Connect with us

Press Releases

Diamond Prices See Stabilizing Trend

1ct. RAPI slid 2.2% in October but rose in final week.

mm

Published

on

(PRESS RELEASE) LAS VEGAS, NV — Diamond prices showed a more moderate decline in October amid holiday demand and a reduction in rough supply.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds fell 2.2%, less than September’s 5.2% slump. The index for 0.30 carats dropped by 1.6%, 0.50 carats by 1.3%, and 3 carats by 0.4%.

Diamond Prices See Stabilizing Trend

© Copyright 2023 by Rapaport USA Inc.

Prices for rounds showed positive trends following a year of declines. RAPI for 1-carat stones gained 0.1% between October 24 and November 1. While the index for 0.30-carat goods slipped 0.1%, that of 0.50-carat diamonds — the weakest category since the start of 2023 — increased 0.3%, and the 3-carat RAPI rose 0.4%.

Rounds continued to stabilize in the first week of November. The decline in fancy shapes persisted in some areas, with VS doing better than other clarities.

In early October, Indian manufacturers worked to reduce inventories in anticipation of a weak holiday season, competition from synthetics, and further price drops. Many offloaded Russian diamonds ahead of likely Group of Seven (G7) sanctions.

Advertisement

The situation improved later in the month as US jewelers began their holiday purchases, seeking goods before India’s Diwali break. Surat factories will close for at least a month starting November 12, though Mumbai sales offices will be open for some of that time.

India’s two-month voluntary freeze on rough imports, which went into effect October 15, reduced pressure on inventories and liquidity. Miners’ flexibility also helped, with De Beers allowing sightholders to refuse all rough allocations at its last two sales of the year.

The industry debated ways to ban imports of Russian diamonds into G7 countries. Any measures will likely go into effect in early 2024. Rapaport has also released the US Diamond Protocol, which will restrict US imports of Russian diamonds.

The holiday outlook is mixed, as economic worries in the US and China have impacted consumer confidence. Budget-focused shoppers will likely show a further shift to synthetics, denting sales of 1- to 2-carat naturals. The extent of this trend will determine how fast the industry recovers.

Diamond Prices See Stabilizing Trend

Advertisement

Advertisement

SPONSORED VIDEO

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

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

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

Latest Comments

Most Popular