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  • RAPI for H1 2022

Diamond Prices Slide Amid Economic Uncertainty


Rapaport Group released RapNet Diamond Index (RAPI) for H1 2022 on July 5. Diamond market sentiment received a boost from the Las Vegas shows, which demonstrated robust US demand. However, polished prices declined amid a weak global economic outlook and a rise in inventory levels, according to Rapaport.


RAPI for 1-carat diamonds slid 1.8 percent in June but increased 7.4 percent between the beginning of the year and July 1.


Chinese demand was low following Covid-19 lockdowns in April and May. The lack of buyers meant local jewellers had sufficient inventory for the short term.


Polished inventory in the midstream grew in June. The number of diamonds listed on RapNet rose 4.3 percent during the month to 1.87 million as of July 1. The high volume came despite the Russian sanctions that limited Alrosas rough sales and took an estimated 30 percent of global production off the market. Russian rough shortages are expected to impact polished supply in the coming months; manufacturers have so far been working with goods from before Russias invasion of Ukraine.


Other miners are capitalising on the new rough-market dynamic. De BeersJune sales rose 36 percent year on year to $650 million after a price hike of 8 percent to 10 percent on smaller rough — a category Alrosa usually dominates.


“We predict that traceable, ethical diamonds will sell at a premium to Russian diamonds as Alrosa goods reenter the market. While US jewelers are upbeat after the shows, there are political and economic headwinds that will likely disrupt the industry in the second half,” said Rapaport.




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