|
RAPAPORT... PRESS RELEASE, October 8, 2013, New York: The Rapaport Melee Index (RMI™) for small diamonds decreased by 6 percent to 125.99 during the third quarter of 2013. The index is relatively flat compared with one year ago, when the September 2012 reading was 126.33.
Overall, melee diamond prices continued to decline due to caution in India and China, and despite anticipation that trading would strengthen ahead of the fourth quarter. Trading among Indian dealers in the third quarter was subdued as they continue to deal with the volatile rupee and a cautious domestic retail environment.
“We’ve seen a continued trend of weaker prices in the third quarter, with slight improvement and stability in September. Due to tight liquidity and soft polished demand, diamond manufacturers have refused goods at De Beers sights and have been reducing diamond manufacturing activity by as much as 30 percent to 50 percent. We expect a significant decline in polished availability in the fourth quarter as diamond manufacturers restrict production until rough prices fall to levels enabling reasonable cutter profitability. Markets remain cautious as the Indian rupee recovers from all-time lows and as growth in China is expected to continue to slow. Strong U.S. polished demand is providing stability and creating shortages in select categories. A small boost in trading may develop in the next few months as polished inventories remain relatively low and retailers look for goods for the holiday season,” said Ezi Rapaport, the director of global trading for the Rapaport Group.
Rapaport Diamond Auctions sold over 78,000 carats of diamonds for $16.7 million during the third quarter of 2013. Rapaport Auctions continue to provide consistent opportunities for buyers and sellers to trade diamonds at competitive, fair market value prices that ensure market liquidity in all conditions.
Upcoming Rapaport Auctions:
• October 3 to 9 in New York and Israel
• October 8 to 17 in New York and Dubai
• October 22 to 30 in New York and Israel
• November 12 to 20 in New York and Israel
• November 19 to 28 in New York and Hong Kong
To participate in Rapaport Auctions, companies are invited to visit: www.rapaportauctions.com, contact auction support via email at auctions-at-rapaport.com or call the local Rapaport office.
The Rapaport Group operates in compliance with the U.S. Patriot Act and OFAC regulations, and does not trade in diamonds from Marange, Zimbabwe.
Rapaport Media Contacts:
U.S.: Michelle Ickowics +1-917-833-8796;
Mumbai: Manisha Mehta +91-97699-30065;
International: Lisa Miller +1-702-425-9088
About Rapaport Auctions: Rapaport Auctions provide an excellent opportunity for the diamond trade to buy and sell diamonds at cash prices. The large quantities and wide variety of merchandise offered attract competitive bids from a broad range of local and international buyers. Rapaport Auctions is committed to addressing the needs of the international diamond community for enhanced liquidity, while presenting unprecedented buying opportunities.
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 with daily listings of over 1 million diamonds valued at US$6.85 billion and 12,400 members in 82 countries; Rapaport Laboratory Services provides GIA and gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services with monthly services 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.”
|