Prices for 1-Carat diamond rise after a fall of 6 months initially.
Prices of 1-Carat diamond rise finally after it crashed for the initial six months of the year. Chairman of the Rapaport Group the confirmed that the (RAPI) they have observed the price rise for the first time in last 6 months. He also confirmed that the polished shortages are reducing sales volume and trade profitability.
Price rise for 1-Carat diamond was seen for the first time in last six months. The price rise is observed as the polished prices firmed, supported by supply shortages and seasonal holiday demand.
The fact is confirmed by the Rapaport Group’s monthly price report, the RapNet Diamond Index (RAPI) for 1-Carat. Other than this, the RAPI for 0.50 carat stones was also up by 1 %, while the RAPI for 0.30 carat diamonds increased by 3 %.
However, the RAPI for 3 carat diamond faced a slight decline of 1 percent.
Trading improved as the dealers concentrate more on filling U.S. holiday orders despite the same challenges existing-with unprofitable manufacturing and overstocked distribution chain.
Martin Rapaport, the Chairman Rapaport Group, said, “This is the first time in six months that the price for the 1-Carat RAPI index increased and 17 months since the last rise in price in 30-pointers.” He also confirmed that ,”The worst may be over for declining polished prices, however polished shortages are reducing sales volume and trade profitability.”
Rapaport also said that market sentiments remain weak despite the upward trend in November.
Rough demand slumped, with the De Beers November sight valued estimated close to $70 million and projections for a very small December sight due to the company’s high rough price policy, the report stated.