The diamond market was “significantly” weaker in the first quarter of the year when compared with previous figures, according to Rapaport.
The report noted that retailers were “cautiously replacing their inventory”. It said that, although March had seen an improvement in prices, the Easter holidays had led to a slowing down in April.
In the first quarter (Q1) of the year one-carat diamond prices decreased 1.1%, while the demand for smaller diamonds (less than 0.49 carats) was good. Meanwhile, the rough market saw 3% to 10% dealer premiums.
Diamond mining conglomerate Alrosa benefited from the market improvement in March, the report added. The company, which is responsible for a third of global rough production, said demands were steady in the first quarter with sales “passing expectations”.
Sales for the company were up 1% year-on-year, which was 12% higher than expected.