Diamond Prices Cool, Gold Keeps Rising
By Edahn Golan http://www.idexonline.com
(IDEX Online News) – The IDEX Online Polished Price Index closed Monday below 146 for the first time in seven weeks. Polished diamond prices are slowly declining in the past couple of weeks on worries of a weakening global economy. Those same concerns are propelling gold past new highs.
The Index has held steady since July 9, remaining between 146 and 147, a record high for diamond prices. Since the start of the month the average price of five-carat round cut diamonds fell by 4.6 percent while one-carat princess cut diamonds declined by 2.6 percent.
Bread and butter items, such as one and 0.75-carat goods softened by 1 percent and 0.2 percent respectively.
Conversely, large emerald cut diamonds increased in price. The average price of five-carat goods has increased by 2.2 percent since August 1. Other items doing well are 4-carat rounds (+0.4%), one-carat emerald cuts (+0.3%) and 1.50 carat rounds that were practically unchanged.
Gold reached a record $1,910 per once in London Tuesday morning after closing at $1, 891.90 at the New York Mercantile contract market on Monday.
Precious metal prices are rising on fears that the U.S. and Euro markets may enter a recession.
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