Carats.io: Polished diamond prices in Israel declined on an average of 0.89% during last week

Asking prices of polished diamonds increased during the month of February, although they closed the month with declines. Israeli diamond traders decreased prices this past week, coinciding with an important trade fair held in Hong Kong.

Polished diamond prices in Israel declined on average 0.89 per cent during week nine (February 25-March 3) of 2018, compared to the previous week. GDX, Carats.io’s general index, averaged 10,029.16 during the week. The index represents the most tradable diamonds in the Israeli diamond market.

The GDX index opened the week at 10,096.91, and closed at 10,012.22, declining 0.86 per cent from start to end. The declining prices follow a period of rising prices, buoyed by increased demand and positive expectations from the Hong Kong International Diamond, Gem and Pearl Show. The rising price trend of the previous weeks continued during Sunday and Monday, however on Tuesday, February 27, the day the show opened, traders lowered prices nearly across the board. During the following days, traders slowly adjusted prices upwards.

The goods that had the deepest decline were the smaller size diamonds, as reflected by the GDX-D index of diamonds weighing 0.18-0.99 carats. The GDX-I index, which represents the top color and clarity polished diamonds traded in the market, was least affected by the declines, down on average 0.53 per cent.

Prices Rise During February

Despite the declines late in the month, Carats.io’s second month of indexed pricing, asking prices of polished diamonds increased overall during February. The rise was fueled by retailer restocking in the US following the November-December Holiday Season, a trade fair held at the Israel Diamond Exchange that generated large traffic and many transactions, as well as expectations for an active show in Hong Kong. During the month, the overall GDX index rose 0.85 per cent. GDX-D increased 1.22 per cent, reflecting strong demand for smaller diamonds in the US consumer market.