Le Lézard
Classified in: Mining industry
Subject: Economic News/Analysis

Rapaport Press Release: Diamond Prices Rise, but Sales Slow


Diamond sales were sluggish in January amid limited restocking following the holiday season.

Prices of rounds continued to increase as select categories were in short supply following India's two-month freeze on rough imports, which ended December 15. This trend will likely continue until inventories become too large.

However, buyers were reluctant to close deals at these prices. US dealers mostly bought for immediate demand and not for inventory. Sales in mainland China remained slow.

RapNet Diamond Index (RAPItm)

 

Index

January

Year on Year

Feb. 1, 2023, to Feb. 1, 2024

RAPI 0.30 ct.

1,419

0.0%

-7.1%

RAPI 0.50 ct.

2,028

2.4%

-23.9%

RAPI 1 ct.

6,027

0.8%

-19.3%

RAPI 3 ct.

22,045

0.1%

-10.9%

© Copyright 2024, Rapaport USA Inc.

The RapNet Diamond Index (RAPItm) for 1-carat diamonds ? reflecting D-to-H, IF-to-VS2 goods ? rose 0.8% in January. RAPI for 0.50 carats climbed 2.4%. Most of the increases happened in the first half of the month; prices have been stable since then.

Lower-quality goods saw a greater correction after last year's price slump: The price of 1-carat, D-to-L, SI1-to-SI2 diamonds rose 2.1% in January. Prices for fancy shapes were steady or declined.

De Beers reduced rough prices by an average of 13% at its January sight. Sightholders welcomed the changes, but the goods remained expensive relative to polished and compared to rough prices at auctions and tenders.

The outlook for the US retail market in 2024 was mixed. Retailers expected steady Valentine's Day sales. However, the Federal Reserve's decision to keep interest rates at a 23-year high risks denting consumer confidence.

Dealers remained uncertain about the Group of Seven (G7) sanctions on Russian diamonds. Belgium is trying to use G7 sanctions to control the diamond markets by insisting that all diamonds entering the US go through Belgium. The US imports over 50% of the world's polished diamonds.

Rapaport is firmly opposed to Belgium's G7 power grab and has introduced the "Rapaport US Diamond Protocol" at Rapaport.com/sanctions to guide US regulators and legislators regarding effective implementation of sanctions that do not harm US jewelers, diamond dealers and consumers.


These press releases may also interest you

21 jun 2024
B2Gold Corp. ("B2Gold" or the "Company") is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the "Meeting") held on Thursday, June 20, 2024. A total of 845,972,994 common shares were voted at the...

21 jun 2024
Quebec Precious Metals Corporation ("QPM" or the "Corporation") is pleased to announce the closing of the second and final tranche of a non-brokered private placement offering (the "Placement"), for an amount of...

21 jun 2024
Karora Resources Inc. ("Karora" or the "Corporation") today announced that it has filed and is in the process of mailing the management information circular (the "Circular") and related materials for the annual general and special meeting (the...

21 jun 2024
Newport Exploration Ltd ("Newport" or "the Company") provides an update for licenses in the Cooper basin, Australia, over which the Company has a 2.5% gross overriding royalty ("GOR"). This information was reported by Beach Energy Ltd ("Beach") in a...

21 jun 2024
Filo Corp. ("Filo" or the "Company") is pleased to announce the detailed voting results from the Annual General Meeting held on June 21, 2024 (the "Meeting"). View PDF A total of 88,751,880 common shares of the 130,867,834 common shares...

21 jun 2024
Entrée Resources Ltd. (the "Company" or "Entrée") is pleased to announce the results of voting at its annual general meeting of shareholders which was held today (the "Meeting"). All matters submitted to shareholders for approval as set out in the...



News published on and distributed by: