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Rapaport Melee Diamond Index -4% in 1Q15
Rapaport Auctions Sell Over 135,000 Carats for $29M
Apr 13, 2015 10:24 AM
By Rapaport
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RAPAPORT...
PRESS RELEASE, April 13, 2015, New York ... The Rapaport Melee Index (RMI™) for small diamonds decreased by 4 percent to 124.50 during the first quarter of 2015. Year over year, the index is down 9.5 percent from its level of 137.60 in March 2014.
Polished prices declined throughout the first quarter of 2015 as retailers were largely absent from the market and diamond trading remained slow in March. Jewelry retailers refrained from their usual first-quarter buying and avoided unnecessary buildup of inventory. Diamond manufacturers significantly reduced their polished production in an effort to diminish their existing polished stock, as overall demand was weak and profit margins remained slim. Furthermore, liquidity continued to be tight due to weak demand, manufacturers’ lack of profitability and the increased self-financing of rough purchases as banks restrict and reduce credit limits. While the second quarter is a traditionally slow period, dealers are hoping that the market will stabilize as supply is reduced and shortages stimulate market demand in the coming months.
Copyright © by Martin Rapaport
“The diamond industry is continuing to face challenging times and serious liquidity constraints as dealers struggle to operate profitably in an extended weak market. Demand remained slow in the first quarter with the recent Hong Kong and Basel shows failing to stimulate trading activity. There is uncertainty as to how long current conditions will last, with hesitation as to whether the market has hit bottom or if it will continue to spiral downward. Manufacturers are deferring rough purchases and are cutting down on new production with hopes that limited new supply will help stabilize declining prices and reduce current inventory. Rapaport Auctions held its largest auction to date in New York and Hong Kong last month with over 98,000 carats of diamonds. At this critical time, we are maximizing our marketing and sales efforts to ensure that our clients can liquidate their diamonds at fair market prices and operate their business with consistent cash flow,” said Ezi Rapaport, the director of Global Trading, Rapaport Group.
Upcoming Rapaport Auctions:
April 12-15, Israel
April 20-23, New York
April 21-29, New York & Dubai
May 13-20, New York & Israel
May 19-28, New York & Dubai
To participate in Rapaport Auctions, companies are invited to visit: www.rapaportauctions.com, contact Auction Support via email: auctions@rapaport.com or call their local Rapaport office.
The Rapaport Group operates in compliance with the U.S. Patriot Act and OFAC regulations, and does not trade in diamonds from Marange, Zimbabwe.
Rapaport Media Contacts: media@diamonds.net; www.diamonds.net/MediaCenter
U.S.: Michelle Ickowics +1-917-833-8796;
International: Lisa Miller +1-718-521-4976;
Mumbai: Manisha Mehta +91-97699-30065
About Rapaport Auctions:
Rapaport Auctions provide an excellent opportunity for the diamond trade to buy and sell diamonds at cash prices. The large quantities and wide variety of merchandise offered attract competitive bids from a broad range of local and international buyers. Rapaport Auctions is committed to addressing the needs of the international diamond community for enhanced liquidity while presenting unprecedented buying opportunities.
About the Rapaport Group:
The Rapaport Group is an international network of companies providing added value services that support the development of fair, transparent, efficient, and competitive diamond and jewelry markets. Established in 1978, the Rapaport Magazine is the primary source of diamond price and market information. Group activities include Rapaport Information Services 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 118 countries and employs 200 people with 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 © Martin Rapaport. All rights reserved.”
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Tags:
diamonds, index, melee, prices, Rapaport
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