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Polished Prices Firm Ahead of Holiday Season
RAPI for 1ct. up 2.3% in September
Oct 6, 2020 5:09 AM
By Rapaport
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RAPAPORT PRESS RELEASE, October 6, 2020, Las Vegas… Diamond market sentiment improved in September as jewelers started to prepare for the fourth-quarter holiday season. Optimism was tempered by a continued rise in global Covid-19 cases and renewed government restrictions in key trading centers.
Polished prices firmed due to shortages and rising holiday orders. The RapNet Diamond Index (RAPI™) for 1-carat diamonds rose 2.3% during the month and was up 1.9% since the beginning of the year.
| RapNet Diamond Index (RAPI™) |
|
September |
Year to date
Jan. 1 to Oct. 1 |
Year on year
Oct. 1, 2019, to Oct. 1 2020 |
| RAPI 0.30 ct. |
4.3% |
5.2% |
16.5% |
| RAPI 0.50 ct. |
6.3% |
14.7% |
19.9% |
| RAPI 1 ct. |
2.3% |
1.9% |
1.8% |
| RAPI 3 ct. |
2.3% |
-3.1% |
-3.7% |
© Copyright 2020, Rapaport USA Inc.
Polished inventory levels are well below those of previous years. Manufacturing has gone down drastically since March due to the coronavirus constraints. Large Surat-based factories are currently operating at an estimated 60% to 70% of capacity.
Selective buying has left suppliers struggling to fill orders due to the scarcity of stones in specific categories. Demand is steady and prices firm for 1-carat, D-F, IF-VVS goods. Inventory of 0.30- to 0.50-carat diamonds has increased in recent months as the easing of Indian government restrictions has allowed manufacturers to raise production.
The rough market was robust during September, continuing the momentum from the previous month. Manufacturing profit margins improved after De Beers lowered prices of rough diamonds below 1 carat by 5% to 10% at its sight. It had made similar adjustments for larger goods in August.
Jewelers are mainly focused on sourcing memo goods, but some are beginning to make bulk orders for the season. High-end retailers are seeing solid interest in distinctive pieces among wealthy clients. The bridal category is supporting the broader jewelry market.
There is growing anticipation for the holidays as consumers seek to express emotions with more meaningful gifting during the pandemic. A rise in diamond category marketing has boosted optimism as well: The trade can now capitalize on the Natural Diamond Council’s high-profile “For Moments Like No Other” advertising campaign.
For in-depth diamond price, supply and demand data and analysis, subscribe to the Rapaport Research Report here.
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 Rapaport 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: Table top view of rough and polished. (De Beers)
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Tags:
De Beers, diamonds, For Moments Like No Other, Jewelry, Natural Diamond Council, Rapaport, RAPI
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