{"id":26766,"date":"2024-07-03T14:30:12","date_gmt":"2024-07-03T09:00:12","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=26766"},"modified":"2024-07-03T14:30:12","modified_gmt":"2024-07-03T09:00:12","slug":"rapaport-diamond-industry-under-pressure-amid-slow-sales","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/rapaport-diamond-industry-under-pressure-amid-slow-sales\/","title":{"rendered":"Rapaport: Diamond Industry Under Pressure Amid Slow Sales"},"content":{"rendered":"

Diamond prices declined in June as sales dropped and inventories grew, Rapaport said in a release. Indian manufacturers reduced production, but sales fell at a sharper rate due to weak demand. This led to an oversupply and pressure to sell, it explained.<\/p>\n

Synthetics continued to take market share from natural diamonds and will likely do so throughout 2024, Rapaport predicted. Chinese diamond demand remains very weak as consumers turn to gold jewellery as a store of value. US retail sales were mixed in June. Indian jewellery demand, while healthy, saw a seasonal lull, Rapaport noted.<\/p>\n

The RapNet Diamond Index (RAPI\u2122) for 1-carat goods \u2014 reflecting round, D to H, IF to VS2 diamonds \u2014 fell 3.6% in June. This was a slightly gentler decline than in May. However, the drop in the 0.30-carat RAPI accelerated to 6% in June. The index for 0.50-carat diamonds fell 4.8%, and prices of 3-carat stones went down 2%. Prices for round, 1-carat, D to H, SI diamonds slid 0.5%.<\/p>\n\n\n\n\n\n\n\n\n
RapNet Diamond Index (RAPI\u2122<\/sup>)<\/strong><\/td>\n<\/tr>\n
<\/td>\nIndex<\/strong><\/td>\nJune<\/strong><\/td>\nYear to Date
\n<\/strong>Jan. 1, 2024, to Jul. 1, 2024<\/td>\n		Year on Year
\n<\/strong>Jul. 1, 2023, to Jul. 1, 2024<\/td>\n<\/tr>\n
RAPI 0.30 ct.<\/td>\n1,206<\/td>\n-6.0%<\/td>\n-15.0%<\/td>\n-23.3%<\/td>\n<\/tr>\n
RAPI 0.50 ct.<\/td>\n1,913<\/td>\n-4.8%<\/td>\n-3.4%<\/td>\n-20.2%<\/td>\n<\/tr>\n
RAPI 1 ct.<\/td>\n5,328<\/td>\n-3.6%<\/td>\n-10.9%<\/td>\n-22.8%<\/td>\n<\/tr>\n
RAPI 3 ct.<\/td>\n20,164<\/td>\n-2.0%<\/td>\n-8.4%<\/td>\n-14.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a9 2024, Rapaport USA Inc.<\/p>\n

The number of diamonds on RapNet rose 6% between 1st<\/sup> April\u00a0 and 1st<\/sup> July, and now stands at 1.67 million. Indian manufacturers have continued producing polished to keep workers employed and maintain access to rough supply and credit lines.<\/p>\n

\"\"<\/p>\n

The secondary rough market was quiet due to sluggish polished demand. De Beers\u2019 2024 rough sales through June fell 20% year on year to $1.95 billion. Some sightholders refused boxes that would result in losses. Rapaport said it expects De Beers\u2019 revenue to continue to decline in 2024 due to competition from synthetics.<\/p>\n

Rapaport believes synthetics will dominate the US bridal segment in 2024, accounting for over 50% of engagement-ring purchases. However, the synthetic bridal market will collapse in 2025 as their very low prices will make them unsuitable for engagement rings. Natural diamond demand will come back strong as consumers return to traditional engagement rings whose value is appropriate for the gift of marital commitment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Diamond prices declined in June as sales dropped and inventories grew, Rapaport said in a release. Indian manufacturers reduced production, but sales fell at a sharper rate due to weak demand. This led to an oversupply and pressure to sell, it explained. Synthetics continued to take market share from natural diamonds and will likely do…<\/p>\n","protected":false},"author":1,"featured_media":26767,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-26766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\nRapaport: Diamond Industry Under Pressure Amid Slow Sales - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/rapaport-diamond-industry-under-pressure-amid-slow-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rapaport: Diamond Industry Under Pressure Amid Slow Sales - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"Diamond prices declined in June as sales dropped and inventories grew, Rapaport said in a release. 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