Rapaport Press Release: Diamond Prices Decline in July
2024年8月6日 - 6:05PM
ビジネスワイヤ(英語)
1-carat RAPI down 7.3% for the month.
Diamond prices dropped sharply in July amid slow retail sales
and an oversupply in India. The seasonal summer slowdown also had a
negative effect on sales.
The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting
round, D to H, IF to VS2 diamonds — slid 7.3% in July, the heaviest
monthly decline for that size since December 2008. The 0.30-carat
RAPI went down 8.9%. The index for 0.50-carat diamonds fell 7.9%,
and prices of 3-carat stones decreased 5.8%.
RapNet Diamond Index (RAPI™) Index July
Year to DateJan. 1, 2024, to Aug. 1, 2024 Year on
YearAug. 1, 2023, to Aug. 1, 2024 RAPI 0.30 ct.
1,098
-8.9%
-22.6%
-29.0%
RAPI 0.50 ct.
1,762
-7.9%
-11.0%
-22.8%
RAPI 1 ct.
4,941
-7.3%
-17.4%
-26.4%
RAPI 3 ct.
19,002
-5.8%
-13.7%
-18.2%
© Copyright 2024, Rapaport USA Inc.
SIs saw gentler declines than the RAPI categories, reflecting US
demand. Prices for round, 1-carat, D to H, SI diamonds fell
3.2%.
Weak sales led to an increase in polished inventory. The number
of diamonds on RapNet rose 2% in July for a total of 1.7 million
and jumped 9% between April 1 and August 1.
Indian diamond manufacturers reduced their production in July to
realign their inventory with current demand. It will take six weeks
before these cuts impact inventory levels.
Rough demand was sluggish. De Beers allowed sightholders to
refuse goods at its July sight and offered 30% buybacks for certain
categories. Sales were under $200 million, insiders estimated.
Luxury brands bought fewer diamonds than in previous years,
creating weakness in high-end goods. LVMH’s jewelry and watch sales
declined 5% year on year to $5.58 billion in the first half of
2024. Slow US bridal demand put pressure on Tiffany & Co.,
according to LVMH.
Sales in China remained weak due to the slow economy and due to
shoppers shifting away from diamonds as an investment.
India’s jewelry industry expects the India International
Jewellery Show (IIJS), which runs from August 8 to 13, to signal
strong domestic demand ahead of Diwali. However, expectations for
the September Jewellery & Gem World (JGW) Hong Kong show are
low amid sluggish Chinese demand.
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version on businesswire.com: https://www.businesswire.com/news/home/20240806616803/en/
Media Contacts: media@rapaport.com US: Sherri Hendricks
+1-702-893-9400 International: Avital Engelberg +1-718-521-4976