Prices of the Polished Diamonds shows a hike for the third successive month
Prices of polished diamonds have continued to climb in January as scarcities continued to sustain the market, which also experienced a hike from the holiday time of year. As per the latest RAPI report, the costs of 1-Ct GIA-graded diamonds rose 0.9% during the month.
Polished diamonds show a continuous growth in the prices even for the third successive month. The RapNet Diamond Index report says the cost of 1-ct, GIA graded diamonds has increased by 0.9% during the month. Further, according to RAPI 0.30ct and 0.50ct diamonds rose by 4.7% and 4.5% respectively, On the other hand, 3ct diamonds record the 0.5% fall in prices. In spite of this, RAPI for 1ct diamonds faces a drop of 4.4% from a year ago as producers tried to cut excess inventory in 2015. Moreover, RAPI for 3ct diamonds shows a decrease of 13.6% from a twelvemonth ago, while 0.50ct and 0.30ct diamonds face a decline of 8.6% and 7.7% respectively. In the monthly report, it is cited that polished prices rose in January because of the shortage of the diamond in the market, not due to the increasing demand of customers. Nevertheless, the report also cites that the diamond industry has established a ‘ray of hope’ during January due to which dealers feels that the market now would present a positive sign. The report too adds that prospects for producers’ profitability and productivity as De Beers reduced the prices by 7-10% of the rough diamonds in he month of January. De Beers in its first sale gains a net income of more than double than its sale in the recently closed year.