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Rapaport warns industry of increasing diamond prices
Says most of it is influenced by speculation
By: Diamond World News Service
Mar 24 2008 2:38AM
Reference: 2427  


AFNS has quoted Martin Rapaport’s views on the furture of the diamond and gemstone industry within the rising prices of today. Rapaport has clarified that the reason for the hike in diamond prices is beign driven by speculation, which could lead to a downfall as was in the 1980s, the last time diamond prices were hiked due to speculation. It lead to numerous bankruptcies

Recording the past 6 months performance, a 10 carat, D-flawless stone which was valued at $110,000 per carat is now worth $155,000 per carat as the dollar weakens and some diamantaires have preferred to keep their assets in diamonds.

With the increasing prices, demand is said to yet ride over suplpy, further increasing the prices. Mining companies couls sorce for more and better diamonds in new opportunities like Canada, but they continue to reamin keen on central and southern Africa, according to Stornoway chief executive Eira. According to mining analyst Des Kilalea, director of RBC Markets, rough diamond prices which stepped up in 2007, will go up 10 percent in 2008, and weaken thereon. Polished prices are expected to rise by 9 percent in 2008. There is a fear that manufacturers may look at synthetic stones.

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