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RAPAPORT... The U.S. consumer price index (CPI) for jewelry declined 3.7 percent year on year to 169.63 points in April, which was the lowest in 39 months and ended the longest stretch on record of readings in excess of 170 points.  The CPI for watches, meanwhile, was basically flat in April, down by 0.3 percent to 121.12 points. Price pressures on industry commodities contributed to a lower CPI. The average price of gold in April was down about 11 percent year on year, while platinum was down nearly 4 percent. The RapNet Diamond Index (RAPI), the global benchmark for polished prices, fell 3 percent year on year for 1-carat diamonds, while RAPI for 3-carat diamonds dropped 2.3 percent. However, RAPI for 0.30-carat diamonds jumped 10.8 percent and the index increased 4.2 percent for 0.50-carat stones. By comparison, the CPI for all product categories in April increased 2 percent year on year to set a new record high of 236.25 points.
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