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RAPAPORT... PRESS RELEASE, October 14, 2014, New York... The Rapaport Melee Index (RMI™) for small diamonds decreased by 6.8 percent to 129.32 during the third quarter of 2014. Year over year the index is up 2.6 percent from its level of 125.99 in September 2013. Polished trading slowed during the third quarter, as expected, and prices softened as manufacturers faced tight liquidity due to slow sales and diminished bank credit. Polished suppliers were prepared to reduce prices in order to improve cash flow and shrink their large inventory levels. Suppliers are hoping the fourth-quarter holiday season will improve diamond trading and help ease liquidity concerns. However, there is no indication of a turnaround in trading conditions for now. Buyers sense that suppliers are under pressure to improve their cash flow and are accordingly pushing for higher discounts. Following a weak third quarter, the trade enters the holiday shopping season in an environment that clearly favors buyers. (Story continues after the chart.)
“With the recent diamond and jewelry show in Hong Kong exceeding low expectations, momentum and prices picked up slightly from the slow summer. While levels of trading and liquidity are still not high due to the upcoming Indian Diwali New Year, we are expecting an uptick in trading in November once the wholesale market reopens after the Jewish and Indian holidays. Demand in the Far East market is relatively sluggish, however U.S. demand remains stable and we’re expecting a solid Christmas season,” said Ezi Rapaport, the Director of Global Trading at the Rapaport Group.
Upcoming Rapaport Auctions:
• October 22-29, New York & Israel
• November 11-19, New York & Dubai
• November 12-19, New York & Israel
• December 1-4, New York
• December 5-10, New York & Israel
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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