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Diamond Trade Upbeat Ahead of 2Q Slowdown

1 ct. RAPI +1.5% in March

Apr 6, 2021 5:00 AM   By Rapaport
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RAPAPORT PRESS RELEASE, April 6, 2021, Las Vegas… Diamond market sentiment was positive in March as US demand and the gradual return of Chinese traders supported buying activity.

Polished price trends were mixed. There was continued upward movement in 1-carat, D to G, IF to VS2 diamonds; the RapNet Diamond Index (RAPI™) for 1-carat goods increased 1.5% during March. The same quality ranges in 0.30 to 0.50 carats saw some weakness amid a rise in inventory for those categories since January.

RapNet Diamond Index (RAPI™)
March 1Q 2021
Year on year
Apr. 1, 2020, to Apr. 1, 2021
RAPI 0.30 ct. -0.9% -0.4% 4.5%
RAPI 0.50 ct. -1.1% -2.2% 15.0%
RAPI 1 ct. 1.5% 1.7% 15.5%
RAPI 3 ct. 0.5% 0.4% 1.7%
© Copyright 2021, Rapaport USA Inc.

The number of diamonds on RapNet was up 17% since the beginning of the year and totaled 1.3 million as of April 1. Manufacturers reduced their stockpiles during the pandemic and then raised production levels to fulfill seasonal demand during last year’s fourth quarter and the first three months of 2021. Grading backlogs have resulted at the Gemological Institute of America (GIA), raising concerns about excess inventory.

Rough trading was robust throughout the first quarter, though sales slackened in March. De Beers limited its supply during the month as it prepared assortments for the new contract period beginning on April 1. Alrosa delayed its April trading session by one week, arguing that the postponement would help the midstream maintain its inventory balance.

Both the rough and polished markets are expected to slow during the traditionally quieter second quarter. The focus returns to retail ahead of Mother’s Day.

Jewelers are optimistic following a rise in consumer sentiment during March. The Conference Board’s Consumer Confidence Index jumped to 109.7 from February’s 90.4 reading. The improved outlook stemmed largely from the rollout of Covid-19 vaccinations and the lifting of restrictions on businesses. The $1,400 stimulus checks that households are receiving are also expected to boost spending.

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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 analytics for diamond prices in a variety of categories, based on sales and inventory data from RapNet®.

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® (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 Laboratory Services, providing Rapaport gemological services in India, Israel and New York; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 400,000 carats of diamonds a year. Additional information is available at www.diamonds.net.

Image: Polished diamonds in various sizes. (Shutterstock)
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Tags: Alrosa, De Beers, diamonds, Jewelry, Rapaport, RAPI, RapNet, RapNet Diamond Index
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