Rapaport Press Release
RAPI for 1 Ct. Diamonds -6.9% in 3Q 2012‎
RAPAPORT... PRESS RELEASE, October 3, 2012, New York: Certified polished diamond prices ‎continued to soften in September as buyers remain cautious ahead of the fourth-quarter ‎holiday season. The Hong Kong Jewellery & Gem Fair reflected mediocre Far East ‎demand as buyers concentrated on inexpensive lower-quality diamonds. ‎

Jewelry retailers are buying diamonds to meet their short-term needs but are maintaining ‎low inventories. The prevailing diminished demand has influenced diamond ‎manufacturers to reduce their output, and mining companies to lower their production ‎levels. Both sectors have adjusted their forecasts for the rest of 2012 accordingly.‎

In September, the RapNet Diamond Index (RAPI™) for 1 ct. certified diamonds fell 0.7 ‎percent. RAPI for 0.3 ct. stones decreased 0.6 percent and RAPI for 0.5 ct. diamonds ‎declined 0.6 percent. RAPI for 3 ct. diamonds fell 0.3 percent during the month.‎

During the third quarter of 2012, RAPI for 1 ct. diamonds fell 6.9 percent. RAPI for 1 ct. ‎diamonds dropped 10.2 percent during the first nine months of the year and is down 14.6 ‎percent from one year ago.       ‎

 Copyright © 2012 by Martin Rapaport.‎

According to the just released Rapaport Research Report, “Price Sensitive Demand,” ‎diamond markets improved after the quiet June-August period as dealers started to ‎prepare for the holiday season. However, trading remains uncertain as buyers are testing ‎price levels and suppliers are competing to lure serious customers. ‎

Rough trading improved slightly as prices fell in August but diamond manufacturers ‎remain under pressure. They have lowered factory outputs and are struggling to retain ‎their skilled labor. Mining companies intent on maintaining their rough price levels are ‎keeping diamonds in the ground, or in inventory, until demand improves and they are ‎able to fetch better prices. ‎

The diamond market is ‎expected to remain under pressure in the short term due to ‎prevailing economic ‎uncertainty.‎ While traders left the Hong Kong show ‎in a fairly ‎positive mood, they have grown accustomed to the lower level of ‎demand that has been ‎apparent throughout 2012. Buyers are selective and price sensitive, seeking mainly lower ‎price ‎point VS2-SI diamonds, and doing a lot of price comparison before making ‎their ‎purchases.‎

Forecasts for the fourth quarter are therefore restrained. Dealers foresee relatively stable ‎demand in the U.S. and significantly slower growth in China and India this coming holiday ‎season, but they still lack the confidence to signal that the market has indeed bottomed ‎out. ‎

Read the Rapaport Research Report, “Price Sensitive Demand”, at  www.diamonds.net/reports or email: specialreports@diamonds.net

Rapaport Media Contacts: media@diamonds.net    
International: Shira Topiol +1-702-425-9088 <> U.S.: Sherri Hendricks +1-702-893-9400 ‎‎<> ‎Mumbai: Manisha Mehta  +91-97699-30065 <>

About the Rapaport - RapNet Diamond Index (RAPI™): The RAPI is based on the average ‎asking price in ‎hundred $/ct. for the top 25 quality 1 ct. round diamonds (D-H, IF-VS2, RapSpec-2 and better) ‎with GIA ‎grading reports offered for sale on RapNet – Rapaport Diamond Trading Network. The RAPI is ‎provided for ‎various sizes. www.RAPNET.com has daily listings of over 970,000 diamonds valued over US$6.1 ‎billion and ‎‎7400 members in over 80 countries.

About the Rapaport Group: The Rapaport Group is an international network of companies providing ‎added ‎value services that support the development of free, fair and competitive global diamond markets. ‎‎Established in 1978, the Rapaport Diamond Report is the primary source of diamond prices and market ‎‎information. Group activities include publishing, research and marketing services, internet information and ‎‎diamond trading networks, global rough and polished diamond tenders, diamond certification, quality- ‎control, ‎compliance, shipping, and financial services. Major activities of the group include the development ‎of markets ‎for Fair Trade Diamonds and Jewelry as well as the creation of diamond futures markets. ‎Additional information ‎is available at www.Rapaport.com.‎

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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