RAPAPORT PRESS RELEASE, November 2, 2021, Las Vegas… The diamond trade was busy in October as suppliers filled orders for the holiday season. The US market is fueling optimism, while there is caution about China’s prospects. Polished demand is outpacing supply, but inventory levels are rising and buyers are pushing for higher discounts.
The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 0.2% in October. The measure was 13.6% above its level one year ago on November 1.
| RapNet Diamond Index (RAPI™) |
|
October |
Year to date
Jan. 1 to Nov. 1 |
Year on year
Nov. 1, 2020, to Nov. 1, 2021 |
| RAPI 0.30 ct. |
-0.9% |
-2.4% |
-4.8% |
| RAPI 0.50 ct. |
-0.7% |
-0.8% |
-2.6% |
| RAPI 1 ct. |
-0.2% |
10.4% |
13.6% |
| RAPI 3 ct. |
0.7% |
7.8% |
13.3% |
© Copyright 2021 by Rapaport USA Inc.
Manufacturers raised polished production before Diwali, beginning November 4, as they typically close for two to three weeks during the festival. More diamonds are coming into the pipeline and grading companies are receiving record submissions at their laboratories. The Gemological Institute of America (GIA) continues to see a six-week turnaround at its Mumbai facility.
Inventory on RapNet grew 42% year on year to 1.72 million unique stones as of November 1. The increase was driven by a spike in availability of 0.30- and 0.50-carat sizes — typical Chinese goods. These categories were up 97% and 94% respectively versus last year.
Still, mining companies report a shortfall in rough supply as demand remains robust. Manufacturers note it is difficult to find profitable supply after prices rose an estimated 20% since the beginning of the year, according to the Rapaport Rough Price Index. Diamantaires anticipate a good holiday period and are preparing for strong orders in the first quarter when jewelers and dealers replenish inventory sold during the season.
Retail jewelers are upbeat for the November-December peak selling period, as highlighted in the latest issue of Rapaport Magazine. Consumer confidence is improving while the spread of the Covid-19 delta variant has eased. The gradual return of travel and the experience economy will bring renewed competition to the jewelry market. However, the trade maintains an edge over other product categories which are facing supply-chain challenges that do not apply to jewelry.
Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Alex Shine +1-718-878-5138
Mumbai: Prashant Bhojani +91-97694-66855
About the Rapaport Research Report: The Rapaport Research Report provides subscribers with in-depth analysis of key themes affecting the diamond market. It also presents exclusive data and analytics for diamond prices in a variety of categories, based on inventory data from RapNet®.
About the 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® (www.rapnet.com). 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; Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year; and Rapaport Laboratory Services, providing Rapaport gemological services in India and Israel. Additional information is available at www.Rapaport.com.
|