Diamond Prices Steady

diamond prices

Diamond Prices Steady in December

Jan 2, 2018 5:00 AM   By Rapaport

RAPAPORT PRESS RELEASE, January 2, 2018, New York… Polished diamond prices stabilized in December following a better-than-expected holiday season. US consumer sentiment was boosted by economic growth, record-high stock markets and a drastic tax overhaul that is expected to raise disposable income and discretionary spending.

The RapNet Diamond Index (RAPI™) for 1-carat diamonds edged up 0.3% in December. RAPI for 0.30-carat diamonds rose 1.2%, while RAPI for 0.50-carat stones increased 0.6%. RAPI for 3-carat diamonds slid 1.7%.

The 1-carat RAPI softened 0.8% in the fourth quarter and fell 5.3% for the full year. The index declined for the sixth consecutive year in 2017, as noted in the Rapaport Diamond Price Statistics Annual Report to be published in the January 2018 edition of Rapaport Magazine.

Market sentiment improved in December amid steady US holiday jewelry sales and consistent Chinese demand ahead of the Chinese New Year on February 16.

The US retail environment is undergoing unprecedented change, with strong online sales creating greater competition and price uncertainty due to internet discounting. Jewelers and diamantaires who provided added-value services and implemented strategies to engage with customers online and in-store had a successful holiday. In mainland China, more consistent local sales are replacing volatile Chinese tourist shopping elsewhere, with diamond engagement rings gaining popularity among Chinese millennials.

Diamond trading slowed in December, with US and Belgian dealers on vacation during the Christmas-to-New Year break. Dealers are encouraged by reports of positive retail sales, but are waiting for memo returns before assessing the holiday season.

Manufacturers are maintaining steady polished production in anticipation of a rise in first-quarter demand; a period when jewelers typically replenish stock sold during the holiday season.

Dealers start 2018 with a better outlook than in previous years. Booming stock markets, higher wages and lower taxes will result in a sustainable rise in wealth. That will lead to more diamond demand, even as growth in online sales, rising synthetics supply and changing consumer habits contribute to uncertainty.

Rapaport Media Contacts: media@diamonds.net
U.S.: Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976
Mumbai: Prashant Bhojani +91-97694-66855

About the Rapaport RapNet Diamond Index (RAPI™): The RAPI is the average asking price in hundred $/ct. of the 10% best-priced diamonds, for each of the top 25 quality round diamonds (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) offered for sale on RapNet – Rapaport Diamond Trading Network. www.RapNet.com has daily listings of approximately 1.2 million diamonds valued at approximately $7.1 billion. Additional information is available at www.diamonds.net.

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the Group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet – the world’s largest diamond trading network, with over 15,000 members in 94 countries and daily listings of approximately 1.2 million diamonds valued at approximately $7.1 billion; Rapaport Laboratory Services, providing GIA and Rapaport gemological services in India, Israel and Belgium; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 500,000 carats of diamonds a year. Additional information is available at www.diamonds.net.

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Diamond Video Challenge Rapaport

Sierra Leone

Diamond Video Challenge Rapaport

November 7, 2017, New York… The Rapaport Group is offering a first prize of $5,000 for the best diamond video promoting the Peace Diamond® and the brand concept “Diamonds That Make the World a Better Place” ®. The video must be under 2.5 minutes and focus on the role that diamonds can play in improving the lives of artisanal diggers. The deadline for video submissions is Nov. 20; votes will be accepted until Nov. 23 on the Peace Diamond Facebook Page, with the winner being the video that receives the most likes.

The big idea is to show the benefits that artisanal diamonds can bring to the world if they are sold through legitimate channels, with taxes paid and infrastructure improvements provided by the government. The 709-carat Sierra Leone Peace Diamond was discovered by impoverished diggers from the village of Koryardu. This village and the surrounding area have no clean water, electricity, schools, health facilities, roads or bridges. For the first time, millions of dollars from the sale of the Peace Diamond will go toward providing vital infrastructure and improving the lives of some of the poorest people in the world.

Participants in the Peace Diamond Video Challenge may register online at https://www.peacediamond.com/sign-up-for-the-challenge/, where additional information, terms and conditions, and media material — including videos, images, articles, stories, and information on how to make a submission — can be found. All the information on the website is available for download and use by the video creators. Participants are urged to view the five-minute Rapaport Peace Diamond Story Video on the website to get an understanding of the Peace Diamond Video opportunity: https://www.peacediamond.com/videos/.

“The winning video should create emotional value for Peace Diamonds that make the world a better place by helping artisanal diggers and the country from where the diamonds originate. We must fairly compensate the sources of artisanal diamonds to ensure that they are sold through legitimate channels. There is a reason G-d gave these diamonds to the poorest people in the world and made the richest desire them,” said Martin Rapaport, Chairman of the Rapaport Group.

Rapaport Media Contacts: media@diamonds.net
US: Sherri Hendricks +1-702-893-9400
International: Gabriella Laster +1-718-521-4976
Mumbai: Karishma Nagpal +91-98206-60574

About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the Group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet – the world’s largest diamond trading network, with over 15,000 members in 95 countries and daily listings of over 1.4 million carats valued at approximately $8 billion; Rapaport Laboratory Services, providing GIA and Rapaport gemological services in India, Israel and Belgium; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 500,000 carats of diamonds a year. Additional information is available at www.diamonds.net.

 

Sierra Leone to sell 709-carat diamond in Rapaport NY auction

Sierra Leone

Sierra Leone said on Tuesday it plans to auction off a massive 709-carat Peace Diamond at Rapaport December sale in New York, aiming to make a clean break with the “blood diamonds” of its past.

The stone, which was unearthed in March, is the largest discovered in Sierra Leone in almost a half-century and is between the 10th and 15th largest ever found worldwide, experts say.

Sierra Leone authorities told reporters that the massive gem will go up for sale on December 4 at Rapaport Auctions, which specialises in the diamond trade.

The government has pledged to be transparent in the stone’s sale, mindful of the history of cross-border diamond trafficking that fuelled Sierra Leone’s civil war from 1991-2002.

Such “blood diamonds” were often found by enslaved members of the population, who were killed or maimed by rebel groups if they refused to dig.

The 709-carat behemoth was discovered by Emmanuel Momoh, an Evangelical pastor who is also one of hundreds of so-called artisanal miners in Kono, Sierra Leone’s key mining district.

Momoh said he hoped the sale would “improve the lives of the people by providing water, electricity, schools, health facilities, roads and bridges” in the Kono region.

The state expects to collect 15 percent of the sale’s proceeds and a 30% income tax.

Sierra Leone had initially looked to sell the diamond at home but the best offer the country received was $7.7 million in April, which the government deemed insufficient.

It then decided to sell abroad. The rough stone was shown in Israel on Monday and Tuesday and will be on display in the Belgian city of Antwerp – one of the world capitals for diamond trading – from October 30 to November 10.

The diamond – known under its official name as the “diamond of peace” – will then be shown at the United Nations in New York, authorities said.

“We are grateful to the pastor for transferring the diamond to the government rather than smuggling it abroad,” presidency spokesman Abdulai Bayratay said.

Conflicts and controversy surrounding “blood diamonds” led the international community to enact a process known as “Kimberley” in 2003, which certifies diamonds as “conflict-free”.

Rapaport Appoints Editor

August 16, 2017, Ramat Gan… Rapaport is pleased to announce the appointment of Sonia Esther Soltani as Editor.

Sonia Esther Soltani
Sonia Esther Soltani

This role will see Ms Soltani work across print and digital media titles for Rapaport. Her responsibilities include the management and development of all content creation and distribution through the company’s print and digital channels. She will also play a key role in managing product development and directing the rollout of the company’s digital media strategy.

“We are delighted to welcome Sonia as Editor,” said John Costello, Publisher, Rapaport Group. “Sonia not only brings an incredibly strong track record in B2B publishing, but also a passion for diamonds and jewelry. This combination has been key in the redesign of Rapaport Magazine, in which Sonia played the central role.”

A graduate of City University, London, with a degree in Magazine Journalism, Ms Soltani started her career as a reporter at UBM’s award-winning weekly trade magazines Property Week and Building. An editor with over 12 years’ experience, Ms Soltani went on to work as a content editor at APL Media – the publisher of National Geographic Traveller and leading travel trade publications for the US and UK markets. Ms Soltani’s natural enthusiasm for diamonds and jewelry, and experience in providing B2B content, now finds her matching personal passion with professional skills to play a leading role in the creation of content at Rapaport.

“I feel truly honored to have been entrusted by John Costello with the stewardship of such respected institutions in the diamond and jewelry trade as Rapaport Magazine and Diamonds.net. I look forward to developing connections with a wide range of players in the industry to make our publications the most newsworthy and impactful possible,” said Ms Soltani.

Sonia Esther Soltani can be contacted at sonia.soltani@diamonds.net.