In view of the weak financial markets, the world over the prices of diamonds has once again registered a low last month, according to the monthly price report presented by Rapaport Group. The report quoted the Rap Net Diamond Index of August which showed that 1-carat lab-graded diamonds were down by 1 percent and RAPI for 0.03-carat stones saw a decline by 2 percent.
Similar slumps have been seen in the case of RAPI for 0.05-carat diamonds and 3-carat diamonds as both were down by 2 percent at the end of the month. In the first eight months of the year, a 4 percent decline in prices of 1-carat diamonds has been registered. What is worrying is the fact that the percentage has plummeted by 13 percent in just one year.
Rapaport Group’s report mentioned that dealer trading has been being exceptionally quiet during the month, mainly because many in Belgium and Israel have been enjoying the summer holidays. The report also said that cash buyers in New York and Israel have been waiting for the prices to lower. Many are avoiding buying from inventory, the report said.
The Rapaport monthly report also said that US consumers have reacted to the global market volatility and their confidence has softened.