BWI: Rapaport Melee Diamond Index (RMI) Down 13% in 2Q to 122.48

Press release from Business Wire India
Source: Rapaport Group
Wednesday, July 11, 2012 11:30 AM IST (06:00 AM GMT)
Editors: General: Consumer interest; Business: Business services, Commodities & materials, Major diversified industrial groups, Retailers
--------------------------------------------------
Rapaport Melee Diamond Index (RMI) Down 13% in 2Q to 122.48
Year on Year Index Drops 20% from Peak of June 2011

New York, United States, Wednesday, July 11, 2012 -- (Business Wire India) -- The Rapaport Melee Index (RMI) for small diamonds dropped 13% to 122.48 in the second quarter of 2012. Melee diamond prices fell as Far East and Indian demand slowed as the Rupee declined sharply. Overall diamond trade liquidity has also become problematic as banks deal with global economic uncertainty and the European banking crisis.

Melee prices have fluctuated over the past year as the market corrected from the sharp increases experienced during the first half of 2011. Prices are now coming under increasing pressure as global diamond market sentiment is expected to remain weak. Year on year, the RMI dropped 20% from the peak it achieved in June 2011 of 153.73.

"After a strong first quarter, we have seen the market for commercial and higher quality melee slow down in the second quarter of 2012. Tight liquidity and a weak global economic outlook have limited wholesalers' inventory purchases amid concerns that prices may continue to decline. Buyers are focusing on filling orders, rather than building inventories. While the second half of 2012 is expected to be challenging, our monthly auctions continue to be a strong platform for sellers to achieve the highest cash market prices from serious buyers in the major diamond trading centers. Our auctions provide a consistent and reliable outlet for the sale and purchase of diamonds at fair market value" said Ezi Rapaport, Director of Global Trading.

Rapaport Melee Index (RMI)

Upcoming Rapaport Auctions:

-- July 11-18, New York & Israel
-- August 6-9, New York
-- August 29 - September 5, New York & Israel

To participate in Rapaport Auctions, companies are invited to visit: www.rapaportauctions.com, contact Auction Support via email: auctions@rapaport.com or call their local Rapaport office.

The Rapaport Group operates in compliance with the U.S. Patriot Act and OFAC regulations and does not trade in diamonds from Marange, Zimbabwe.

About Rapaport Auctions: Rapaport Auctions provide an excellent opportunity for the diamond trade to buy and sell diamonds at cash prices. The large quantities and wide variety of merchandise offered attract competitive bids from a broad range of local and international buyers. Rapaport Auctions is committed to addressing the needs of the international diamond community for enhanced liquidity while presenting unprecedented buying opportunities.

About the Rapaport Group: The Rapaport Group is an international network of companies providing added value services that support the development of free, fair and competitive global diamond markets. Established in 1978, the Rapaport Diamond Report is the primary source of diamond prices and market information. Group activities include publishing, research and marketing services, internet information and diamond trading networks, global rough and polished diamond tenders, diamond certification, quality- control, compliance, shipping, and financial services. Major activities of the group include the development of markets for Fair Trade Diamonds and Jewelry as well as the creation of diamond futures markets. Additional information is available at www.Rapaport.com.

For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/Rapaport_Melee_Index_(RMI).pdf
Rapaport_Melee_Index_(RMI).pdf


CONTACT DETAILS
Manisha Mehta (Mumbai), Rapaport, +91 9769930065
Michelle Ickowics (US), +1-917-833-8796
Shira Topiol (International), +1-702-425-9088

KEYWORDS
CONSUMER, BUSINESS SERVICES, COMMODITIES, GROUPS, RETAIL

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com