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SIs saw gentler declines than the RAPI categories, reflecting US demand. Prices for round, 1-carat, D to H, SI diamonds fell 3.2%, Rapaport noted.<\/p>\nThe diamond market experienced a significant downturn in July, with prices plummeting due to a combination of factors including sluggish retail sales, oversupply in India, and the seasonal summer slowdown, Rapaport said.<\/p>\n
According to the RapNet Diamond Index (RAPI\u2122), prices for 1-carat goods \u2014 reflecting round, D to H, IF to VS2 diamonds \u2014 dropped by 7.3%, marking the steepest monthly decline since December 2008. Smaller diamonds also faced similar pressures, with the 0.30-carat and 0.50-carat RAPI indices falling by 8.9% and 7.9% respectively. Even larger 3-carat diamonds saw a price decrease of 5.8%.SIs saw gentler declines than the RAPI categories, reflecting US demand. Prices for round, 1-carat, D to H, SI diamonds fell 3.2%, Rapaport noted.<\/p>\n
Weak sales led to an increase in polished inventory. The number of diamonds on RapNet rose 2% in July for a total of 1.7 million and jumped 9% between 1st<\/sup> April and 1st<\/sup> August.<\/p>\n Rapaport informed that in response to the weakening market, Indian diamond manufacturers scaled back production in July to align their inventory with current demand. However, it is expected to take six weeks for these cuts to impact inventory levels.<\/p>\n Rough demand was sluggish. De Beers allowed sightholders to refuse goods at its July sight and offered 30% buybacks for certain categories. Sales were under $200 million, insiders estimated.<\/p>\n Luxury brands bought fewer diamonds than in previous years, creating weakness in high-end goods. LVMH\u2019s jewellery and watch sales declined 5% year on year to $5.58 billion in the first half of 2024. Slow US bridal demand put pressure on Tiffany & Co., according to LVMH.<\/p>\n Sales in China remained weak due to the slow economy and due to shoppers shifting away from diamonds as an investment. Consumers with money preferred to spend at overseas tourist destinations rather than domestically.<\/p>\n India\u2019s jewellery industry expects the India International Jewellery Show (IIJS), which runs from 8th<\/sup> to 13th<\/sup> August, to signal strong domestic demand ahead of Diwali. However, expectations for the September Jewellery & Gem World (JGW) Hong Kong show are low amid sluggish Chinese demand.<\/p>\n","protected":false},"excerpt":{"rendered":" The diamond market experienced a significant downturn in July, with prices plummeting due to a combination of factors including sluggish retail sales, oversupply in India, and the seasonal summer slowdown, Rapaport said. According to the RapNet Diamond Index (RAPI\u2122), prices for 1-carat goods \u2014 reflecting round, D to H, IF to VS2 diamonds \u2014 dropped…<\/p>\n","protected":false},"author":1,"featured_media":27100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-27099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n