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Diamond prices decline in July;weak retail demand persists

Diamond prices fell heavily in July as weak retail demand persisted, Rapaport reported. De Beers’ 5% to 15% reduction in many rough prices contributed to the decline, as did very strong competition from synthetics.

The RapNet Diamond Index (RAPI) for 1-carat diamonds slid 2.7% for the month. It stood at 6,716 on August 1, down 10.9% since January 1. Rough purchases remained low due to weak polished demand and uncertain manufacturing margins.

High inflation and interest rates continued to restrict middle America’s spending. The high-end segment supported the market as consumers with savings bought branded jewelry. China’s post-lockdown recovery did not extend to diamonds.

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