Le Lézard
Classified in: Covid-19 virus
Subject: Economic News/Analysis

Rapaport Press Release: Diamond Trade Cautious Despite Positive Retail

Diamond prices declined in November. Demand weakened due to the slowdown in China and US economic caution, resulting in a buildup of midstream inventory. However, US retail sentiment was upbeat as the holiday season began.

The RapNet Diamond Index (RAPItm) for 1-carat polished fell 3.1% during the month.

RapNet Diamond Index (RAPItm)




Year to date
Jan. 1 to Dec. 1

Year on year
Dec. 1, 2021, to Dec. 1, 2022

RAPI 0.30 ct.





RAPI 0.50 ct.





RAPI 1 ct.





RAPI 3 ct.





©Copyright 2022 by Rapaport USA Inc.

Some categories are stabilizing, spurring interest from buyers who believe prices may have bottomed out. The number of 0.30-carat diamonds on RapNet has decreased by approximately 40% since April 1, supporting price levels.

Overall polished inventory is at record highs. As of December 1, the total volume of diamonds on RapNet stood at 1.85 million stones ? an 8% rise year on year.

Rough trading has slowed as manufacturers reduce polished production. De Beers goods are selling at discounts on the secondary market, and auction prices are declining. India's rough imports by volume fell 8% year on year in the third quarter and 55% in October, according to data from the Gem & Jewellery Export Promotion Council (GJEPC).

The rough-market caution reflects weakness in polished demand. Jewelry sales in China declined in October-November amid renewed Covid-19 restrictions. While Hong Kong is seeing some improvement, the lack of tourist traffic is limiting its recovery.

US retailers are optimistic for the season. The National Retail Federation (NRF) reported record foot traffic and digital sales over Thanksgiving weekend. US e-commerce sales grew 6% on Cyber Monday, according to Adobe estimates.

Jewelers are nonetheless holding back from buying inventory, reflecting concern about economic developments. Strong memo demand is stimulating the dealer market as retailers seek ways to manage inventory efficiently.

Savvy store owners are enhancing the holiday shopping experience by improving their multi-channel sales platforms. Consumers have less money for discretionary spending than last year and are seeking bargains. But they're also ready to go out and shop again, and they want interactive buying experiences.

These press releases may also interest you

at 08:15
Stem , a global leader in AI-driven clean energy solutions and services, announced its joint eMobility offering with ChargePoint Holdings, Inc. , a leading electric vehicle (EV) charging network. Stem and ChargePoint are developing a joint offering...

at 08:15
Semtech Corporation , a high-performance semiconductor, Internet of Things (IoT) systems and Cloud connectivity service provider, announced the first Software Development Kit (SDK) to enable advanced software-based KVM applications using the...

at 08:15
SinglePoint, Inc. ("SinglePoint" or "the Company") announced today that its subsidiary, BPA Solutions, a premier provider and consultant for clean air services, fulfilled an initial purchase order of Certified HEPA, AIRBOX air purification units to...

at 08:15
Camden National Corporation , a $5.7 billion bank holding company headquartered in Camden, Maine, closed the year with fourth quarter 2022 earnings of $15.4 million and diluted earnings per share ("EPS") of $1.05, each an 8% increase over the third...

at 08:15
With only a tiny fraction of Mexicans having health insurance or access to the necessary credit or savings, a medical emergency can be a catastrophic event as evidenced by the recent COVID-19 pandemic that hit Mexico harder than the rest of North...

at 08:10
AMC Entertainment Holdings, Inc., , the largest theatrical exhibitor in the United States, in Europe & the Middle East and in the world, today announced that following the successful launch of movie theatre operations in the Kingdom of Saudi Arabia...

News published on 6 december 2022 at 06:55 and distributed by: