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Signs of stability in diamond prices: Rapaport

Diamond prices showed a more moderate decline in October amid holiday demand and a reduction in rough supply, Rapaport Group said.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds fell 2.2%, less than September’s 5.2% slump. The index for 0.30 carats dropped by 1.6%, 0.50 carats by 1.3%, and 3 carats by 0.4%.Prices for rounds showed positive trends following a year of declines. RAPI for 1-carat stones gained 0.1% between 24th October and 1st November. While the index for 0.30-carat goods slipped 0.1%, that of 0.50-carat diamonds — the weakest category since the start of 2023 — increased 0.3%, and the 3-carat RAPI rose 0.4%.Rounds continued to stabilise in the first week of November. The decline in fancy shapes persisted in some areas, with VS doing better than other clarities.

In early October, Indian manufacturers worked to reduce inventories in anticipation of a weak holiday season, competition from synthetics, and further price drops. Many offloaded Russian diamonds ahead of likely Group of Seven (G7) sanctions.The situation improved later in the month as US jewellers began their holiday purchases, seeking goods before India’s Diwali break. Surat factories will close for at least a month starting 12th November, though Mumbai sales offices will be open for some of that time.

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