Rapaport Press Release: Diamond Market Sees Slow August
Rapaport Press Release: Diamond Market Sees Slow August
Prices under pressure due to oversupply.
LAS VEGAS--(BUSINESS WIRE)--Diamond trading was sluggish in August due to seasonal effects and general uncertainty about consumer demand. Polished prices continued their downward trend.
US retail sales were mixed, with very strong synthetics competition and economic challenges. Retailers and dealers bought selectively. China remained weak.
The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 1.1% in August. The index also dropped 2.7% for 0.30-carat stones, 0.7% for 0.50 carats, and 0.9% for 3 carats.
RapNet Diamond Index (RAPI™) |
||||
Index |
August |
Year to Date
|
Year on Year
|
|
| RAPI 0.30 ct. | 1,068 |
-2.7% |
-24.7% |
-27.6% |
| RAPI 0.50 ct. | 1,750 |
-0.7% |
-11.6% |
-16.2% |
| RAPI 1 ct. | 4,887 |
-1.1% |
-18.3% |
-23.7% |
| RAPI 3 ct. | 18,840 |
-0.9% |
-14.4% |
-17.2% |
© Copyright 2024, Rapaport USA Inc. |
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The declines were gentler than in July, partly because of a revision in the way the RapNet Index (RAPI) is calculated. Diamond listings from China were removed on August 21, as Chinese sellers had listed diamonds at low prices and demanded extra fees relating to currency conversion. Their removal caused a technical increase of 1.3 percentage points on average for the four sizes in the RAPI table. On August 30, Rapaport reduced prices on the Rapaport Price List to reflect a decline in market asking prices.
Indian factories extended their vacations during the August public holidays — a move that will take time to impact inventories. The number of diamonds on RapNet grew 4% between July 1 and September 1, when it stood at 1.74 million. De Beers and Petra Diamonds postponed rough sales, reflecting the industry’s attempts to reduce supplies.
The IIJS show in India signaled strong domestic demand for gold and jewelry. Expectations for the September Jewellery & Gem World show in Hong Kong are low, as Chinese natural diamond demand and orders remain slow.
Group of Seven (G7) restrictions on diamond imports expanded to 0.50-carat and larger goods as of September 1. The US followed the European Union’s lead by exempting “grandfathered” goods that were present outside of Russia before the sanctions went into effect on March 1, and on September 1 for 0.50- to 1-carat diamonds.
Contacts
Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976
