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Polished Diamond Prices Decline in June
Jul 5, 2017 5:00 AM
By Rapaport
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RAPAPORT PRESS RELEASE, July 5, 2017, New York… Polished diamond prices softened in June after the JCK Las Vegas show demonstrated a cautious and changing US market.
Jewelers are reducing their inventory requirements as they adjust to changing consumer habits. There is a strong emphasis on bespoke services and personalized products. Consumers are also shifting to lower price points, impacting the volume and type of diamonds that jewelers need in their stores.
The market is selective as the trade focuses on immediate needs, with very little planning of future supply. The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded, RapSpec A3+ diamonds declined 0.8% in June and was down 2.5% in the first half of 2017.
© Copyright 2017, Rapaport USA Inc.
Polished prices fell, while rough prices continued to firm, reducing cutters’ profit margins. To support prices, De Beers is limiting rough supply, which is creating shortages in select categories of polished diamonds. Overall midstream inventory continues to rise, as old stock is difficult to move. The number of diamonds listed on RapNet rose 6.4% in June and 17.6% in the first half of the year.
Trading is expected to slow in the third quarter, a traditionally quieter period for the market. Dealers in New York, Antwerp and Ramat Gan take their summer vacations in July and August before the fourth-quarter holiday season.
The Rapaport Monthly Report – July 2017 stresses the need to boost consumer desire for diamonds in order to restore profitability. For the first time in over a decade, the industry has the funds to run an effective generic marketing program: The Diamond Producers Association has secured a $57 million budget for this year’s campaign. The hope is that stronger messaging and engagement with consumers will increase demand for diamonds, and ultimately reverse the downward price trend that continued from previous years into the first half of 2017.
The Rapaport Monthly Report is available at store.rapaport.com/monthly-report.
Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Gabriella Laster +1-718-521-4976
Mumbai: Priyanka Vaidya +91-97699-38102
About the Rapaport RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet – Rapaport Diamond Trading Network. www.RapNet.com has daily listings of over 1.4 million diamonds valued at approximately $7.8 billion. Additional information is available at www.diamonds.net.
About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the Group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet – the world's largest diamond trading network with over 15,000 members in 95 countries and daily listings of over 1.4 million carats valued at over $7.8 billion; Rapaport Laboratory Services, providing GIA and Rapaport gemological services in India, Israel and Belgium; and Rapaport Trading and Auction Services, the world's largest recycler of diamonds, selling over 500,000 carats a year. Additional information is available at www.diamonds.net. |
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Tags:
De Beers, Diamond prices, Diamond Producers Association, diamonds, Dpa, Jewelry, Rapaport, RAPI, RapNet, RapNet Diamond Index
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