Polished diamonds rose 1% in October!
Diamond Market Cautious Ahead of Holidays The diamond market continued to improve in October as holiday orders picked up. Supply shortages helped buoy prices of 1-carat and larger stones. However, the positive sentiment of the previous month weakened due to a rise in global Covid-19 cases and uncertainty surrounding the US election. The RapNet Diamond Index (RAPI) for 1-carat polished diamonds rose 1% in October and was up 2.9% from the beginning of the year. The RAPI index stabilized toward the end of the month as more goods became available and because prices had increased substantially since the start of the pandemic. Buyers shifted to lower-color diamonds (I to L), which had seen less of a price hike than D to H. This was particularly true for 0.30 to 0.50 carats. Manufacturers raised polished production after the Indian government eased its Covid-19 restrictions. Larger factories are operating at an estimated 70% to 90% of capacity. Cutters are planning a shorter vaca