DIAMONDS NEWS – Diamond industry under pressure amid slow sales, Rapaport reports

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Diamond prices declined in June as sales dropped and inventories grew. Indian manufacturers reduced production, but sales fell at a sharper rate due to weak demand. This led to an oversupply and pressure to sell, Rapaport reported.  

Synthetics continued to take market share from natural diamonds and will likely do so throughout 2024. Chinese diamond demand remains very weak as consumers turn to gold jewelry as a store of value. US retail sales were mixed in June. Indian jewelry demand, while healthy, saw a seasonal lull.  

The RapNet Diamond Index (RAPI™) for 1-carat goods — reflecting round, D to H, IF to VS2 diamonds — fell 3.6% in June. This was a slightly gentler decline than in May. However, the drop in the 0.30-carat RAPI accelerated to 6% in June. The index for 0.50-carat diamonds fell 4.8%, and prices of 3-carat stones went down 2%. Prices for round, 1-carat, D to H, SI diamonds slid 0.5%.

DIAMONDS NEWS – Diamond industry under pressure amid slow sales, Rapaport reports