Rapaport Press Release
RAPAPORT... PRESS RELEASE, October 3, 2013, New York: Certified diamond prices were stable in September with significantly reduced trading volume. Price sensitive Far East buyers are increasingly shifting to commercial-qualities, while tight liquidity and weak domestic demand in India have reduced diamond trading and lowered expectations for the important Diwali holiday season. High rough diamond prices have disrupted manufacturing activity as polished suppliers focus on depleting existing high levels of inventory.

The RapNet Diamond Index (RAPI™) for 1-carat certified diamonds fell 0.3 percent in September. RAPI for 0.30-carat diamonds rose 0.4 percent while RAPI for 0.50-carat and 3-carat diamonds were both flat for the month. RAPI fell by more than 2 percent in the third quarter in all sizes. 

Copyright © by Martin Rapaport

The Rapaport Monthly Report – October 2013, “Selective Markets,” communicated that diamond markets were quiet in September due to weak demand in emerging economies. The Hong Kong Jewellery & Gem Fair demonstrated steady but selective Far East demand, but failed to significantly stimulate global trading with buyers focused on 0.30-carat to 0.50-carat, H and lower, VS-SI goods. Dealers remain cautious ahead of the fourth quarter holiday period.   

Sentiment in the manufacturing sector is weak and liquidity is tight due to high rough prices and cautious bank lending to the industry. Indian manufacturers have pledged to keep polished production at 30 percent to 50 percent below regular fourth quarter levels in an attempt to ease their liquidity concerns and manage India’s foreign currency crisis. Indian trade organizations are discouraging the purchase of rough at high prices.

Rough trading on the secondary market was quiet in September with dealers giving long-term credit and many boxes selling at discount.  De Beers reduced prices at its October sight on Indian boxes and raised prices on goods that yield polished in the popular 0.30-carat to 0.50-carat sizes.

Rough trading and manufacturing is expected to remain unprofitable, as rough prices are still high and polished demand relatively weak. The market will be boosted by Diwali, Christmas and Chinese New Year activity, but expectations in India and China are muted, while U.S. demand is stable. After a weak third quarter, the holiday season should provide some relief to the market, but manufacturers will likely remain under pressure in the meantime.       

Read the attached Rapaport Research Report, “Selective Markets,” at www.diamonds.net/report ‎or email: specialreports@diamonds.net.

Rapaport Media Contacts: media@diamonds.net
U.S.: Sherri Hendricks +1-702-893-9400; International: Lisa Miller +1-702-425-9088; 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 1 million diamonds valued over US$6.9 ‎billion and ‎‎12,400 members in over 82 countries.

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 Diamond Report 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 and gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services with monthly sales of over 50,000 carats. The Group employs 180 people with offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai, Hong Kong and Shanghai. 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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