The RapNet Diamond Index (RAPI) for 0.30 carat diamonds rose to 3.5% in February. This was facilitated by the revival of demand for them in China. The agency reported rapaportdrew attention to Frank Media.
Since the beginning of the year, small diamonds have risen in price by 6.7%. Compared to last year, this figure is 8% lower. At the same time, the price dynamics for larger diamonds is negative: the index for 1-carat stones decreased by 0.1% mom and by 21.7% yoy. The index for 3-carat diamonds fell by 1% and 15.2%, respectively.
According to Rapaport, the rough diamond market was stable in February against the backdrop of a shortage caused by a reduction in the supply of rough diamonds by ALROSA. Sanctions against diamonds of Russian origin may stimulate demand for supplies from other countries.
Diamond cutters are ramping up polished production, expecting demand to pick up in the second half of the year. De Beers raises prices for fine raw materials for the second month. Prices are rising and at auctions. However, dealers remain cautious due to economic uncertainty in the US.
However, Rapaport cites Mastercard data, according to which diamond purchases on Valentine’s Day contributed to the growth in US jewelry sales. In January, sales grew by 6.5% yoy.