about 18 percent in March, and silver plunged 17 percent compared with March 2014. The CPI for all consumable product categories in March was basically unchanged from one year ago at 236.12 points.
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