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RapNet Diamond Index Falls 3.5% in October

Research Report: 'Waiting & Hoping'
Nov 3, 2011 7:44 AM   By Rapaport
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RAPAPORT... PRESS RELEASE, November 3, 2011, New York: Certified polished diamond prices fell in October, as buyers continued to push for deeper discounts. Confidence was impacted by tight liquidity and concerns for the economic recovery. Trading was quiet, with many businesses closed for the Jewish holidays and Diwali festival periods,  and as dealers continued to avoid large purchases while seeking bargains from desperate sellers.

The RapNet Diamond Index (RAPI™)  for 1.00 ct. diamonds fell 3.5 percent in October to 96.03. The 0.30 ct. category declined by 6.7 percent to 16.28, while the index for 0.50 ct. dropped by 6.6 percent to 34.56. RAPI for 3.00 ct. diamonds fell 3.6 percent to 354.66.

While diamond sales by value have risen in a year on year comparison, buoyed by price increases during the first half of the year, the volume of trade is down. The trend is expected to continue as cutters don’t have access to sufficient credit to meet previous manufacturing quotas.

As a result, rough trading remains weak with De Beers and ALROSA goods selling at double-digit discounts in the dealer market. The major producers have reduced supplies in the fourth quarter as they attempt to maintain their firm prices. De Beers production is up by 2 percent for the year to date.

According to the just released Rapaport Research Report, “Waiting & Hoping,” diamond trading among dealers remains weak while consumer demand is stable. While members of the trade took solace in some positive economic news, notably the better than expected U.S. third quarter economic growth data, they remain cautious about the global recovery, especially given the current status of the European debt deal.  Weakened U.S. consumer confidence and a slowdown in the pace of China’s economic growth could also impact short-term demand for diamonds.

Additional information about the state of the global diamond market is available in the just-released Rapaport Research Report, “Waiting & Hoping,” which is attached and can be found at www.diamonds.net/report or by emailing: specialreports@diamonds.net.

Rapaport Media Contacts: media-at-diamonds.net
International: Alissa Goren +1-718-473-0082
U.S.: Sherri Hendricks +1-702-893-9400
Mumbai: Mittal Kalsy, +1-91-99-97699-30069

About the RapNet Diamond Index (RAPI): The RAPI is based on the best asking price in hundred $/ct. for the top 25 quality 1 ct. round diamonds (D-H, IF-VS2, RapSpec-2 and better) with GIA, HRD or AGS grading reports offered for sale on RapNet – Rapaport Diamond Trading Network. The RAPI is provided for various sizes. www.rapnet.com has daily listings of over 750,000 diamonds valued over US$5 billion and 6300+ members in over 74 countries.

About the Rapaport Group: The Rapaport Group is an international network of companies providing added value services that support the development of free, fair and competitive global diamond markets. Established in 1978, the Rapaport Diamond Report is the primary source of diamond prices and market information. Group activities include publishing, research and marketing services, internet information and diamond trading networks, global rough and polished diamond tenders, diamond certification, quality- control, compliance, shipping, and financial services. Major activities of the group include the development of markets for Fair Trade Diamonds and Jewelry as well as the creation of diamond futures markets. Additional information is available at www.Rapaport.com .

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Tags: diamond, diamonds, price, prices, Rapaport, trading
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