Economy

Diamond trading slows over Christmas

Diamond trading slowed down over the holiday season as the industry shifted focus to retail and as diamantaires took their end-of-year break, according to Rapaport USA.

The volume of 1-carat diamonds on RapNet declined 24% in the second half of 2020, with the top 10% of diamonds in that category selling at an average of 32% below the Rapaport Price List on 1January 2021, compared to 37% below on 1 July 2020.

However, industry sentiment increased over this period due to strong holiday e-commerce sales, the roll-out of Covid-19 vaccines and the approval of a coronavirus stimulus package in the United States.

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At the start of 2021, the diamond industry now has a “healthier supply-demand balance” than at any other stage over the last five years, according to the diamond market analyst.

According to the RapNet Diamond Index (RAPI™), 1-carat diamonds rose 2.3% in December and 5.8% for the full year.

 

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