BWI: Rapaport Melee Diamond Index Down 4% in 1Q 2015

Source : Rapaport Group Tuesday, April 14, 2015 3:45PM IST (10:15AM GMT)   Rapaport Melee Diamond Index Down 4% in 1Q 2015 Rapaport Auctions sells over 135,000cts of polished for $28.9 million in 1Q   New York, United States   The Rapaport Melee Index (RMI™) for small diamonds decreased by 4% to 124.50 during the first quarter of 2015. Year over year the index is down 9.5% from its level of 137.60 in March 2014.  Polished prices declined throughout the first quarter of 2015 as retailers were largely absent from the market and diamond trading remained slow in March. Jewelry retailers refrained from their usual first quarter buying and avoided unnecessary buildup of inventory. Diamond manufacturers significantly reduced their polished production in an effort to diminish their existing polished stock, as overall demand was weak and profit margins remained slim. Furthermore, liquidity continued to be tight due to weak demand, manufacturers’ lack of profitability, and the increased self-financing of rough purchases as banks restrict and reduce credit limits. While the second quarter is a traditionally slow period, dealers are hoping that the market will stabilize as supply is reduced and shortages stimulate market demand in the coming months.  “The diamond industry is continuing to face challenging times and serious liquidity constraints as dealers struggle to operate profitably in an extended weak market. Demand remained slow in Q1 with the recent Hong Kong and Basel shows failing to stimulate trading activity. There is uncertainty as to how long current conditions will last, with hesitation as to whether the market has hit bottom or if it will continue to spiral downward. Manufacturers are deferring rough purchases and are cutting down on new production with hopes that limited new supply will help stabilize declining prices and reduce current inventory. Rapaport Auctions held its largest auction to date in New York and Hong Kong last month with over 98,000 carats of diamonds. At this critical time we are maximizing our marketing and sales efforts to ensure that our clients can liquidate their diamonds at fair market prices and operate their business with consistent cash flow.” said Ezi Rapaport, Director of Global Trading, Rapaport Group. Upcoming Rapaport Auctions: April 12-15, Israel April 20-23, New York April 21-29, New York & Dubai May 13-20, New York & Israel May 19-28, New York & Dubai   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 fair, transparent, efficient, and competitive diamond and jewelry markets. Established in 1978, the Rapaport Magazine is the primary source of diamond price and market information. Group activities include Rapaport Information Services providing research, analysis and news; RapNet – the world's largest diamond trading network; Rapaport Laboratory Services provides GIA gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services specializing in recycled diamonds and jewelry. The Group supports over 20,000 clients in 118 countries and employs 200 people with offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong. Additional information is available at www.Diamonds.net. Martin Rapaport (Publisher) grants limited permission to use copyrighted data appearing in this press release ‎‎in and in conjunction with journalistic copy, reporting or articles concerning diamond pricing and information ‎‎in graph or data presentation format only. The following credit notice must appear alongside, underneath, or in ‎‎close proximity to any use of the copyrighted data: “Used with permission of Rapaport USA, Inc. Copyright © ‎‎Martin Rapaport.  All rights reserved.”‎ Photo Caption: Rapaport Melee Index (RMI)   Media Contact Details Michelle Ickowics, U.S. Rapaport Group, ,+1-9178338796 , media@diamonds.net Lisa Miller, International Rapaport Group, ,+1-7185214976 , media@diamonds.net Manisha Mehta, Mumbai Rapaport Group, ,+91-9769930065 , media@diamonds.net   KEYWORDS: Business/ Finance:Commodities & Materials, Events & Conferences, Financial Analyst & Investors, Manufacturing Companies, Retailers, Stock Exchanges;General:Consumer interest, Lifestyle   To ensure that you continue to receive email from Business Wire India in your inbox, please add businesswireindia.com to your Address Book or Safe List.   To submit a press release, click here. To unsubscribe or modify your Business Wire India settings, please visit your profile page on Business Wire India. Connect with us on: Facebook | Twitter | Google+

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