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Diamond Update: Prices Drop In July; Four Rare Reds Among 2014 Argyle Pink Diamond Tender August 13, 2014 (0 comments)
Diamond Prices Down 2.4% in July
New York, NY—Certified polished diamond prices for most sizes fell during July, according to the latest figures from Rapaport. The RapNet Diamond Index (RAPI) for 1-carat certified polished diamonds fell 2.4% during July, RAPI for 0.30-ct. diamonds declined 1.3%, and RAPI for 3.0 ct. diamonds fell 0.5% during the month. The RAPI for half-caraters rose slightly; 0.3%.
Diamond manufacturing margins remained under pressure, while rough prices stayed high. According to the Rapaport Monthly Report “Sluggish Trading,” there is steady U.S. and Far East demand for below 1-carat, G-M, SI-I2, commercial-quality diamonds. Demand for 0.30- to 0.50-carat, G-M, VS2-I2 diamonds remains strong with reported shortages in the market. Many New York and Antwerp-based dealers took their summer vacations during the month, which further reduced trading volumes. Some Indian cutters reduced 1-carat and larger prices due to weak demand, oversupply and to boost cash flows.
While polished markets remain sluggish, rough trading was robust in July. Rough prices from mining companies rose approximately 2% and goods were selling for mid-single-digit premiums on the secondary market. Polished suppliers are hoping polished prices will rise sufficiently enough during the holiday season to justify current high rough price levels. But buyers are expected to remain cautious at least until the Hong Kong Jewellery and Gem Fair, September 15 - 21, which they hope will boost trading ahead of the fourth quarter holiday shopping season.
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2014 Argyle Pink Diamond Tender To Include Four Rare Reds
Sydney, Australia—Rio Tinto’s iconic Argyle Pink Diamonds Tender this year will include a record number of rare reds—four. The collection was unveiled this week at a world exclusive preview in Sydney, and will travel to New York, Hong Kong, and Perth, Australia, before bidding closes October 8.
2014 marks the 30th anniversary of the Argyle Pink tender. This year’s tender collection is 55 diamonds, 51 of which are pink and purplish red, and four of which are extremely rare fancy red. Over 30 years, just 13 fancy reds—including this year’s four—have ever been included in the tender. The hero of this year’s tender is a spectacular 1.21-ct. radiant cut fancy red diamond (left) named “Argyle Cardinal,” after the small red bird commonly found in American back yards.
Other diamonds headlining the 2014 tender include the Argyle Rosette, a 2.17-ct. fancy intense purple-pink emerald cut, and the Argyle Toki, a 1.59-ct. fancy intense purplish pink emerald cut.
Jean-Marc Lieberherr, managing director of Rio Tinto Diamonds, said, “Decades ago, no one would have believed that Australia held the secret of diamonds, let alone virtually the world’s entire source of rare pink and red diamonds. The pinnacle of the production from Rio Tinto’s Argyle mine, the annual pink tender diamonds are now celebrated internationally as amongst the rarest and most valuable diamond in the world.”
Top image: The Argyle Cardinal, a 1.21 carat, radiant cut, fancy red diamond, named after the North American bird that is celebrated for its vibrant red plumage and sweet song.