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Optimism Rises as Holiday Season Begins
Diamond Prices Soften with 1ct. RAPI -0.9% in November
Dec 5, 2017 4:07 AM
By Rapaport
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RAPAPORT PRESS RELEASE, December 5, 2017, New York… Sentiment improved in the diamond trade as expectations rose for the US and Chinese holiday seasons. Polished-diamond trading was stable in November, with jewelers filling Christmas orders.
Trading activity was slower than previous years, and polished prices softened during the month. The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 0.9% in November and has fallen 5.5% since January.
© Copyright 2017, Rapaport USA Inc.
The Rapaport Monthly Report – December 2017 outlines three reasons diamond prices declined despite the promise of the holiday season:
1. Trading slowed with Indian dealers on vacation, as the Diwali festival began later than usual this year;
2. There is a high volume of goods on the market. The number of unique stones listed on RapNet was up 5% year on year, reaching 1.35 million on December 1;
3. Demand remains selective, focusing on medium and lower qualities, with very weak demand for D- to F-color, IF- to VVS-clarity diamonds, which are an important part of RAPI.
Manufacturers and dealers continue to carry the risk of holding the industry’s inventory, with many retailers relying on memo supplies and refusing to maintain large inventory positions. Manufacturers are being squeezed, as mining companies increased production and supply in 2017, while US jewelers have reduced their stock requirements.
The trade is encouraged by reports of a good start to the holiday season, with strong showings in mobile sales over Thanksgiving weekend and Cyber Monday. At the same time, double-digit growth among the Hong Kong-based jewelers has fueled optimism for the Chinese New Year season.
The industry is also benefiting from stronger generic marketing this year. Trading is expected to improve in the first quarter, when jewelers typically replenish stock after the holiday season. Effective advertising will help sustain the polished market once that restocking is complete.
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: Karishma Nagpal +91-98206-60574
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 1.3 million diamonds valued at approximately $7.5 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 1.3 million carats valued at approximately $7.5 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 of diamonds a year. Additional information is available at www.diamonds.net.
Image by Shutterstock / avagyanlevon |
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Tags:
Alrosa, Chow Tai Fook, De Beers, diamonds, Jewelry, Martin Rapaport, Rapaport, RAPI, Signet Jewelers
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