Latest news with #RapNetDiamondIndex
Business Wire
3 days ago
- Business
- Business Wire
Rapaport Press Release: Trade Cautiously Optimistic for JCK
LAS VEGAS--(BUSINESS WIRE)--The diamond market continued to operate under uncertainty in May. The postponement of higher tariffs, and the accompanying dialogue between the US and India, brought some relief to a market that no longer anticipates a 26% duty on polished. A US federal court ruled on May 28 that President Donald Trump lacked authority to impose tariffs unilaterally. The levies remain in place while the administration appeals. Dealers that raised prices in early April adjusted them downward. US consumer demand remained steady — a bright spot for the industry as it heads into the JCK Las Vegas show. The RapNet Diamond Index (RAPI™) for 1-carat stones — reflecting round, D to H, IF to VS2 diamonds — was flat during May. The index for 0.30- and 3-carat goods rose 0.4% and 0.6% respectively; the 0.50-carat RAPI fell 0.7%. Prices of round, 0.50- to 0.70-carat, SI diamonds softened, partly because of the tariff policy readjustment and the desire to complete sales before the July summer vacation. In late March and early April, the trade exported unusually large quantities of goods to the US to avoid tariffs. This created supply-demand imbalances, including a surplus of less-desirable goods. Sought-after diamonds remained scarce and costly to import because of the 10% duty. Preparations for JCK are at their peak. Dealers expect a reasonable show, with fewer international participants due to the tariffs. The industry is waiting to see how Trump's policy affects demand. The GemGenève show — which ended May 11 — was good, though not excellent, with strong demand for diamonds over 5 carats. It was a positive indicator for high-end items. A report claimed De Beers had sold cut-price rough to certain clients through special deals, creating waves in the industry. De Beers also announced the closure of its Lightbox synthetic-diamond venture. The GIA is updating its synthetic-diamond reports, using broader grading terminology that excludes color and clarity.
Business Wire
06-05-2025
- Business
- Business Wire
Rapaport Press Release: Historic Uncertainty Impacts Diamond Market
LAS VEGAS--(BUSINESS WIRE)--Diamond prices rose sharply at the beginning of April in response to announcements of new U.S. import tariffs, and then stabilized later in the month when the U.S. delayed the tariffs by 90 days. The RapNet Diamond Index (RAPI™) for 1-carat goods edged up 0.7% during the month. The index for 0.30-carat diamonds continued to strengthen, rising 2.8% in April and 13.2% since the beginning of the year. The 0.50-carat RAPI increased 0.6%, while 3-carat stones saw a minor decline of 0.3%. VVS collection goods of 0.30 carats performed well due to increased Indian demand and a slight improvement in China. The industry operated amid unprecedented uncertainty due to the continuing tariff negotiations between the U.S. and India, respectively the world's largest diamond-consuming and -manufacturing countries. Trading slowed in centers outside the U.S. However, business within the U.S. was steady and prices rose, reflecting part of the expected tariff costs. The market is closely monitoring end-consumer reactions. U.S. inventories are elevated, as American traders purchased goods before the tariffs' anticipated start date, and global trading centers — especially Indian exporters — shipped popular goods to the U.S. Diamond imports to the U.S. are now slowing down. Elongated fancy shapes saw strong demand during April, both in the U.S. and internationally. Diamond and jewelry retailers are finishing preparations for Mother's Day on May 11. A survey by the National Retail Federation (NRF) projected that consumer spending on jewelry would be slightly lower than last year. The rough market was quieter than in March, which was a particularly active period. Anglo American predicts continued caution among rough buyers due to the ongoing macroeconomic uncertainty and the impact of U.S. tariffs. De Beers' sales slid 44% year on year in the first quarter to $520 million as slow demand and a buildup of polished inventory led the midstream to restock more slowly.
