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Certified polished diamond prices were stable in April as trading slowed during the Passover and Easter holidays. The Basel show and New York auctions demonstrated strong demand for select, top-quality diamonds but overall market sentiment remains weak.
High-end large stones above 10 carats, as well as fancy intense pink and blue diamonds, and very finely cut fancy shapes are hot. There is steady Chinese demand for 0.30-0.40 ct., G-H, VS-SI, triple EX diamonds for engagement rings. Chinese demand for commercial quality stones is also improving.
The RapNet Diamond Index (RAPI™) for 1ct. certified polished diamonds remained flat during April. RAPI for 0.30ct. diamonds increased 0.8 percent while 0.50ct. stones rose 0.2 percent. RAPI for 3ct. diamonds declined by 0.3 percent. During the first four months of the year, RAPI for 1ct. diamonds rose 0.3 percent but remains 11.2 percent below levels reached one year ago on May 1.
|
RapNet Diamond Index (RAPI™) |
|||
|
|
April 2013 |
1Q 2013 |
Y2Y Changes at May 1 |
|
RAPI 0.30 ct. |
0.8% |
6.5% |
-0.9% |
|
RAPI 0.50 ct. |
0.2% |
0.7% |
-9.4% |
|
RAPI 1 ct. |
0.0% |
0.3% |
-11.2% |
|
RAPI 3 ct. |
-0.3% |
-0.6% |
-10.1% |
Copyright © 2013 by Martin Rapaport
According to the just released Rapaport Monthly Report – May 2013, “Slow, Stable Trading,” the second quarter continues to be a traditionally slower period for the diamond trade. Cutting centers are quiet with tight liquidity in India. The polished market was stable in April but with low volume of trading which is expected to continue through May.
Rough trading is steady after prices increased in early April. De Beers goods continue to sell on the secondary market at premiums of around 5 percent. Production increased slightly in the first quarter and an expected increase in supply should help ease rough price pressure. Additional short-term rough price increases appear unsustainable and are not supported by polished demand.
Volatile commodities markets spurred gold jewelry demand in the Far East as retailers focused on gold instead of diamonds ahead of the May Day holiday. Lower gold prices may spur additional jewelry demand in the coming months. However, they are unlikely to significantly impact diamond markets, which are expected to remain relatively slow but steady in the short term.
Used with permission of Rapaport USA, Inc. Copyright © Martin Rapaport. All rights reserved.
