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Rapaport reported that polished diamond prices sank in October despite high expectations for sales during the US holiday season. Turnover is reportedly “well below” levels seen in 2014, and dealers are on the hunt for bargains.
Rapaport reported that polished diamond prices sank in October despite high expectations for sales during the US holiday season. Turnover is reportedly “well below” levels seen in 2014, and dealers are on the hunt for bargains.
As quoted in the market news:
The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded diamonds fell 1.3 percent in October. RAPI for 0.30-carat diamonds slipped 0.1 percent and RAPI for 0.50-carat diamonds declined 1 percent. RAPI for 3-carat diamonds slid 0.4 percent.
The Rapaport Monthly Report shows that steady U.S. demand is partly compensating for weakness in China. Jewelry sales were soft during the October 1 Golden Week with Hong Kong weaker than Mainland China. Far East dealers are careful about buying into a down-trending market. Trading center demand is geared toward filling orders for the U.S. holiday season with Israeli and U.S. dealers “cherry-picking” goods in India before the Diwali break (Nov. 7-13).