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Rapaport reported that polished diamond prices fell further in September. Though US demand is steady, Chinese buyers are “restrained” as a result of a slowdown in economic growth both in China and Hong Kong.
Rapaport reported that polished diamond prices fell further in September. Though US demand is steady, Chinese buyers are “restrained” as a result of a slowdown in economic growth both in China and Hong Kong.
As quoted in the market news:
Wholesale and retail buyers are avoiding excess inventory and buying to fill existing orders. Suppliers are holding large inventories that are difficult to sell in the current weak market. At the same time, there is a shortage of SI-clarity diamonds that are in strong demand for the U.S. market, while manufacturers have reduced production by 30 percent to 50 percent this year due to high rough prices. There are opportunities for buyers with cash but there is no urgency to buy goods.
The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded diamonds dropped 3 percent in September. RAPI for 0.30-carat diamonds declined 2.7 percent, while RAPI for 0.50-carat diamonds slipped 2.2 percent. RAPI for 3-carat diamonds fell 4.8 percent during the month. The third quarter saw RAPI for 1-carat diamonds decline by 6.3 percent while the index on October 1 was down 13.9 percent from a year ago.