Connect with us

Press Releases

Diamond Prices Plummet in Difficult Market

1ct. RAPI down 2.7% in July.




(PRESS RELEASE) LAS VEGAS — RAPAPORT: Diamond prices fell heavily in July as weak retail demand persisted. De Beers’ 5% to 15% reduction in many rough prices contributed to the decline, as did very strong competition from synthetics.

Rounds from 0.50 to 2.99 carats were extremely weak. Fancy shapes were better but also slow, with orders only for the nicest makes.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds slid 2.7% for the month. It stood at 6,716 on August 1, down 10.9% since January 1. The RAPI also declined in other sizes, with 0.50-carat diamonds the weakest.

© Copyright 2023 by Rapaport USA Inc.

© Copyright 2023 by Rapaport USA Inc.

The drop was even steeper for diamonds with lower colors and clarities than those the RAPI tracks. The price index for 1-carat, D-L, IF-SI2 items fell 3.7% in July.

High inflation and interest rates continued to restrict middle America’s spending. The high-end segment supported the market as consumers with savings bought branded jewelry. China’s post-lockdown recovery did not extend to diamonds.


Manufacturers accumulated inventories of less-desirable stones. However, beautiful SIs were in demand and hard to find. The number of diamonds on RapNet was flat during the month and came to 1.75 million on August 1, reflecting lower production.

Diamond Prices Plummet in Difficult Market

Dealers and manufacturers sought to reduce their inventory, but dealers were cautious about buying, fearing prices would fall further. The severity and frequency of the price drops created uncertainty about future price levels.

The lab-grown diamond sector continued to gain market share, especially in 1- to 3-carat, SI1 goods. Jewelers were attracted by the strong margins: Wholesale synthetics prices have plummeted, but retail prices remain high. A number of major polished manufacturers have also entered the synthetics space.

Rough purchases remained low due to weak polished demand and uncertain manufacturing margins. De Beers reduced prices of larger rough diamonds by 5% to 15% at its July sight and registered sales of $410 million — its lowest since December 2021.




When the Kids Have Their Own Careers, Wilkerson Can Help You to Retire

Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

Promoted Headlines






INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)


Latest Comments

Most Popular