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Polished Diamond Prices Firm in February
One-Carat RAPI Rises for Fourth Consecutive Month
Mar 1, 2016 5:00 AM
By Rapaport
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RAPAPORT... PRESS RELEASE, March 1,
2016, New York … Polished diamond prices rose in February continuing the
uptrend evident since November. Shortages continue to support the market while
trading slowed during the month as dealers in China and Hong Kong took vacation
during the Chinese New Year period.
The RapNet Diamond
Index (RAPI™) for 1-carat, GIA-graded diamonds rose 0.3 percent in February.
RAPI for 0.30-carat diamonds advanced 0.4 percent and RAPI for 0.50-carat
diamonds grew 0.7 percent. RAPI for 3-carat diamonds fell 1.2 percent.
RAPI for 1-carat diamonds increased 1.3 percent during the
first two months of the year but remains 7.8 percent below levels recorded one
year ago.
© Copyright 2016, Rapaport USA Inc.
The Rapaport Monthly
Report demonstrates that polished prices remained firm ahead of the Hong Kong
International Jewelry Show (March 1-7). Chinese buyers are expected to return
to the market for the show but buying levels are uncertain due to the slowdown
in China’s economy and stock market devaluations in 2016. Initial reports
indicate that the Chinese New Year retail season was weak with Chow Tai Fook
reporting sales fell 29 percent.
The uptrend in
polished prices is being driven by shortages rather than growth in demand. Manufacturers
increased their rough purchases and polished production in 2016 in order to
fill shortages in the polished market. However, scarcities remain in the
short-term as it takes three-to-four months for new polished production to
enter the market.
Rough trading remained solid in
February with De Beers and ALROSA maintaining stable prices. Rough prices on
the secondary market and at auctions were steady, increasing in some
categories. De Beers rough sales rose significantly in the first two months of
2016 after sales slumped 54 percent to just $1.4 billion during the second half
of 2015.
There has been some restocking of inventory
among manufacturers in January and February, but rough trading is expected to
slow as new polished supply enters the market in the second quarter, while
polished demand is expected to remain sluggish.
Martin
Rapaport, Chairman of the Rapaport Group, issued a cautionary statement regarding
the impact of increased supply on polished prices.
“The
recent surge of rough diamond prices on the secondary market is dangerous and
unsustainable. Current polished price levels reflect artificial shortages
created by a 42 percent decline of rough supplies in the second half of 2015.
Production is now normalizing which will soon significantly increase polished
supply while overall demand remains weak,” Rapaport said.
# # #
The Rapaport Monthly
Report can be purchased at http://store.rapaport.com/monthly-report
Rapaport Media Contacts: media@diamonds.net
U.S.:
Sherri Hendricks +1-702-893-9400
International: Gabriella Laster
+1-718-521-4976
Mumbai: Manisha Mehta +91-97699-30065
About
the Rapaport RapNet Diamond Index (RAPI™): The RAPI is based on the average asking price
in hundred $/ct. of the 10 best priced diamonds, for the top 25 quality round
diamonds (D-H, IF-VS2, RapSpec-A3 and better) offered for sale on RapNet –
Rapaport Diamond Trading Network. The RAPI is provided for various sizes. www.RapNet.com has daily listings of over 1 million diamonds
valued at approximately $7.9 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 fair, transparent, competitive and efficient diamond and jewelry
markets. Established in 1978, the Rapaport Price List is the primary source of
diamond price and market information. Group activities include Rapaport
Information Services, Rapaport Magazine, and Diamonds.net, providing research,
analysis and news; RapNet – the world’s largest diamond trading network;
Rapaport Laboratory Services provides GIA gemological services in India,
Belgium and Israel; and Rapaport Trading and Auction Services specializing in
recycled diamonds and jewelry. The Group supports over 20,000 clients in 121
countries and has offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai,
Surat, Dubai and Hong Kong. Additional information is available at www.Diamonds.net.
Martin Rapaport (Publisher) grants limited permission to use copyrighted
data appearing in this press release in and in conjunction with journalistic
copy, reporting or articles concerning diamond pricing and information in graph
or data presentation format only. The following credit notice must appear
alongside, underneath, or in close proximity to any use of the copyrighted
data: “Used with permission of Rapaport USA, Inc. Copyright 2016 © Rapaport
USA. All rights reserved.”
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Tags:
Chinese New Year, De Beers, diamonds, Hong Kong International Jewelry Show, Jewelry, Martin Rapaport, Rapaport, Rapaport News, RAPI, RapNet
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