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RAPAPORT... The U.S. consumer price index (CPI) for jewelry dropped 3.1 percent year on year to 165.43 points in June, which was the lowest reading for the month since 2010. Meanwhile, the CPI for watches rose 0.9 percent to 123.85 points, reflecting a new high for the month of June. Prices for diamonds and precious metals experienced broad declines during the month, which contributed to a weakening price index for jewelry. The RapNet Diamond Index (RAPI), the global benchmark for polished prices, dropped 15.3 percent year on year for 1.00-carat certified diamonds, while RAPI for 0.30-carat plunged 25.8 percent, RAPI for 0.50-carat contracted 17.5 percent and RAPI for 3.00-carat diamonds declined 18.1 percent. Gold prices in June averaged about 10 percent lower from one year ago. Platinum, on the other hand, remained under tremendous pressure and fell 27 percent, while silver declined about 24 percent compared with June 2014. The CPI for all consumable product categories in June was basically unchanged, up just up 0.1 percent from one year ago, at 238.64 points; however, the index set a record high.
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