RAPAPORT PRESS RELEASE, October 8, 2024, Las Vegas… Diamond prices fell in September as the market continued to suffer from an oversupply.
Indian manufacturers reduced rough-buying and polished production to rebalance supply and demand. Polished inventories began to decline, but it will take a few weeks for them to fall to healthy levels. Shortages of in-demand items are likely.
The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 4.1% in September. The index dropped 4% for 0.30-carat stones, 4.2% for 0.50 carats, and 2.5% for 3 carats.
Lower-quality stones saw a gentler decline, with prices of round, 1-carat, D to H, SI diamonds slipping 3.5% in September. Prices of fancy shapes decreased less sharply than rounds.
US retail sales were stable ahead of the holiday season. Store owners and the wholesalers supplying them were cautious about restocking diamonds. Retailers remained focused on memo.
India’s domestic jewelry market supported the trade in diamonds under 1 carat. Chinese retail orders remained weak. Diamond trading at the Jewellery & Gem World show in Hong Kong was slow, as many Chinese buyers were absent. Sentiment among diamond dealers was low at the Vicenzaoro fair in Italy, though exhibitors of finished jewelry were more upbeat.
The rough market was quiet as manufacturers reduced their inventories. India’s net rough imports slumped 47% year on year to $642.3 million in August, the lowest since November 2023, when the country was in the middle of a voluntary freeze on rough imports. Belgium’s diamond activity (combined rough imports and rough exports) fell 33% year on year to $671 million in September.
De Beers continued to allow deferrals and keep rough prices firm at its September sight. Alrosa told customers it would also maintain prices for the time being, insiders reported. This indicates that the two miners have no intention of flooding the market.
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About the RapNet Diamond Index (RAPI™): The RAPI is the average asking price, in hundred dollars per carat, of the 10% lowest-priced round diamonds in each of the top 25 quality categories (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet® (www.rapnet.com).
About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 120 countries. Group activities include Rapaport Information Services, providing the benchmark Rapaport Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network, with daily listings of over $8 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at www.rapaport.com.
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