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Diamond Trading Slows in Seasonal Lull
1ct. RAPI -0.4% in July
Aug 1, 2018 5:08 AM
By Rapaport
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RAPAPORT PRESS RELEASE, August 1, 2018, New York… Diamond prices softened slightly in July due to a seasonal slowdown as US wholesalers closed for their summer vacations. Bargain-hunters were asking for higher discounts during the quiet period, but suppliers had little urgency to sell after a positive first half.
The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 0.4% in July, but remains up 3% since the beginning of the year. The index has increased 0.8% in the past 12 months.
| RapNet Diamond Index (RAPI™) |
|
July |
Year to date |
Year on year
|
| RAPI 0.30 ct. |
-1.2% |
8.4% |
6.2% |
| RAPI 0.50 ct. |
-0.3% |
5.8% |
-0.2% |
| RAPI 1 ct. |
-0.4% |
3.0% |
0.8% |
| RAPI 3 ct. |
-1.2% |
-0.3% |
1.0% |
© Copyright 2018, Rapaport USA Inc.
*January 1, 2018 to August 1, 2018. **August 1, 2017 to August 1, 2018.
US dealers have now returned from vacation, but are finding it difficult to replace goods they sold during the second quarter when prices strengthened.
Manufacturers are keeping polished prices relatively firm as they defend high rough prices, which increased an estimated 4% in the first half of 2018. Lower rough supply is also supporting prices, with both De Beers’ and Alrosa’s sales volumes declining 7% year on year during the six-month period.
Polished inventory is consequently lower, with the number of diamonds listed on RapNet down 3% from a year ago to 1.4 million stones on August 1.
While last year saw strong demand for smaller diamonds following India’s demonetization program, activity has shifted back to GIA dossiers, which are selling well. There are consistent orders from the US and China for 0.50-carat, D to G, VS to SI diamonds, and rising interest in 0.70-carat, G to J, VS to SI after an extended weak period. Small stones are moving slowly.
The depreciation of currencies in China and India is reducing the budgets of local dealers and causing a shift in demand to lower qualities. Still, Hong Kong jewelers have maintained steady growth, which has raised expectations for the September Hong Kong show and the October 1 Golden Week retail season. The US and China continue to support the market and boost optimism for the second half, despite trade tensions.
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 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 approximately 1.4 million diamonds valued at approximately $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 97 countries and daily listings of approximately 1.4 million diamonds valued at approximately $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 of diamonds a year. Additional information is available at www.diamonds.net.
Image: Shutterstock
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Tags:
Alrosa, De Beers, diamonds, Rapaport, RAPI, RapNet
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