Latest news with #RapNetDiamondIndex
Business Wire
01-07-2025
- Business
- Business Wire
Rapaport Press Release: Diamond Market Slow Amid Tariff Uncertainty
LAS VEGAS--(BUSINESS WIRE)--The diamond market remained cautious in June as the industry awaited decisions on prospective US tariffs. The Las Vegas shows saw resilience in the high-end segment and stability in other areas. However, uncertainty about America's trade policy dominated wholesale sentiment in the US and worldwide. The 90-day deferral of US reciprocal tariffs expires July 9, and the industry hopes these levies will not materialize. The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 0.3% during June. The index for 0.30-, 0.50- and 3-carat stones declined 1.7%, 2.3% and 0.8% respectively. JCK Las Vegas reflected healthy American consumer demand but a mixed wholesale market. The Luxury show, which focuses on high-end jewelry, was strong. So were 2-carat and larger diamonds at JCK, though demand was weak for rounds under 1.20 carats. Fewer overseas exhibitors attended than usual. India's rough imports exceeded its polished exports in May at $1.1 billion and $950 million respectively, intensifying concerns about an oversupply of less-desirable goods. Prices for smaller rounds softened during June, but prices for long fancies of 2 carats and up strengthened amid shortages. US retail demand was steady in June. India's consumer market was seasonally quiet, and business remained slow in China. Israel's diamond trade froze for two weeks due to its war with Iran. Global rough production for 2024 was up 6% from the previous year at 118 million carats, the Kimberley Process (KP) reported, although value fell 10% to $11.5 billion. The average price per carat dropped 15% to $97. Industry groups and African countries signed an agreement in Angola to finance the Natural Diamond Council (NDC) with an expected budget of $80 million. The Gemological Institute of America (GIA) has shifted to using descriptive terms when grading synthetic diamonds. HRD Antwerp has stopped grading loose synthetics altogether.
Business Wire
04-06-2025
- Business
- Business Wire
Rapaport Press Release: Trade Cautiously Optimistic for JCK
LAS VEGAS--(BUSINESS WIRE)--The diamond market continued to operate under uncertainty in May. The postponement of higher tariffs, and the accompanying dialogue between the US and India, brought some relief to a market that no longer anticipates a 26% duty on polished. A US federal court ruled on May 28 that President Donald Trump lacked authority to impose tariffs unilaterally. The levies remain in place while the administration appeals. Dealers that raised prices in early April adjusted them downward. US consumer demand remained steady — a bright spot for the industry as it heads into the JCK Las Vegas show. The RapNet Diamond Index (RAPI™) for 1-carat stones — reflecting round, D to H, IF to VS2 diamonds — was flat during May. The index for 0.30- and 3-carat goods rose 0.4% and 0.6% respectively; the 0.50-carat RAPI fell 0.7%. Prices of round, 0.50- to 0.70-carat, SI diamonds softened, partly because of the tariff policy readjustment and the desire to complete sales before the July summer vacation. In late March and early April, the trade exported unusually large quantities of goods to the US to avoid tariffs. This created supply-demand imbalances, including a surplus of less-desirable goods. Sought-after diamonds remained scarce and costly to import because of the 10% duty. Preparations for JCK are at their peak. Dealers expect a reasonable show, with fewer international participants due to the tariffs. The industry is waiting to see how Trump's policy affects demand. The GemGenève show — which ended May 11 — was good, though not excellent, with strong demand for diamonds over 5 carats. It was a positive indicator for high-end items. A report claimed De Beers had sold cut-price rough to certain clients through special deals, creating waves in the industry. De Beers also announced the closure of its Lightbox synthetic-diamond venture. The GIA is updating its synthetic-diamond reports, using broader grading terminology that excludes color and clarity.
Business Wire
06-05-2025
- Business
- Business Wire
Rapaport Press Release: Historic Uncertainty Impacts Diamond Market
LAS VEGAS--(BUSINESS WIRE)--Diamond prices rose sharply at the beginning of April in response to announcements of new U.S. import tariffs, and then stabilized later in the month when the U.S. delayed the tariffs by 90 days. The RapNet Diamond Index (RAPI™) for 1-carat goods edged up 0.7% during the month. The index for 0.30-carat diamonds continued to strengthen, rising 2.8% in April and 13.2% since the beginning of the year. The 0.50-carat RAPI increased 0.6%, while 3-carat stones saw a minor decline of 0.3%. VVS collection goods of 0.30 carats performed well due to increased Indian demand and a slight improvement in China. The industry operated amid unprecedented uncertainty due to the continuing tariff negotiations between the U.S. and India, respectively the world's largest diamond-consuming and -manufacturing countries. Trading slowed in centers outside the U.S. However, business within the U.S. was steady and prices rose, reflecting part of the expected tariff costs. The market is closely monitoring end-consumer reactions. U.S. inventories are elevated, as American traders purchased goods before the tariffs' anticipated start date, and global trading centers — especially Indian exporters — shipped popular goods to the U.S. Diamond imports to the U.S. are now slowing down. Elongated fancy shapes saw strong demand during April, both in the U.S. and internationally. Diamond and jewelry retailers are finishing preparations for Mother's Day on May 11. A survey by the National Retail Federation (NRF) projected that consumer spending on jewelry would be slightly lower than last year. The rough market was quieter than in March, which was a particularly active period. Anglo American predicts continued caution among rough buyers due to the ongoing macroeconomic uncertainty and the impact of U.S. tariffs. De Beers' sales slid 44% year on year in the first quarter to $520 million as slow demand and a buildup of polished inventory led the midstream to restock more slowly.
