RAPAPORT PRESS RELEASE, December 3, 2024, Las Vegas… Diamond prices rose for some categories in November. Pre-holiday demand and a drop in polished production halted the negative trend of the past eight months.
The RapNet Diamond Index (RAPI™) for 1-carat diamonds — reflecting round, D to H, IF to VS2 diamonds — edged up 0.1% as a price increase for IF to VVS1 goods canceled out a decrease in VVS2 to VS2 prices. The index rose 1.6% for 0.30-carat stones and 1.4% for 0.50 carats, but fell 0.3% for 3 carats.
Inventory of round, D, internally flawless diamonds in 0.30-, 0.50- and 1-carat sizes declined sharply, leading to higher prices.
Trade sentiment improved as US wholesalers saw stable holiday demand. Sales of VS2 to SI2 diamonds were steady, but prices were mixed. The hottest items were 1.50-carat and larger, F to H, VS2 to SI2, 3X diamonds, especially in oversizes. Elongated fancies with excellent makes were moving. Select diamonds were hard to find, while less-desirable goods built up in inventories. Indian retail demand supported the market for smaller diamonds.
Indian polishing factories reopened gradually after Diwali. De Beers reduced rough prices by 10% to 15% at its December sight to stimulate demand, but sightholders said the goods remained unprofitable. Prices at tenders are now around 10% cheaper than at De Beers.
Traders were uncertain whether the improvement would continue beyond the holiday season and at what point India’s polished production would return to normal levels. The US stock market rallied after Donald Trump’s election as US president, boosting expectations for luxury spending.
The industry focused on category marketing, recognizing that the current cycle of collapse and recovery was unsustainable. Trade bodies in Antwerp, Dubai and India initiated talks over a $65 million fund to support the Natural Diamond Council (NDC), and De Beers launched a holiday campaign featuring the “A Diamond Is Forever” tagline.
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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). Additional information is available at www.rapaport.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 Rapaport benchmark 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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