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Diamond Prices Steady After Vegas Shows
Industry Optimistic for Holiday Season
Sep 2, 2021 5:00 AM
By Rapaport
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RAPAPORT PRESS RELEASE, September 2, 2021, Las Vegas… Diamond prices were stable in August, which is traditionally a slower period for the trade. Upbeat activity at the Las Vegas shows reflected the robust US market that has been driving demand. Retail jewelers are having a strong year, spurring optimism across the supply chain.
The RapNet Diamond Index (RAPI™) for 1-carat diamonds edged up 0.1% during August and has increased by 11.3% since the beginning of the year.
| RapNet Diamond Index (RAPI™) |
|
August |
Year to date
Jan. 1 to Sep. 1 |
Year on year
Sep. 1, 2020, to Sep. 1, 2021 |
| RAPI 0.30 ct. |
-1.4% |
0.4% |
-0.2% |
| RAPI 0.50 ct. |
-0.8% |
0.8% |
4.8% |
| RAPI 1 ct. |
0.1% |
11.3% |
18.2% |
| RAPI 3 ct. |
0.2% |
6.8% |
16.9% |
© Copyright 2021, Rapaport USA Inc.
Diamond trading slowed in early August when dealers in Belgium and Israel took vacations. The spread of the Covid-19 Delta variant brought new restrictions and injected some caution into the market.
Activity picked up during the Las Vegas shows even though visitor traffic and exhibitor numbers were lighter than usual. Many major suppliers and buyers did not attend, but those who did reported good business.
Popular items are proving scarce. Buyers are struggling to find the right goods at profitable prices. Inventory levels are rising but include a growing percentage of stones with black inclusions, milky hues or medium to strong fluorescence. Such stones are more difficult to move.
High rough prices are squeezing profit margins, though premiums softened on the secondary market during August. De Beers kept its prices unchanged following several hikes in previous months.
Less rough is coming to the market than earlier in the year despite manufacturers maintaining steady production. There remains a backlog of goods at the GIA’s India labs, where the turnaround time for grading is more than a month. The backlog is expected to ease when the Indian market shuts for the Diwali festival in early November.
Supply shortages will likely remain an issue at least until then as jewelers and dealers prepare for the holiday season. Expectations are rising for the important fourth-quarter selling period, especially since the Las Vegas shows signaled that jewelers need goods.
Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Alex Shine +1-718-878-5138
Mumbai: Prashant Bhojani +91-97694-66855
About the Rapaport Research Report: The Rapaport Research Report provides subscribers with in-depth analysis of key themes affecting the diamond market. It also presents exclusive analytics for diamond prices in a variety of categories, based on sales and inventory data from RapNet®.
About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com). 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 ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network; Rapaport Laboratory Services, providing Rapaport gemological services in India, Israel and New York; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year. Additional information is available at www.diamonds.net.
Image: Polished diamonds. (Alrosa)
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Tags:
De Beers, diamonds, JCK Las Vegas, Jewelry, Rapaport, RAPI, RapNet
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