Rapaport released its new RapNet Diamond Index (RAPI) on 12 October 2023. Diamond prices fell further in September as retail sales weakened amid competition from lab-grown diamonds. Polished inventories were still high relative to sales expectations, despite lower production, said Rapaport in the press release.
RAPI for 1-carat diamonds fell 5.2 percent, making it the worst month for that category since the peak of the Covid-19 downturn in March 2020. The 0.30-carat diamond price dropped 3.5 percent, while the index for 0.50-carat diamonds slid 7.1 percent and 3-carat diamonds declined 2.5 percent.
The RAPI only reflects D to H colours and IF to VS2 clarities. Prices for 1-carat, D-L, SI1-SI2 items on RapNet fell 6.8 percent during September. Fancy shaped diamonds lost value at a slower pace than round diamonds, with marquises showing the best price performance and cushions the worst.
According to Rapaport, US sales were sluggish ahead of the holiday season. Chinese customers were reluctant to splurge on diamonds with the economy under pressure. Mainland buyers made few purchases at the Jewellery & Gem World Hong Kong show, in line with the trade’s low expectations.
The rough market was uncertain. India’s trade bodies called to pause imports of rough diamonds from 15 October to 15 December in an effort to reduce inventories and stabilise prices. The industry will likely feel the effects in one or two months.
De Beers September sales totalled $200 million. The miner said it would provide “full flexibility” at the final two sights of 2023 and suspended its online rough auctions for the rest of the year.
Probable restrictions on Russian diamonds prompted manufacturers to offload polished sourced from that country. De Beers’ Tracr platform and Sarine Technologies are jointly creating a system that would let Group of Seven (G7) countries view the full provenance of all diamonds passing through customs, making it easier for officers to reject Russian diamonds. (Photo courtesy: Rapaport)
19-10-2023
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