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RAPAPORT... The U.S. consumer price index (CPI) for jewelry dropped 3.3 percent year on year to 163.96 points in April, which was the lowest reading posted since December. Comparatively, the CPI for watches rose 1.6 percent to 123 points, reflecting a new high for the month of April. Meanwhile, prices for diamonds and precious metals experienced broad declines in April. The RapNet Diamond Index (RAPI), the global benchmark for polished prices, dropped 13.9 percent year on year for 1.00-carat certified diamonds, while RAPI for 0.30-carat plunged 21.2 percent, RAPI for 0.50-carat contracted 9.5 percent and RAPI for 3.00-carat diamonds declined 14.5 percent. Gold prices in April averaged about 9 percent lower from one year ago. Platinum, on the other hand, remained under tremendous pressure and fell 21 percent, while silver declined 14 percent compared with April 2014. The CPI for all consumable product categories in April was basically unchanged, down just 0.2 percent from one year ago, at 236.6 points.
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