Diamond Jewelry Inflation knocks Record High in U.S

Diamond Jewelry Inflation knocks Record High in U.S

According to the release of the latest financial reports it was observed that the consumer price index (CPI) which is used to measure the changes through time in the price level of buyer's goods and services bought by households for diamond jewelry in the U.S. market has risen up to 3.9 percent to record 166.57 points in November. This consumer price index has been found about four points higher than October. The reading for November month, as followed by the government, has been found noticeable growth in the 34th consecutive month for which the jewelry CPI has witnessed more than 150 points and the seventh month this year that it reached the zenith 160 points.

This hike in CPI was observed in September. The price index for jewelry is based upon the reference point of average prices in 1986, which is set at 100 points. However it was noticed that the CPI for all product categories has risen up to 1.1 percent year on year in November to 219.15 points. The base period for that overall reading is provided by an average taken from 1982 to 1984 of 100 points. This is good news for all the diamond importers. The U.S. has introduced $57.3 million worth of rough diamonds in October, a 61.1 percent increase over October 2009. However, almost of the imported rough was exported, $55.2 million, leaving in the U.S. only $2.1 million worth of rough or 3.8 of gross imports. According to the reports from Idexonline, U.S. gross imports were 31,498 carats at an average value of $1,817.51 p/c. It has also proved that now once again, exports of rough diamonds has exceeded imports, totaling 93,961 carats. The average value of exports stood at $587.16 p/c.

Main export sources which led the market were South Africa ($24.2 million), Angola ($15.8 million) and Botswana ($7.7 million). The export destinations which were on top were Israel ($22 million), Belgium ($12.5 million) and South Africa ($11.1 million). The U.S. has marked an influential growth in first months of the year 2010 with the total value of $407.1 million import of diamonds done. According to the statistics the net imports were $150.2 million, and also noticed a 124 percent increase compared to the first ten months of 2009. According to the recent survey by Fusion Alternatives it has been noticed that the hopeful feature of the price going up is that it is now being more driven by solid drag-all the way through demand from the world's major diamond studs consuming markets. It has received noticeable change the fifth consecutive month of gain in prices. With the beginning of the year prices have increased 15 percent. This is as opposed to a lack of inventory in the diamond pipeline caused by the major producers reducing their output - as was the case earlier this year. According to the market research done on the global economy, the collectors and buyers at the global level have noticeably recognized the high asking prices and are now enthusiastically procuring at these higher prices.

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