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Diamond prices soften in June
Diamond prices continued their decline last month as markets were relatively quiet due to weak post-Vegas demand in the United States, the Rapaport Group’s monthly price report states.
New York--Diamond prices continued their decline last month as markets were relatively quiet due to weak post-JCK Las Vegas demand in the United States, the Rapaport Group said in its monthly price report.
In June, the RapNet Diamond Index (RAPI) for 1-carat lab-graded diamonds fell 1 percent, while the RAPI for both 0.30-carat diamonds and 0.50-carat diamonds decreased by 3 percent. RAPI for 3-carat stones declined by 2 percent.
Meanwhile, RAPI for 1-carat diamonds was down 2 percent during the second quarter of 2015, and as of July 1, was down 15 percent year-over-year.
According to the Rapaport monthly report for June, “Summer Heat Brings Price Pressure,” manufacturers are under pressure, and their profit margins are being squeezed between the stable prices of rough and the declining prices of polished diamonds.
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Rough producers prefer to reduce supply rather than lower prices in today’s weak market, Rapaport said, so rough prices remained relatively stable throughout the second quarter of 2015 after falling an average of 5 to 7 percent during the first three months.
Rapaport estimates that manufacturers will further reduce their rough purchases in the coming months to shrink existing inventory and raise liquidity levels.
The report also notes that there is a shortage of fine quality diamonds, and select buyers are paying firm prices for these to be able to fill existing orders. There remains, however, an excess of inventory of lower-quality stones in the market and “flexible” buyers are getting good deals on these.
Additionally, the Hong Kong Jewellery & Gem Fair that took place in June was weak as expected, Rapaport said, with sales reflective of the cautious Far East market and “weak dealer sentiment.”
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