NEW YORK--(BUSINESS WIRE)--Rapaport Auctions, the leading recycler of diamonds in the world, closed its Hong Kong auctions this month at one of the largest jewelry shows of the year. The auctions sold over 83,000 carats of polished diamonds for $12.5M, achieving a sell through rate of over 87%. Hundreds of parcels of recycled and finely assorted commercial and premium quality diamonds in all shapes, sizes and qualities were sourced from retailers, pawnshops and refineries around the world.
The Rapaport Melee Index (RMI™) for small diamonds increased by 13.3% to 108.40 during the first quarter of 2017. Year over year the index is down 7.9% from its level of 117.77 in March 2016.
Prices for small melee and under the carat size diamonds in low to medium qualities significantly improved as increased demand from China provided much needed liquidity and stability to the market. Improved market conditions and a critical mass of diamonds being auctioned attracted the top buyers in the market. Viewing appointments were at maximum capacity for the entire duration of the auction with over 100 buyers seeking to source the wide variety of diamonds being offered.
“The Rapaport auction results exceeded expectations. With improved Far East demand and the Indian diamond market adapting well to demonetization, the market was eager to trade after an extended period of uncertainty and liquidity constraints. Prices for small melee diamonds have rebounded by over 13% in the past couple of months after hitting a 7 year low in December. We are proud to fulfill our mission of achieving fair market prices for our suppliers and buyers by providing them with the world’s largest polished diamond auction platform,” said Ezi Rapaport, Director of Global Trading, Rapaport Group.
The Rapaport Group operates in compliance with the U.S. Patriot Act and OFAC regulations.
About Rapaport Auctions: Rapaport Auctions is the largest recycler of diamonds in the world, driving market liquidity and assisting suppliers to achieve fair market value for their diamonds on a consistent basis. The large quantities and wide variety of merchandise offered attract competitive bids from a broad range of international buyers. Rapaport Auctions is committed to addressing the needs of the international diamond community for enhanced liquidity while presenting unprecedented buying opportunities.
About the Rapaport Group: The Rapaport Group is an international network of companies providing added value services that support the development of fair, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the Rapaport Price List is the primary source of diamond price and market information. Group activities include Rapaport Information Services, Rapaport Magazine, and Diamonds.net, providing research, analysis and news; RapNet – the world’s largest diamond trading network; Rapaport Laboratory Services provides GIA gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services specializing in recycled diamonds and jewelry. The Group supports over 20,000 clients in 121 countries and has offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong. Additional information is available at www.Diamonds.net.
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