Categories: Wire Stories

Rapaport Press Release: Diamond Trading Reflects Market Split

1ct. RAPI -3.2% in April

LAS VEGAS–(BUSINESS WIRE)–The diamond market slowed in April due to geopolitical tensions and the seasonal effects of the Passover and Easter holidays. Steady US retail demand supported the trade, but dealer activity was sluggish amid price uncertainty, Chinese lockdowns and Russian sanctions.

The RapNet Diamond Index (RAPI) for 1-carat diamonds fell 3.2% during the month, reversing the uptrend of the first quarter. The 1-carat index has increased 9.8% since the beginning of the year.

RapNet Diamond Index (RAPI™)

April

Year to Date

Jan. 1, 2022, to May 1, 2022

Year on Year

May 1, 2021, to May 1, 2022

RAPI 0.30 ct.

-2.1%

0.7%

0.2%

RAPI 0.50 ct.

-2.3%

6.1%

9.8%

RAPI 1 ct.

-3.2%

9.8%

23.7%

RAPI 3 ct.

-2.7%

11.0%

28.0%

© Copyright 2022 by Rapaport USA Inc.

US retailers continue to see solid jewelry sales but are carefully managing their inventory and avoiding bulk orders. They expect a strong summer wedding season now that couples who delayed their nuptials due to Covid-19 are resuming their plans.

Jewelers are becoming more careful about source disclosure as the sanctions on Russian diamonds intensify. The US government has placed Alrosa on the Office of Foreign Assets Control (OFAC) list of banned entities.

The measures have led the industry to bifurcate its diamond supply. Manufacturers are preparing to separate Alrosa goods from others to serve different markets. Russian supply is expected to shift toward China, though demand there has declined due to the recent wave of Covid-19 infections and lockdowns.

There are also rising expectations that Russian sanctions will lead to shortages, especially in smaller goods. Suppliers are struggling to fill orders for large retailers that seek top-quality diamonds.

Rough trading was stable ahead of the De Beers sight beginning May 3. Premiums have declined on the secondary market after surging in January and February. De Beers and other non-Russian producers are set to gain from the separation of Russian supply.

The Russia-Ukraine war is pushing the industry to adopt more robust source verification programs. In addition to the legal considerations, more retailers are taking a stand on diamonds involved in human rights abuses, torture, environmental harm, or other social and ecological concerns. Creating an ethical supply chain will depend on buyers’ choices. Only by buying responsibly can the trade sell ethically.

Contacts

Rapaport Media Contacts: media@diamonds.net
Sherri Hendricks +1-702-893-9400

Alex

Recent Posts

OPPO Celebrates Global Photography Talent at Paris Photo Fair under the theme of “Dear Life”

PARIS, FRANCE - Media OutReach Newswire – 8 November 2024 - This year, OPPO once…

4 mins ago

ICONSIAM Showcases Thai Culture with “ICONSIAM THAICONIC LOY KRATHONG” Festival, Strengthening Thailand’s Global Standing

This year’s Loy Krathong event at ICONSIAM celebrates Thai cultural heritage, promotes sustainability, and shines…

5 mins ago

KBTG Vietnam and Techsauce Propel Techsauce Global Summit 2024 in Vietnam – Accelerating ASEAN’s Digital Economy

HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 8 November 2024 - KBTG…

1 hour ago

Prince Holding Group’s Chairman Chen Zhi Named Visionary Philanthropist of the Year for Impactful Initiatives in Cambodia

PHNOM PENH, CAMBODIA - Media OutReach Newswire - 8 November 2024 - Neak Oknha Chen…

2 hours ago

Telosin X Debuts in Singapore at The Mineral Boutique: Revolutionizing At-Home Skincare

SINGAPORE - Media OutReach Newswire - 8 November 2024 – Singapore's beauty enthusiasts have a…

3 hours ago

The Mineral Boutique Expands in Singapore with Three Prime Retail Locations, Strengthening Its Regional Presence with Unique Multi-Brand Offerings

SINGAPORE - Media OutReach Newswire - 8 November 2024 - The Mineral Boutique, a premier…

3 hours ago