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Rapaport Press Release: Diamond Prices Decline in September

1-carat RAPI down 4.1%.

LAS VEGAS--(BUSINESS WIRE)--Diamond prices fell in September as the market continued to suffer from an oversupply.

Indian manufacturers reduced rough-buying and polished production to rebalance supply and demand. Polished inventories began to decline, but it will take a few weeks for them to fall to healthy levels. Shortages of in-demand items are likely.

The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 4.1% in September. The index dropped 4% for 0.30-carat stones, 4.2% for 0.50 carats, and 2.5% for 3 carats.

RapNet Diamond Index (RAPI™)

Index

September

Year to Date
Jan. 1, 2024, to Oct. 1, 2024

Year on Year
Oct. 1, 2023, to Oct. 1, 2024

RAPI 0.30 ct.

1,026

-4.0%

-27.7%

-27.9%

RAPI 0.50 ct.

1,676

-4.2%

-15.3%

-13.6%

RAPI 1 ct.

4,688

-4.1%

-21.6%

-22.7%

RAPI 3 ct.

18,360

-2.5%

-16.6%

-17.2%

© Copyright 2024, Rapaport USA Inc.

Lower-quality stones saw a gentler decline, with prices of round, 1-carat, D to H, SI diamonds slipping 3.5% in September. Prices of fancy shapes decreased less sharply than rounds.

US retail sales were stable ahead of the holiday season. Store owners and the wholesalers supplying them were cautious about restocking diamonds. Retailers remained focused on memo.

India’s domestic jewelry market supported the trade in diamonds under 1 carat. Chinese retail orders remained weak. Diamond trading at the Jewellery & Gem World show in Hong Kong was slow, as many Chinese buyers were absent. Sentiment among diamond dealers was low at the Vicenzaoro fair in Italy, though exhibitors of finished jewelry were more upbeat.

The rough market was quiet as manufacturers reduced their inventories. India’s net rough imports slumped 47% year on year to $642.3 million in August, the lowest since November 2023, when the country was in the middle of a voluntary freeze on rough imports. Belgium’s diamond activity (combined rough imports and rough exports) fell 33% year on year to $671 million in September.

De Beers continued to allow deferrals and keep rough prices firm at its September sight. Alrosa told customers it would also maintain prices for the time being, insiders reported. This indicates that the two miners have no intention of flooding the market.

Contacts

Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

Industry:

Rapaport USA Inc.

Release Versions
English

Contacts

Media Contacts: media@rapaport.com
US: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976

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