After sliding for months, polished diamond prices showed signs of stabilizing in April, with the RapNet Diamond Index for 1-carat goods even increasing slightly.
New York – Diamond trading remained muted in April, though prices stabilized toward the end of the month and activity is expected to pick up as summer wedding season approaches, the Rapaport Group stated in its monthly price report.
In April, the RapNet Diamond Index (RAPI), an index compiled using the average asking price for certain diamonds listed on RapNet, rose 0.4 percent for 1-carat laboratory-graded diamonds after sliding for months.
However, these stones still remain considerably cheaper than they were at this time last year. The RAPI for 1-carat diamond is down 14 percent when compared with May 1 of last year.
While 1-carat diamonds showed some price recovery, the RAPI for other sizes continued to slide in April.
The index was down 1 percent for half-carat diamonds, 2 percent for 0.30-carat stones and nearly the same amount for 3-carat diamonds. Compared to the same time last year, the RAPI is down 21 percent for 0.30-carat diamonds, 15 percent for 3-carat diamonds and 10 percent for half-carat stones.
In its monthly release, the Rapaport Group described diamond markets as “quiet” in April, with sentiment improving slightly toward the end of the month as a shortage of polished diamonds helped stabilize prices.