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Trading of diamonds improved in October but prices continued to fall, according to the latest figures from Rapaport.
The latest RapNet Diamond Index (RAPI) for 1-carat, laboratory graded diamonds fell 1.3% in October as suppliers held on to large polished inventory and dealers tried to buy select goods at deep discounts.
RAPI for 0.30-carat diamonds slipped 0.1% while the price of 0.50-carat diamonds declined 1% on the same month last year. Meanwhile, RAPI for 3-carat diamonds slid 0.4%
In the year-to-date RAPI for 0.30-carat diamonds has fallen 20%, 0.50-carat diamonds are down 17.9% and the price of 3-carat diamonds is down 13.9%. 1-carat Diamond have seen the lowest fall in the year-to-date, standing at 7.8%.
The report said that steady demand in the US is partly compensating for weakness in the Chinese market. It added that Rough markets are “under pressure” with over-priced rough diamonds not selling.
