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RAPAPORT... The U.S. consumer price index (CPI) for jewelry eased again in April, falling 1.2 percent year on year to 174.96 points in response to weaker prices for precious metals. The CPI was a little more than one point lower than the reading in March; nonetheless, it maintained a historically strong trend as April's reading was the 28th consecutive month of more than 170 points.
The CPI for jewelry reached a record 183 points in January 2012, but then prices for polished diamonds, gold and platinum remained under pressure throughout the year. Diamond prices, in particular, have since stabilized and are slowly recovering, according to Rapaport Research. But gold fell below $1,350 per ounce in the middle of April before recovering above $1,470 per ounce at the end of the month.
Meanwhile, the CPI for all product categories combined in April rose 1.1 percent year on year to 231.49 points, which was down just slightly from the record high of 232.77 points posted in February.
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