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RAPAPORT... The U.S. consumer price index (CPI) for jewelry dropped 4.1 percent year on year to 166.07 points in January, which was about 4 points higher than December's reading. Comparatively, the CPI for watches rose 2.3 percent to 122.79 points in January, which resulted in a new index high for the month. Meanwhile, diamond prices during the month contracted, according to the RapNet Diamond Index (RAPI), the global benchmark for polished prices. RAPI for 1.00-carat diamonds plunged 10.2 percent year on year, while RAPI for 0.30-carat stones fell 8.8 percent, RAPI for 0.50-carat dropped 3.1 percent and RAPI for 3.00-carat diamonds declined 6.7 percent. Gold prices in January rallied to their highest level since July; however, the run failed to boost the average price, leaving the metal about 6 percent lower than one year earlier. Platinum, on the other hand, remained under pressure, falling about 15 percent in January compared with 12 months ago. Silver plunged 19 percent. The CPI for all consumable product categories in January was basically unchanged from one year ago, down 0.1 percent, at 233.7 points.
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