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Polished diamond prices expected to keep dropping
Suppliers’ desire to move stock and increase their liquidity pushed down polished prices in October and they are expected to soften further, according to the Rapaport Group.
New York--Suppliers’ desire to move stock and increase their liquidity pushed down polished prices in October and they are expected to soften further, according to the Rapaport Group.
The RapNet Diamond Index (RAPI) for October showed that the biggest price decline came in 0.30-carat goods, with the RAPI falling 4 percent. The index for 1-carat, half-carat and 3-carat diamonds all fell 2 percent.
Year-to-date (Jan. 1 to Nov. 1), prices for 1-carat stones have fallen the most (6 percent) followed by 3-carat (down 3 percent) and 0.30-carat diamonds (down 1 percent). Prices for half-carat stones have risen 4 percent year-to-date.
Rapaport stated that polished diamond trading slowed during the month of October due to the Jewish holidays and the Diwali festival in India while global demand for diamonds remains “weak,” though demand in the United States is said to be “stable.”
In its November report, called “Weak Markets,” the group states that low polished demand, reduced bank credit and increased supply are impacting liquidity among manufacturers and dealers. There are more polished diamonds on the market due to the aforementioned slowdown in trading and improved turnover at the world’s grading laboratories, a factor also noted by Blue Nile in its third quarter results.
Manufacturers increased output before the Diwali break, further adding to the supply glut.
On the rough end of the trade, manufacturers being sufficiently stocked for the fourth quarter led to a slowdown in trading in October. Rough prices softened on the secondary market and are expected to remain down for the rest of the year, Rapaport said.
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